ANZ are offering 300,000 bonus Qantas Points to eligible customers who apply for a new ANZ Home Loan of over $300,000 by 31 August 2019 and settle by 31 January 2020.
Further information regarding the offer, including terms and conditions, fees, charges and eligibility criteria can be found here.
You may find the ANZ Home Loan through other mortgage brokers and finance professionals. This guide is intended to cover the points-earning features and capability of the loan and is not a general recommendation of this product. Please review all the necessary information about this home loan to ensure it meets your personal circumstances.
More about the ANZ Home Loan Offer
This offer is open to anyone who takes out an eligible new ANZ Home Loan before 31 August 2019, and settle the loan by 31 January 2020.
This includes both property buyers who are either buying their first or subsequent property, as well as those looking to refinance a non-ANZ home loan or switch their loan over to ANZ.
The interest rate on offer as at 5 July 2019 is 3.63% (3.67% comparison rate) – to be reduced to 3.38% p.a. (3.42% comparison rate) from 12 July on the back of RBA’s full rate cut for variable rate home loans and 3.18% (4.80% comparison rate) for 2 year fixed home loans.
We compare the three types of ANZ home loan rates that are available for this offer with the other key frequent flyer home loan in the market, the Virgin Money Reward Me home loan, as well the two cheapest rate home loans, one for a variable rate and the other for a 2-year fixed.
Note the following assumptions:
- Based on a $300,000 home loan for an Owner Occupier only
- For the ANZ Simplicity PLUS home loan only, the borrowing is equal to or less than 80% of the property value
- Includes any discounts available through home loan packages (e.g. ANZ Breakfree package for an annual cost of $395) – (Note that the Breakfree package is not available for the ANZ Simplicity PLUS home loan)
- Based on raw rates and not comparison rates
- Comparison rate for 2-year fixed term calculated on a loan amount of $150,000 over a term of 25 years based on monthly repayments. These rates are for secured loans only.
|ANZ Standard Variable||ANZ Fixed Rate||ANZ Simplicity PLUS||Virgin Money Reward Me||Homestar Finance||UHome Loan|
4.33% from 12 July 2019
3.38% from 12 July 2019
|2 year Fixed Rate||N/A||3.18%||N/A||3.79%|
(2.99% special (for new borrowings of $300,000 or more and application received on or after 28 June 2019)
|Frequent Flyer Points||300,000 Qantas Points||300,000 Qantas Points||300,000 Qantas Points||30,000 Velocity Points at settlement |
+ 1,000 points per month
+ 30,000 points every 3rd year
|No Points||No Points|
The rates on offer for these loans stack up quite well against the Virgin Money rate, with the ANZ Simplicity PLUS home loan having the lowest interest rate of all ANZ home loan products currently on offer.
As expected, the rates are higher than some no-frills online home loans on offer that compete solely on rate without offering any points.
Remember that with any long-term financial decision, you should make sure to thoroughly shop around for the best home loan product that suits your needs, and seek professional advice where required.
How the bonus Qantas Points work
You must take out one of the following home loan in order to receive the 300,000 bonus Qantas points:
- ANZ Standard Variable Rate Loan
- ANZ Fixed Rate Loan
- ANZ Simplicity PLUS Loan
The 300,000 bonus points will be credited to the primary applicant’s account (e.g. first name on the loan) in one lump sum, within 90 days after a valid application is lodged with ANZ post-settlement. Note that there is only one set of 300,000 Qantas points on offer, regardless of how many loans you take out during the promotion period.
You can elect to take advantage of the ANZ Breakfree package if you choose either the Standard Variable Rate Loan or the Fixed Rate Loan, but not the Simplicity PLUS Loan.
You will also be able to apply for any of the ANZ Frequent Flyer cards and get the bonus Qantas points on offer on these cards in addition to the bonus 300,000 Qantas points on this offer.
However, if you look to take out any ANZ Frequent Flyer card as part of the Breakfree package, which removes the annual fee on these cards, then you will be ineligible for the bonus points that come with the card, and instead, only receive the 300,000 Qantas points from the Home Loan offer.
Get a chance to win up to $500,000 off your ANZ Home Loan
Those who apply for one of the above loans within the offer period are entered into a competition to win up to $500,000 off an eligible ANZ home loan. If your loan is less than $500,000, then the remaining amount can be applied to your other ANZ home loans where you are also named on the loan, but cannot be put towards an offset account or taken as cash.
ANZ will draw 5 winners on 14 February 2020, with winners being notified in writing.
Authorised under NSW LTPS/19/35327, ACT TP19/03540 & SA Licence No. T19/932.
What to do with the Qantas Points bonus
Point Hacks has written extensively about the best ways to use your Qantas points. We have provided some refresher guides for you below.
Summing up: ANZ Home Loan
A long-term financial decision such as home loan is one of the most important decisions that most people make, so you want to make sure that you choose a home loan that suits your needs, and not solely pick a loan on the back of how many frequent flyer points it is offering.
The current ANZ home loan offer for the ANZ Standard Variable and 2-year fixed is quite competitive in terms of rates and full-service features such as an offset account. Coupled with the ability to earn a substantial amount of bonus Qantas Points upfront, this may definitely suit some people.
For those looking to sacrifice some features like an offset account, but in turn, gain the best possible interest rate in addition to the bonus Qantas points, then the ANZ Simplicity PLUS loan may be better suited.
Make sure to thoroughly shop around and if finance is not your specialty, we also recommend seeking professional advice.