CommBank offers 300,000 Qantas points with lowest-rate digital mortgage

Australia’s largest lender has sweetened its lowest variable rate home loan with hundreds of thousands of Qantas points.

CommBank is dangling up to 300,000 Qantas points – enough for nearly five one-way trips to London – in a bid to lure home loan customers to its digital-only product.  

Australia’s largest lender has sweetened its Digi Home Loan, launched in mid-2024, by tying the product to a limited-time frequent flyer promotion.

The digital-only loan is not available through brokers, meaning borrowers must apply directly.

To qualify, eligible applicants must submit a new purchase or refinance application by 30 November, with loans funded by 31 May 2026.

Rates on the product currently start at 5.34% p.a. (5.47% p.a. comparison rate*) for owner-occupiers with loan-to-value ratios (LVRs) of 60% or less.

CommBank says applications can take as little as 10 minutes, and borrowers can add an offset account for a $10 monthly fee.

How many Qantas points could CommBank borrowers receive?

The number of Qantas points on offer depends on the size of the home loan taken out:

For context, a one-way flight from Sydney to London on a Qantas Classic Rewards ticket currently costs 63,500 points plus taxes and carrier charges, while a Sydney-Melbourne flight requires 9,200 points.

However, frequent flyers often lament the difficulty of securing Classic Rewards seats, while newer Classic Plus fares require far more points.

How does CommBank’s Qantas points offer stack up?

CommBank’s limited time Qantas point promotion may be among the lowest rate offering with a points kicker, but whether it represents the best value is less clear.

The lowest variable home loan rate available to the broad market on the YourMortgage.com.au database is currently 5.19% p.a.

Such a rate is offered by a variety of lenders with comparison rates ranging from 5.19% p.a. to 5.24% p.a.

For a borrower with a $600,000 mortgage over 30 years, the difference between 5.19% and 5.34% p.a. equates to nearly $670 in annual interest costs – potentially outweighing the value of extra points.

Who else offers airline rewards points with a mortgage?

CommBank isn’t alone in blending mortgages with frequent flyer perks.

See also: Qantas or Velocity points with your mortgage?

Qantas Money, for instance, currently advertises a variable rate of 5.43% p.a. (5.49% p.a. comparison rate*) and 100,000 Qantas points per year to mortgage holders with LVRs of up to 90%.

The airline-linked lender is also currently running a limited time promotion, offering additional Qantas points to eligible refinancers borrowing upwards of $500,000.

Qudos Bank is another lender that provides Qantas points to select home loan holders, while Virgin Money launched two revamped rewards home loans earlier this year.

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