flagFounded: 1959

businessOwned by: Customer-owned

monetization_onFunded by: Retail deposits and wholesale capital markets

securityLMI Provider: Genworth

account_balanceLender type: Mutual Bank, Customer Owned

Qudos Bank is a customer-owned mutual bank formerly known as Qantas Credit Union.

They offer low-cost home loans with competitive interest rates, often beating the rates offered by the big four.

As a customer-owned bank, “they exist to serve their members and not simply to drive high profits for external shareholders.”

Qudos Mutual Ltd trading as Qudos Bank is headquartered in Sydney with four of their seven branches in Sydney and other three branches located in Melbourne, Brisbane and Perth.

How do Qudos Bank’s home loans compare?

They’re great at

  • Highly competitive interest rates for borrowers with a large deposit (10% or more)
  • Low-cost/ no-frills basic variable rate home loans with no fees
  • First home buyer loans who are short of 5% genuine savings.
  • Rental ledger through a real estate agent can be considered.
  • Foreign currency income for Australian citizens who live and work abroad (excluding Hong Kong)
  • Unusual securities including small size units, hobby farms and company title.
  • Debt consolidation home loans (no limit on the number of debts being consolidated)
  • Bridging loans as servicing on end debt only
  • Flexible genuine savings policies for first home buyers (private rent paid acceptable as genuine savings verified through 6 months’ bank statements)
  • They cover up to $300.00 towards valuation costs as standard policy (up to $600 for loans upward of $1 million)
  • Reliable pre-approvals because of a full assessment
  • Easy approach to Common debt reducer (shared liabilities with the non-loan party)
  • Consider 100% commission income as long as it is part of terms and condition of the employment.
  • Manual assessment without reliance on a computer to say ‘Yes’ or ‘No’

But they’ve got some drawbacks…

Coronavirus / COVID-19: Qudos Bank policy changes

Qudos Bank has announced that the use of overtime income will now be considered an exception (case by case basis), unless employed in essential services or the employer can confirm in writing that overtime will continue, as the business is not impacted by COVID-19.

Employment types

  • Casually employed borrowers will also now be considered on a case by case basis.
  • PAYG applicants who are paid on a weekly or fortnightly basis must provide current payslips dated no later than 2 weeks before home loan application. For monthly payslips, provide the most recent one.
  • Prior to formal approval, all PAYG applicants must provide recent payslips, even if the home loan was pre-approved.
  • Self employed applicants must provide March BAS statement. The sales in the BAS statement must be one-quarter of total sales of the financial year ending 30 June 2019.

Does Qudos accept JobKeeper?

Qudos will decline your loan application if your employer is receiving the JobKeeper payment.

Some of our other lenders will consider it.

Coronavirus / COVID-19: Qudos Bank mortgage relief

Qudos Bank’s home loan customers looking for assistance amidst the novel coronavirus (COVID-19) pandemic have the option to pause their home loan repayments for up to 6 months, with a check in after 3 months.

Please note that interest continues to accrue on your home loan during this repayment holiday period, which means your home loan balance (principal) will have increased at the end of this period. Also, you’ll pay more in interest over the life of the loan.

To apply for a repayment holiday, please complete a form available on their Online Banking platform or email them at: assistance@qudosbank.com.au

Other form of assistance available to customers financially affected by COVID-19 include:

  • Switching to interest-only repayments to reduce their loan repayments.
  • Reducing loan repayments to the minimum amount.
  • Increasing your loan term to ease the pressure and reduce your loan repayment.
  • Accessing fee free redraw and offset to utilise additional funds they have available.
  • Waiving fees such as loan switching fees, repayment switching fees, break costs etc.

What type of home loans do Qudos Bank have?

Qudos bank offers a few flexible home loans, namely:

  • No frills home loan: This basic loan is only available for owner-occupiers on a principal and interest repayment and features a low variable rate, no banks fees and unlimited extra repayments. Ideal for first home buyers.
  • Low-cost home loan: It features a 100% offset account and redraw facilities with no upfront or bank fees. It is their most popular product available for both owner-occupiers and investors.
  • Low-cost home loan (Value package): A fully-packaged discounted home loan with additional benefits such as insurance discounts and complementary financial planning meeting. A $395 annual fee applies.
  • Qantas points home loan: Similar to their low-cost home loan, it comes with the ability to earn Qantas Points (frequent-flyer-program) albeit at a slightly higher rate on your home loan.
  • Fixed-rate home loan: It features no bank fees and rate lock; however, extra repayments are limited to $10,000 annually.
  • Home access loan: Equity access loans with an initial low establishment fee but no recurring fees and comes equipped with a redraw facility.

Is Qudos Bank government guaranteed?

Qudos Bank is an authorised deposit-taking institution (ADI) regulated by the Australian Prudential Regulation Authority (APRA), that means it is a part of the Financial Claims Scheme (FCS).

Under the scheme, certain deposits are protected/ guaranteed up to a limit of $250,000 for each account holder.

All Qudos Bank customers who have a transaction account with them may be entitled to payment under the scheme.

What makes Qudos bank different from other lenders?

  • Qudos Bank offers low-cost competitive interest rate home loans beating the big four banks on a range of home loans. To prove it, they even publish ‘a competitive weekly report’ on their website.
  • Their profits often go back to their members in the form of better rates and fairer fees.
  • As a member of the Customer Owned Banking Association (COBA) which exists to service their members, not simply to drive high profits for shareholders. They’re a signee to the customer-owned banking code of practice.

Tips for applying with Qudos bank?

You can apply for a home loan with Qudos Bank by either visiting one of their 9 branches or calling to arrange an appointment over the phone. You can fill out the forms either online or on paper.

Use Qudos Bank’s Minimum Home Loan Application Checklist to prepare for your home loan application.

Note: This is the latest home loan checklist as of August 2020. Please refer to Qudos Banks’ website for their most up-to-date document requirements.

Qudos Bank client stories

Client story: Jim, Victoria


Jim was looking to put his foot into the property market by purchasing his first investment property in VIC.

The purchase price of the property was $850,000, and he was looking to borrow 90% of the property value inclusive of Lenders Mortgage Insurance (LMI).


He was working as a Pilot contracted through a US company and was paid in USD.

The problem is that most lenders will only consider 80% of the income earned in a foreign currency, and this lead to the loan not servicing.


As stipulated in his contract, his employer didn’t withhold his tax so he lodged his own tax returns at the end of every financial year (FY) in Australia. It meant he was an AU resident for tax purposes.

After going through his lender options, Qudos Bank was a suitable match as they take 100% of foreign income for Australians with an AU resident tax status.

Moreover, Quodos’ low-cost variable rate home loans had all the features that met Jim’s objectives and purpose.

Jim got approved for the full loan amount and bought his first investment property.

Client story: Jay and Sarah, Victoria


Jay and Sarah wanted to construct a house on a 170-acre land (68.79 Hectares).


The couple owned the vacant land outright and were seeking 100% lend against the construction amount, which was $421,500.

They both had stable employment and a good credit score.

However, Sarah had recently just joined work after parental leave and was working reduced hours.

In addition, they had a personal loan of $5,000 with St George and a NAB credit card with a $5,000 credit limit.


After a full assessment by our brokers, to borrow the amount they needed the couple had to pay off the personal loan before applying for the loan – which they did.

After that, Qudos Bank was identified as a suitable lender because:

  • It was one of only a couple of lenders that could accept such a large acreage property.
  • The property postcode was in the list of acceptable securities of the bank.
  • They used 100% of the net income for both applicants which was needed so the loan serviced.

They were approved and began construction on their dream home.

Compare Qudos Bank to other lenders

Not sure which lender is right for you? Our award-winning mortgage brokers at Home Loan Experts can help!

Give us a call on 1300 889 743 or complete our free assessment form today.