flagFounded: 1959

businessOwned by: Customer-owned

monetization_onFunded by: Retail deposits and wholesale capital markets

securityLMI Provider: Genworth and QBE

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 six of their nine branches located in Sydney.

How do Qudos Bank’s home loans compare?



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 complimentary 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 September 2019. Please refer to Qudos Banks’ website for their most up-to-date document requirements.

Qudos Bank 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

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