CommBank Offers 300,000 Qantas Points with Lowest-Rate Digital Mortgage: A Game-Changer for Borrowers
In the competitive world of Australian home loans, Commonwealth Bank (CommBank) has just upped the ante with an irresistible offer. As of September 11, 2025, CommBank announced that new customers can earn up to 300,000 Qantas Points when taking out its Digi Home Loan – the bank’s lowest advertised variable rate digital mortgage. This limited-time promotion blends rock-bottom interest rates with massive frequent flyer rewards, making it a sweet deal for Qantas loyalists looking to buy or refinance a home. With applications as quick as 10 minutes and no broker involvement required, it’s designed for the digital-savvy borrower. But is this too good to be true? Let’s dive into the details, eligibility, benefits, and how it stacks up against competitors. In a market where refinancing hit record highs in the June 2025 quarter with $61.9 billion switched, this could spark even more activity.
This offer comes at a time when variable rates are hovering around 5-6%, and banks are pulling out all stops to attract customers amid cooling property prices and RBA rate cut expectations. CommBank’s move isn’t just about points; it’s a strategic play to dominate the digital lending space. If you’re eyeing a home loan over $300,000, this could be your ticket to free flights, upgrades, or hotel stays – all while locking in a competitive rate.
What Is the CommBank Digi Home Loan?
The Digi Home Loan is CommBank’s fully online, variable-rate mortgage product, launched to simplify the borrowing process for tech-friendly Aussies. It’s available exclusively through the bank’s app or website, skipping traditional branches or brokers. Key features include:
- Interest Rate: The lowest advertised variable rate from CommBank at 5.34% p.a. for owner-occupiers with a Loan to Value Ratio (LVR) of 60% or less (comparison rate 5.47% p.a.). For investors, it’s slightly higher at around 5.59% p.a., but still competitive. This rate is below the national average and beats many big four bank rivals.
- Fees: A $10 monthly service fee applies, but you can add an offset account for the same fee to park savings and reduce interest. No ongoing fees for the basic product, and settlement is fast – often within weeks.
- Loan Options: Suitable for buying, refinancing, or investing. Principal and interest or interest-only repayments available. Redraw facility included at no extra cost.
- Approval Process: Fully digital – upload docs via the app, get pre-approval in minutes, and track progress online. Ideal for first-home buyers or those refinancing without hassle.
This isn’t a new product; the Digi Home Loan has been around, but the Qantas Points bonus is the fresh hook, running from September 1, 2025, to November 30, 2025, with settlements by May 31, 2026. CommBank positions it as a “low variable rate online home loan [that] allows customers to digitally self-serve,” emphasizing ease and rewards.
The Star Attraction: Earning Up to 300,000 Qantas Points
The headline-grabber is the bonus Qantas Points, tiered based on your loan size. To qualify, you must be a new customer (no existing CommBank home loan in the last 12 months), apply online, and have an LVR of 80% or less (meaning at least 20% deposit or equity). Points are credited after settlement and Qantas Frequent Flyer membership linkage. Here’s the breakdown:
| Loan Amount | Bonus Qantas Points |
|---|---|
| $300,000 – $499,999 | 100,000 |
| $500,000 – $999,999 | 200,000 |
| $1,000,000 or more | 300,000 |
These points are a massive incentive – 300,000 could cover a business class return flight from Sydney to London or multiple domestic trips for a family. CommBank pays Qantas for these points, so they’re genuine and expire after 36 months from earning. But note: This is for new loans only; refinancers from other banks qualify, but not internal switches.
To put it in perspective, Qantas Money’s own home loan offers just 100,000 points per year for LVRs up to 90%, making CommBank’s one-time bonus far superior for larger loans. Ongoing, Digi borrowers can earn more points via linked credit cards like the Ultimate Awards Qantas Points Card, which gives up to 1.2 points per $1 spent on everyday purchases.
Eligibility and How to Apply: Keeping It Simple and Digital
Applying is straightforward, but there are hurdles. You need:
- Australian citizenship or permanent residency.
- Minimum loan $300,000.
- LVR ≤80% (e.g., $400,000 loan on a $500,000 property).
- Qantas Frequent Flyer membership (sign up free if needed).
- No recent CommBank home loan.
Steps: Download the CommBank app or visit commbank.com.au/home-loans. Select Digi Home Loan, input details, upload ID/income docs, and get a decision fast. Approval is subject to credit checks, and points are only for eligible new loans settled by the deadline. Pro tip: Link your Everyday Account for Yello perks, like $15 cashback on the service fee if you have 30+ transactions monthly.
Not for everyone: If you need a broker or have complex finances, look elsewhere – this is digital-only. Also, investors get fewer points tiers in some cases.
Is the Lowest-Rate Digital Mortgage Worth It? Pros, Cons, and Cost Analysis
Pros:
- Competitive Rate: At 5.34% p.a., it’s CommBank’s lowest and undercuts many peers. For a $600,000 loan over 25 years, monthly repayments are about $3,500, saving hundreds vs. higher rates.
- Rewards Bonanza: 300,000 points could be valued at $3,000-$6,000 in travel, per point valuations. Canstar notes for a $600,000 loan, the points could offset costs for the first two years compared to a 5.17% loan elsewhere.
- Convenience: No paperwork piles; everything online. Fast approval suits busy buyers.
- Extras: Optional offset reduces interest. Bundle with nbn plans for $50/month off for three years if pre-approved and funding $250k+ by October 2025.
Cons:
- Fees Add Up: $10/month ($120/year) service fee. No free redraw limits, unlike some rivals.
- Digital-Only Catch: No broker access means less negotiation. If your situation is non-standard (e.g., self-employed), it might not fit.
- Rate Risk: Variable, so if RBA hikes, costs rise. Fixed options aren’t available here.
- Points Limitations: One-time only; must settle by May 2026. Points expire, and Qantas blackouts apply.
Cost Breakdown (for $600k loan, 25 years, owner-occupier):
- Monthly Repayment: ~$3,500 at 5.34%.
- Total Interest Over 5 Years: ~$95,000 (before offset).
- Points Value: 200,000 (~$2,000-$4,000 travel value).
- Vs. Competitor (5.17% rate, no points): ~$3,125 more over 5 years without points, but points tip the scale short-term.
Experts like Canstar recommend it if you’re a Qantas fan and haven’t refinanced lately – action beats inaction in a high-rate environment.
How Does It Compare to Other Qantas Points Home Loans?
CommBank isn’t alone; four lenders offer Qantas points with mortgages: Qantas Money, Qudos Bank, La Trobe Financial, and now CommBank leading the pack.
- Qantas Money Home Loan: 5.43% p.a. variable (5.49% comparison), 100,000 points/year for LVR ≤90%. Ongoing rewards but lower rate and fewer upfront points.
- Unloan (CommBank-backed): Similar digital setup, rates from 5.19% p.a., no points but cashback perks. Good alternative if points aren’t your thing.
- Qudos Bank: Up to 120,000 points/year, but higher rates around 5.99% p.a.
- La Trobe Financial: Investor-focused, 50,000 points upfront, rates ~5.50%.
CommBank’s combo of lowest rate + mega points makes it stand out, especially for big loans. But for sub-$300k, look elsewhere.
| Lender | Rate (p.a.) | Upfront Points | Ongoing Points | LVR Max for Offer |
|---|---|---|---|---|
| CommBank Digi | 5.34% | Up to 300,000 | Via linked cards | 80% |
| Qantas Money | 5.43% | None | 100,000/year | 90% |
| Unloan | 5.19% | None | Cashback | 80% |
| Qudos Bank | 5.99% | None | Up to 120,000/year | 90% |
This table shows CommBank’s edge for high-value borrowers.
Why Now? Market Timing and Tips for Borrowers
With ABS data showing refinancing surges, banks like CommBank are luring switchers. RBA’s potential cuts could lower rates further, but locking in now secures points before the promo ends. Tips:
- Calculate your break-even: Use online calculators to weigh points vs. rate savings.
- Check eligibility: Ensure LVR fits; get a valuation if refinancing.
- Bundle for More: Pair with CommBank credit cards for extra points (e.g., 80,000 bonus on Ultimate Awards).
- Watch Fees: Offset can save thousands; compare total costs.
- Seek Advice: Consult a financial advisor; T&Cs apply, and rates change.
If you’re a frequent flyer with equity, this is prime time. Apply by November 30, 2025, to snag those 300,000 points.
Potential Drawbacks and Who Should Avoid It
Not ideal for: Low-deposit buyers (LVR >80%), those needing fixed rates, or non-Qantas users. The digital-only nature excludes broker negotiations, potentially missing better deals. Also, if you repay early, exit fees apply (up to 6 months’ interest). Environmentally, more borrowing fuels property demand, but that’s broader market talk.
Conclusion: A Smart Move for Points-Hungry Homeowners
CommBank’s offer of 300,000 Qantas Points with its lowest-rate digital mortgage is a winner for eligible borrowers – combining affordability, speed, and travel rewards in one package. In a refinancing boom, it’s timed perfectly to help Aussies save on rates while dreaming of holidays. However, crunch the numbers; points shine short-term, but long-term rates matter most. If it fits your profile, head to the CommBank site today – this promo won’t last forever. For more, check the full T&Cs or compare via sites like Canstar. Happy borrowing (and flying)!