Frequent flyer points the new property trend

While just last month we saw Qantas frequent flyer points being offered with off-the-plan apartments, Macquarie Bank is now offering its own frequent flyer incentive.

Where Larry Kestelman’s LK Property Group was offering one Qantas Point for every dollar spent in August, a new loan arrangement offers a slightly different take on the approach.

The Macquarie Bank Flyer Home Loan offers the mortgage holder 10,000 Qantas Points on their loan at the time of settlement and for each month of the duration of the loan.

Every $100,000 drawn down at settlement, calculated to the nearest point, provides the mortgage holder with 10,000 Qantas Points. 

For every month the loan remains at or above $150,000, 1,000 Qantas Points will also be awarded for the life of the loan. 

An extra 25,000 bonus points at the third and fifth year anniversary of the loan are also provided.

{module Would you be more inclined to take a loan with a bank if there's a frequent flyer points incentive attached?}

When considering a home loan of $350,000, this means that 35,000 points will be offered at the time of settlement - enough to redeem a business class flight from Sydney to Melbourne return (plus $69.94 fees, charges and taxes).

“We are pleased to extend the partnership between Macquarie Mortgages and the Qantas Frequent Flyer program, which began in 2001. It’s yet another way our members can earn points and in this case, a significant volume of Qantas Points in one transaction given the amount of money involved in mortgages," said Qantas Loyalty CEO, Lesley Grant.

Macquarie Bank’s head of personal banking, Tony Graham, said that it's a brand new product unseen anywhere else in the market.

“This currently unique product in the Australian market offers points for the life of the mortgage, and customers also receive a discount on the rate and set points on reaching certain milestones," Graham said.

“Having a mortgage does not mean that home owners have to give up on travel.”

Points can also be used to buy goods online via the Qantas store.