Qudos Bank

Qudos Bank, customer-owned banking in Australia

Qudos Bank presents itself as a customer-owned bank that offers a full range of banking products and services. Its activity revolves around accounts and deposits, home lending and credit cards, with specific products such as the Term Deposit, the No Frills Home Loan and the Visa Lifestyle, Visa Lifestyle Plus and Visa Platinum cards.

Savings and deposit products

Among the products highlighted in the material reviewed is the Term Deposit, a time deposit that the institution offers within its savings catalogue. The information gathered does not detail minimum amounts or specific terms for this product.

Home lending

The institution offers the No Frills Home Loan, a home loan with a comparison rate that, according to the published conditions, is calculated on an unsecured loan of $10,000 over three years with monthly repayments. The site warns that this comparison rate applies only to the examples given and that different amounts and terms will result in different comparison rates. It also notes that costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. An establishment fee of $595 applies to this product.

The material also mentions a construction period that extends until the final progress payment is made or up to twelve months from the first advance of funds, whichever is earliest. In the case of split loans, the minimum deposit amount applicable is the higher of the minimum deposit amounts for the relevant products.

Credit cards and Qantas Points program

Qudos Bank issues Visa credit cards at different tiers. The text sets out standard variable rates of 12.84% p.a. for the Visa Lifestyle, 16.35% p.a. for the Visa Lifestyle Plus and 19.49% p.a. for the Visa Platinum. The cards offer an introductory variable rate applicable to all transactions — purchases, cash advances and balance transfers — for the first five months from the date the account is approved, after which the standard variable rate applies. An annual fee is charged upon account opening and annually thereafter. Interest-free days on purchases only apply if the account is paid in full by the due date each month, and cash advances and BPAY transactions are excluded.

The institution participates in the Qantas Frequent Flyer program through its Qantas Points Banking products. To earn and redeem Qantas Points, you must be a member of the program and provide your membership number. Qudos Bank states that the joining fee is waived for bank members who are not already Qantas Frequent Flyer members and who apply through the enabled link. The earning of points is governed by the terms and conditions of the Qantas Frequent Flyer program and by the terms and conditions of the Qantas Points Banking products. Points accrue on a maximum of $200,000 in eligible purchases per customer and twelve-month period, counted from account opening and on each anniversary, regardless of the number of Platinum cards taken out. Cash advances, payments to the ATO, BPAY, interest, balance transfers, fees and charges, travellers cheques and foreign currency are excluded from earning points. The offer is non-transferable and not available in conjunction with any other offer, and Qantas Frequent Flyer membership and each application are subject to approval by Qantas.

Travel insurance and complementary services

The material describes complimentary travel insurance for eligible account and card holders, issued under a group policy by Allianz Australia Insurance Limited, with AWP Australia Pty Ltd (Allianz Global Assistance) as administrator under a binder. The policy is issued in favour of Bank Australia Limited, trading as Qudos Bank, and allows eligible holders to claim as third party beneficiaries under the statutory operation of Australian insurance contracts law. The eligibility criteria, terms, conditions, limits and exclusions are set out in the Complimentary Travel Insurance Policy Information Booklet, effective 1 July 2025, and an excess may be deducted from any benefit paid. Qudos Bank does not guarantee this insurance.

The text also mentions a Visa Premium Concierge service available 24 hours a day, 7 days a week, in Australia, on 1800 639 607, with country contact numbers and terms and conditions available on the site.

Electric vehicle financing

The institution defines an electric vehicle (EV) as one without an internal combustion engine, that is, a fully electric vehicle, and considers a vehicle with less than 1,000 km driven to be new. For financing this type of vehicle, a maximum amount of $150,000 is indicated for vehicles up to three years old and $75,000 for vehicles between three and five years old.

Regulatory framework and warnings

Qudos Bank identifies itself as the issuer, offeror and administrator of the Qantas Points Banking products, and as a credit provider and credit licensee under Australia's national consumer credit laws. The institution operates under Bank Australia Limited, with ABN 21 087 651 607 and Australian financial services and credit licence number 238431. The material includes warnings about the nature of the comparison rate and about the advisability of seeking independent tax advice regarding the tax consequences arising from the use of these products or from participating in the Qantas Frequent Flyer program.