Hi there
Im just getting started on the points obsession and I’m looking to buy a house soon. I’ve seen an offer from Qantas Credit Union where you earn 150 points a month for every $1000 you owe on the loan. I’ve calculated a very general estimate that I’ll be earning between 50000- 60000 points per year (initially), and at current interest rates that will cost me about $1100 a year more than the cheapest basic home loan (4.39% v 3.99%). I’m trying to be sensible about it - this does appeal to me a lot, because I want so much to still be able to travel once I’ve got a mortgage! …but I’m not 100% sure it’s worth it. I just wondered if anyone has experience or is also considering this product?
Thanks
Felicity.
Hi Felicity - welcome!
First of all, well done on doing the math first! Point hacking is addictive, so using your head first is really important.
I don’t have any direct experience with this product nor QCU, but I might be able to help with some cost-benefit calcs.
Going off Keith’s valuations here, his earn target for Qantas is 1.40 cpp. At your highest earn there of 60,000 QFF points, you’d be “paying” 1.83 cpp ( ($1,100 x 100) / 60,000 ), which means you’d be paying more for your points than you actually think they’re worth. (Of course you may have your own earn target that you’ve derived yourself - if so, plug that number in instead.)
If you were able to earn ~79,000 points per year from it, then you’d be breaking even. Anything greater than that would be a net win.
Of course there are other things to consider as well i.e. customer service at QCU, what other products they offer, offset accounts etc.
Unfortunately, renting seems to be much more compatible with point hacking. 
Hi darrenk,
thank you so much for your thoughts, I hadn’t managed to do the cpp conversion and it’s making me think twice now you’ve pointed it out. It’s tricky with all these unpredictable and/ or arbitrary factors like changing interest rates and personal values on the points isn’t it…?
I’ll keep thinking
thanks again!
felicity.