Mortgage Points: How Refinancing Can Net 300,000+ Qantas Points
Gina
Published Sunday 25 October 2026
Mortgage Points Arbitrage Strategy
Reviewed by Gina • Verified Strategy
Detailed Criteria Scoring
✓ The Advantages (What We Liked)
- ✓ Upfront 200k-300k points bonus
- ✓ 100k recurring points every year
- ✓ Offset accounts supported
✕ The Drawbacks (What to Watch Out For)
- ✕ Requires minimum loan balance
- ✕ Comparison rate 10-20 bps higher on some tiers
The Earn & Burn Verdict
When executed on loan balances above 600k, refinancing for points is pure financial arbitrage over standard non-points loans.
Independent review. Applying through our link may earn Earn & Burn a commission at no cost to you.
Your mortgage is almost certainly the single largest financial commitment you have. It is also the single largest points-earning opportunity available in Australia—if you understand the math.
The 100,000 Points Per Year Proposition
Lenders such as Qantas Money Home Loans offer up to 100,000 Qantas Points each year for the life of the loan on eligible balances, alongside initial settlement bonuses that can exceed 200,000 to 300,000 points.
The Critical Calculation: Rate vs Points
Never take a higher interest rate solely for the sake of points. Here is the golden rule:
- Value Qantas Points conservatively at 1.2 to 1.5 cents each for business/first redemptions.
- A 100,000 point annual bonus has an effective value of roughly $1,200 to $1,500.
- On an $800,000 loan, a 20 basis point (0.20%) difference in interest rate costs you $1,600 per year in interest.
If the lender’s comparison rate is competitive with the broader market (within 5–10 basis points of top-tier non-points offers), the points bonus is pure arbitrage. If their rate is 30+ basis points higher, the “free flights” are actually costing you money.
Disclaimer & Transparency Notice
The redemption calculations and strategies published on this site reflect real historical award space and current airline loyalty program terms at the time of writing. Frequent flyer seat availability, carrier surcharges, and partner arrangements change continuously. This article contains general observations and is not personal credit, taxation, or financial advice.