No Frills Home Loans do not include an offset account.



Apply if you

✓ are at least 18 years of age,

✓ are a citizen or permanent resident of Australia,

✓ are currently in paid employment,

✓ have not been bankrupt.


What's next? 

As your application progresses, you'll be kept up to date with email notifications and calls from your dedicated home loan specialist.

Why us?

We're an award-winning customer-owned bank, putting people and community before profit.

"Excellent customer service and very smooth transfer of mortgage from other bank to Qudos."

Excellent customer service and very easy to talk to and ask questions. Smooth process transferring mortgage over and fixing rate. Excellent response time - very quick and easy to get a hold of an actual person. Highly recommend.


Bec, NSW
from ProductReview.com.au


Read our most frequently asked questions below or view all our Home Loan FAQs.

How do I apply for a home loan?

We will accept your application by telephone, online or in person at one of our branches. Our Home Loan Application Checklist and Guide can help you through every step of the process.

For more information view our Home Loan Application Process Page.

How long will it take for my home loan application to be approved?

Once you've submitted your application and supporting information, conditional approval is usually obtained within 48 hours, subject to satisfactory credit checks and verification of financial and property information. Your Lending Specialist can provide more information about the approval process for your loan.

What is a home loan redraw?

A redraw facility allows you to take back the extra payments you have made on your loan account. For instance, if you pay $3,200 each month instead of the minimum $3,000 for six months, you'll have an extra $1,200 in your account. With a redraw facility, you could easily access that extra money if you need it, without having to go through the hassle of applying for a new loan or credit.

What are the main benefits of basic home loans like the No Frills Home Loan?

The Qudos Bank No Frills Home Loan is designed to provide a simple and straightforward option for those looking for a low home loan interest rate and basic home loan features. Here are some of the main benefits of this type of home loan:

  • Our Lowest Interest Rate: The No Frills Home Loan offers our lowest variable interest rate, which could help you save money over the life of the loan.
  • Flexible Repayment Options: You can choose to make repayments on a weekly, fortnightly or monthly basis, which may help you manage your cash flow and budget effectively.
  • No Ongoing Fees: There are no ongoing fees associated with the No Frills Home Loan, which means you can save money on fees and charges over the life of the loan.
  • Additional Repayments: You can make additional repayments on your home loan without incurring any penalties. This could help you pay off your loan faster and reduce the amount of interest you pay over the life of the loan.
  • Redraw Facility: The No Frills Home Loan comes with a redraw facility, which allows you to access any additional repayments you have made on your home loan. This could provide flexibility and peace of mind knowing that you can access your funds if needed, especially since there are no fees associated with accessing this facility.

What does a ‘No Frills’ home loan mean?

If you're looking for a basic home loan with a low interest rate, a 'No Frills' home loan may be an ideal option. Typically, these loans offer a lower interest rate than standard variable home loan rates, which may help you save money on interest payments over time. Unlike other types of home loans, such as a package loan, the No Frills Home Loan does not include additional features or benefits like  offset accounts or repayment holidays.

This means the No Frills Home Loan offers borrowers a simple and straightforward loan option when looking to purchase a property or refinance an existing loan. Borrowers interested in this type of loan are typically looking for a low-interest rate and are comfortable with a basic loan structure.

One of the unique benefits of our No Frills Home Loan is the ability to split your loan with a Fixed Rate Home Loan. A split home loan offers borrowers the opportunity to allocate a portion of their loan to a low variable interest rate and the other portion to a fixed interest rate. The only requirement to consider is that the borrower meets the highest minimum deposit amount to be able to access the split option.

Can the No Frills Home Loan be the right product?

While a No Frills Home Loan can be an excellent choice for those who prioritise a home loan with a low interest rate, it may not suit everyone's needs. If you prefer additional features or benefits like offset accounts or Qantas Points, you may want to explore other types of home loans, such as a package loan.

At Qudos Bank, we offer a range of other home loan options to suit different financial situations and preferences, such as the Low Cost Home Loan and Qantas Points Home Loan. It’s important to compare the features, benefits, and interest rates of different home loan options before making a decision.

Qudos Bank’s comparison page allows you to easily compare the features, benefits, and interest rates of different loans side-by-side. You can compare our home loan options here.

What is a variable home loan rate?

A variable rate home loan is a type of interest rate that can fluctuate over time. This means that the interest rate on your home loan may go up or down, depending on changes in the market or the Reserve Bank's cash rate.

With a No Frills Home Loan, the interest rate is variable. This means that your interest rate may change over time, but you will generally benefit from a lower interest rate than other home loan products.

Variable interest rates could be beneficial for borrowers who are looking for flexibility and are comfortable with fluctuations in their loan repayments. Additionally, with a variable interest rate, you may be able to take advantage of lower interest rates in the future if they become available.

You can compare Qudos Bank's variable rate home loans here.

How do I refinance my home loan?

Refinancing your home loan with Qudos Bank is a simple process that may help you save money on interest and reduce your repayments. Here are the steps you’ll need to follow:

  • Research your options: Look at the home loan products available from Qudos Bank and compare them to your current home loan. This’ll help you determine if refinancing is the right option for you.
  • Apply for the new loan: Once you have decided to refinance, you can apply for a new loan with Qudos Bank online, calling our Contact Centreor by visiting one of our branches. You’ll need to provide documentation to support your application, such as income and expense details.
  • Await loan approval: After you’ve applied for the new loan, Qudos Bank will assess your application and let you know if you’re approved.
  • Settle your new loan: If your new loan is approved, you’ll need to pay any fees associated with the loan and sign any necessary documents. Qudos Bank will then pay out your old loan on your behalf.
  • Enjoy your new loan: Once your new loan is settled, you can enjoy the benefits of lower repayments or a lower interest rate.

At Qudos Bank, we have a team of lending specialists who can guide you through the refinancing process and answer any questions you may have. If you’re interested in refinancing your home loan, you can find more information on our website.

5.24 % p.a. Interest rate 5.24 % p.a. Comparison rate

T&Cs, fees, charges and lending criteria apply. Apps from 18 May 2023​​ for loan amounts over $150,000, owner-occupied, principal and interest, deposits 30% or more.

How to apply?

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Helpful Tips and Guides


  • 1 Excludes existing loans, switching and variations. These offers can be withdrawn by Qudos Bank at any time. Rates displayed above are available for applications received from 18 May 2023 for loan amounts over $150,000. Minimum deposit of 20%. For interest only loans, the rate shown is the rate that applies during the interest only period of your loan. At the end of the interest only period, the variable rate reverts to the interest rate applicable to a new principal and interest No Frills Home Loan with a deposit or equity of 20% or more, currently 5.34% for owner occupied loans and 5.84% for investment loans. Interest only available for 1 to 5 years and is subject to approval.
  • 2 WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. 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. Our comparison rate assumes a loan of $150,000 for 25 years. For interest only loans, the comparison rate is based on a 5-year interest only period, reverting to the interest rate applicable to a principal and interest loan with a deposit of 20% or more for the relevant purpose.

Normal lending criteria, terms and conditions and fees and charges apply. Mortgage insurance is required for home loans over 80% and is subject to approval.

Interest only subject to approval. During an interest only period, your interest only payments will not reduce your loan balance. This may mean you pay more interest over the life of the loan.

You should read and consider the relevant terms and conditions (available on request) and our Financial Services Guide before deciding whether to obtain any of our financial products or services.