News

Understanding Your Home Loan

Tue, 31 Mar 2026 16:37:45 +1100

Understanding your home loan starts with a few simple terms. Read on for clear, practical answers to the 10 questions Members ask most:

What is LVR and why does it matter?

LVR (Loan‑to‑Value Ratio) is the loan amount expressed as a percentage of the property’s value. For example, borrowing $400,000 for a $500,000 home gives an LVR of 80%. Lenders use LVR to assess risk, a higher LVR usually means higher risk for the lender and may result in extra costs or conditions.

A common practical effect of a higher LVR is Lenders Mortgage Insurance (LMI): if the LVR is above about 80%, many lenders require you to cover the cost of LMI, which protects them if you default on the loan. Reducing your LVR by saving a larger deposit or using guarantors where appropriate can help lower costs and may provide access to other loan options.

What is a conveyancer and when should I engage them?

A conveyancer (or solicitor who does conveyancing) handles the legal and administrative steps when buying or selling property. They review and prepare contracts, check title and encumbrances, arrange settlement, and ensure legal compliance with state law. Using a licensed conveyancer can reduce legal risk and help avoid costly mistakes.

You’ll typically engage a conveyancer once you sign a contract of sale.

How construction loans work?

A construction loan is designed for building or major renovations and releases funds to the builder in stages (known as drawdowns) as work is completed, rather than as a single lump sum. During the construction phase, the loan is typically interest only on the amounts drawn, and the lender may require progress inspections before each drawdown is paid.

As construction funds are released progressively, it’s important to budget for contingencies, understand the drawdown schedule, and meet the lender’s valuation and progress requirements. Once construction is complete, the loan usually converts to a standard principal and interest home loan.

What a comparison rate represents?

A comparison rate is a single annual percentage that combines the advertised interest rate with most ongoing fees and charges to give a clearer picture of the loan’s likely cost. It’s designed to help you compare loans, but it’s based on a standard loan amount and term, so it’s an estimate rather than your exact rate.

Always consider both the headline interest rate and the comparison rate. As the comparison rate may not include all fees (such as upfront fees, redraw fees, or government charges), a personalised cost estimate can help you understand the total cost of the loan.

Offset vs redraw?

An offset account is an account linked to your home loan; the balance offsets the loan balance when interest is calculated (meaning money in the offset reduces interest charged) while remaining accessible like a normal bank account.

A redraw facility lets you withdraw extra repayments you’ve made into the loan; those extra repayments reduce interest while they remain in the loan.

When interest only repayments may apply?

Interest only repayments mean you pay just the interest on your home loan for a set period (typically 1–5 years), so the loan balance doesn’t reduce during that time. This can lower repayments in the short term and may suit investors. Once the interest only period ends, repayments increase because you begin paying both principal and interest.

Lenders will assess whether you can afford these higher repayments later, as interest only loans generally carry higher long term risk.

What is a split loan?

A split loan divides your home loan into two or more parts, with each part managed separately. For example, you might fix part of your loan to lock in repayments and protect against interest rate rises, while keeping the rest variable to allow flexibility and access to features like an offset account. This approach can help balance certainty and flexibility within the one loan.

You can choose how the loan is split based on your priorities. Keep in mind changes to a split loan are subject to the lender’s terms and may involve costs, particularly for fixed rate portions.

What a top‑up means for Members?

A top-up lets you increase your existing home loan so you can access additional funds using the equity you’ve built in your property. For example, many people use a top-up to fund renovations, with the extra borrowing added to their current loan and secured against their home. This can be a convenient way to renovate without taking out a separate loan.

Before applying for a top-up, it’s important to consider how much equity is available, whether fees or a property valuation may apply, and whether the additional borrowing could affect your loan’s interest rate, term, or features. You should also make sure the higher loan balance and repayments fit comfortably within your budget.

What is stamp duty?

Stamp duty (also known as transfer duty) is a state government tax you may need to pay when you buy property, including a home or land. The amount depends on the property’s value and your circumstances, such as whether you’re a first‑home buyer.

If you’re buying in Queensland, you can estimate how much stamp duty may apply and check whether you’re eligible for any concessions by using the Queensland Revenue Office transfer duty estimator.

Because stamp duty can be a significant upfront cost when buying a home, many buyers save for it in addition to their deposit and allow for it in their overall purchase planning. Your conveyancer can confirm the exact amount payable for your property purchase.

Fixed vs variable rates, including what rate lock means?

A fixed rate locks in your interest rate for a set term, giving you certainty that your repayments will stay the same and protecting you from interest rate rises. The trade-off is that you won’t benefit if market rates fall, and break costs may apply if you exit the loan early. A variable rate, on the other hand, can move up or down with market conditions and typically offers greater flexibility and features such as offset accounts and redraw.

A rate lock (or rate hold) is an agreement from a lender to guarantee a specific fixed rate for a short period between approval and settlement. It protects you from rate rises while your loan is finalised but may require a fee and usually has a time limit. Consider a rate lock if you expect rates to rise before settlement and want certainty.

Need Help?
Contact QBANK’s Home Loan Specialists for assistance today on 13 77 28. You can also view our dedicated page on refinancing for more information and to apply online.

Interest Rate Change Announcement - 20 March 2026

Fri, 20 Mar 2026 15:07:52 +1100

Following the decision by the Reserve Bank of Australia to increase the official cash rate, QBANK will increase interest rates on all variable rate home loans for owner occupiers and investors by 0.25% per annum.

The variable home loan interest rate increase will be effective from 30 March 2026.

QBANK Members with a variable rate home loan will receive a notice in the mail over the coming weeks confirming their new rate and repayment requirements.

QBANK will also be increasing interest rates on a range of deposit products from 24 March 2026. Depositors are encouraged to check the QBANK website on the effective date for updated interest rates.

As a Member-owned bank, QBANK is committed to balancing the interests of borrowers and depositors and ensuring the Bank’s financial sustainability.

For further information please call 13 77 28 or email info@qbank.com.au.

Interest Rate Change Announcement - 5 February 2026

Thu, 05 Feb 2026 17:22:57 +1100

The variable home loan interest rate increase will be effective from 18 February 2026.

QBANK Members with a variable rate home loan will receive a notice in the mail over the coming weeks confirming their new rate and repayment requirements.

QBANK will also be increasing interest rates on a range of deposit products from 10 February 2026. Depositors are encouraged to check the QBANK website on the effective date for updated interest rates.

As a Member-owned bank, QBANK is committed to balancing the interests of borrowers and depositors and ensuring the Bank’s financial sustainability.

For further information please call 13 77 28 or email info@qbank.com.au.

Vale Ian Leavers APM

Wed, 19 Nov 2025 10:45:26 +1100

Vale Ian Leavers APM

Non-Executive Director, QBANK

On behalf of everyone at QBANK, I share our deep sadness at the passing of Ian Leavers APM.

Ian served as a Non-Executive Director for more than a decade. His leadership, integrity, and unwavering commitment to the law enforcement community shaped QBANK in significant ways and strengthened our connection to the community we so proudly serve.

Ian’s 15 years of dedicated service to the Queensland Police Union of Employees is well known. What is less known is that he carried his commitment to policing into everything he did. Ian never stopped caring. And he never stopped advocating. His distinguished career in the Queensland Police Service spanned over 35 years, including his years leading the Queensland Police Union of Employees and the Police Federation of Australia.

In 2024, Ian’s achievements were further recognised by his appointment as Queensland’s first Cross-Border Commissioner, advocating for communities and businesses along the state’s borders.
On behalf of the Board, I extend our deepest gratitude to Ian for his passion and unwavering commitment. In our daily maelstrom, it is easy to forget what difficult jobs are taken up by the men and women of our policing community. Ian committed his life to their welfare and he will not be forgotten.

Our thoughts are with Ian’s family, friends, and colleagues during this difficult time.

— Daryll Morton, Chair of the QBANK Board

Update to Home Lending Fees and Charges

Tue, 02 Sep 2025 14:55:00 +1000

From 23 September 2025, the Top Up Contract Fee will be updated:

New fee: $109.90 (previously $82.50)

This fee applies to each contract prepared for a loan top up or side loan.

Note:

This fee is charged when you access equity from your home loan, either by increasing your existing loan or setting up a new loan alongside an existing loan.
If a valuation is required, a standard property valuation fee will be charged (per security) in addition to this fee.¹
Where construction or renovation is involved, and QBANK is controlling the disbursement of loan funds, the Construction Settlement Fee and Progress Inspection Fees will also apply.
One or more Title Search Fees may also apply.

¹ Additional costs for non-standard valuations and travel may apply. A non-standard valuation is considered as property that is valued greater than $1,000,000; property that is not in a metro or major regional centre; property that is deemed to be a specialised property by a QBANK panel valuer (assessed on a case-by-case basis); or property that is on acreage. Non-standard valuations can be priced on request. Please contact QBANK to arrange if required.

For further information about QBANK’s fees and charges click here.

Interest Rate Change Announcement - 12 August 2025

Tue, 12 Aug 2025 11:57:38 +1000

Following the decision by the Reserve Bank of Australia to decrease the official cash rate, QBANK will decrease interest rates on all variable rate home loans for owner occupiers and investors by 0.25% per annum.

The variable home loan interest rate decrease will be effective from Monday 1 September 2025.

QBANK Members with a variable rate home loan will receive a notice in the mail over the coming weeks confirming their new rate and repayment requirements.

QBANK will also be decreasing interest rates on a range of deposit products. Depositors are encouraged to check the QBANK website on the effective date for updated interest rates.

As a Member-owned bank, QBANK is committed to balancing the interests of borrowers and depositors and ensuring the Bank’s financial sustainability.

For further information please call 13 77 28 or email info@qbank.com.au.

QBANK App's New Update

Mon, 11 Aug 2025 10:02:29 +1000

We've updated the QBANK App

A new update for the QBANK App is now available. This latest version includes new features designed to improve your app experience and security.

Account nicknames – Easily nickname your accounts to keep things clear and personal

Personalised account view – Reorder or hide bank accounts so your dashboard works the way you do

Smarter navigation – A refreshed tab-based layout puts key features right at your fingertips

Customisable home screen – Add or remove widgets to tailor the app to your needs

Enhanced widgets – Track Quick Balance, Debits & Credits Totals and Savings Goals

You can download the latest version below:

Need Help? 

Important Information

Apple, the Apple logo & iPhone are trademarks of Apple Inc, registered in the U.S. and other countries. App Store is a service mark of Apple Inc.

Google Play and Android are trademarks of Google Inc.

Refinancing Your Home Loan

Wed, 06 Aug 2025 15:43:34 +1000

In today's competitive lending market, refinancing your home loan can offer several advantages. When thinking about ways to save money, reduce financial stress, and improve financial health, many Australians turn to refinancing their home loans.

What is Home Loan Refinancing?

Refinancing simply means switching your existing home loan to a new one, either with your current lender or a different bank. It involves paying off your existing mortgage and replacing it with a new loan that ideally has more favourable terms, such as lower interest rates or better repayment options.

Why Consider Refinancing?

1. Lower Interest Rates and Reduce Monthly Repayments

One of the biggest draws of refinancing is the potential to secure a lower interest rate. Even a slight reduction could translate to significant savings over the lifetime of your loan. With a lower interest rate, your monthly repayments could decrease, easing your monthly budget and providing more disposable income for essentials or savings.

2. Pay Off Your Loan Sooner

Alternatively, if you keep repayments at the same level after refinancing to a lower rate, you’ll effectively reduce the length of your loan term, becoming mortgage-free sooner and potentially save thousands of dollars in interest.

3. Access Home Equity

Refinancing could allow you to borrow additional funds by accessing your home equity, the difference between your property's current value and the remaining balance on your loan. This is often used to fund renovations, investments, or other significant purchases. Generally, only 80% of property value is accessible. While there may be exceptions, loans with a loan to value ratio (LVR) above 80% are often charged Lenders Mortgage Insurance (LMI) to reduce risk to the lender.

4. Debt Consolidation

Refinancing can also be used to consolidate multiple debts, such as personal loans or credit cards, into a single, manageable repayment, potentially lowering your overall interest costs.

How Does Refinancing Work?

Step 1: Evaluate Your Current Loan

Begin by reviewing your existing mortgage terms, interest rate, and remaining balance. Compare these against current market rates to assess potential savings.

Step 2: Compare and Shop Around

Investigate loan options from various lenders. Consider interest rates, fees, loan term, repayment flexibility, and customer service quality. Online calculators can help estimate potential savings.

Step 3: Application Process

Once you've selected a lender, you'll need to apply, which involves submitting financial details such as income, assets, liabilities, and an estimate of the property's value. Approval typically requires a credit check and a formal property appraisal is undertaken by the lender.

Step 4: Loan Approval and Settlement

If approved, your new lender will send you a formal loan contract to sign, and coordinate with your current lender to settle the old loan. This usually takes a few weeks, and your new loan terms become active from settlement day.

Things to Consider Before Refinancing

Fees and Costs: Refinancing might involve application fees, valuation costs, discharge fees, a longer loan term or break fees. It's important to consider these and any other relevant costs when making your decision to refinance.
Loan Features: Common considerations include the availability of offset accounts, redraw facilities, or repayment flexibility when choosing a new loan.
Timing and Your Financial Situation: Refinancing may be beneficial if you can access a lower rate than your current loan or your financial situation has improved.

Is Refinancing Right for You?

Refinancing can offer substantial financial benefits, but it's essential to approach it strategically. Evaluate your circumstances carefully, consult financial professionals, and choose the refinancing option that best aligns with your goals.

Need Help?

Contact QBANK’s Home Loan Specialists for assistance today on 13 77 28. You can also view our dedicated page on refinancing for more information and to apply online.

Australia's Cheque Phase-Out

Fri, 27 Jun 2025 14:04:41 +1000

The Transition to Digital Payments

Cheques have been a staple of Australian financial life for generations, providing a familiar way to pay bills, make purchases, and manage personal and business transactions. But the way we manage money is changing rapidly, prompting a planned transition away from cheques. Here’s what you need to know about why cheques are being phased out, what it means for you, and how you can smoothly transition to modern payment options.

Cheque usage in Australia has dropped by almost 90% in the last decade, with cheques now accounting for less than 0.2% of all transactions.¹

Why are cheques being phased out?

We’ve already touched on the drastic decrease in cheque usage, but here are the other reasons:

High Cost and Complexity: Maintaining cheque services involves significant processing costs, including printing, handling, mailing, and clearance, making them inefficient compared to digital payments.

Security and Efficiency: Digital payment methods are safer, faster, and easier to track, reducing the risk of fraud and errors.

What this means for you

For many Australians, this change will go largely unnoticed, especially if you already use digital payments for everyday transactions. But if you still use cheques, it’s worth understanding how this shift might affect you and what your options are.

Cheque Processing Will End: Banks and businesses will gradually stop accepting or processing cheques.

Digital Payment Adoption: Members will be guided and supported to adopt digital payment alternatives.

Support for Members: QBANK is committed to helping everyone transition comfortably, including support for vulnerable or elderly Members.

What are the alternative payment methods?

Transitioning away from cheques is easier than you might think. Here are some alternatives available right now:

Electronic Funds Transfer (EFT)

What it is: Direct transfer between bank accounts using BSB and account numbers.

Benefits: Reliable, secure, fast, and easy to manage online or via the QBANK app.

BPAY®

What it is: A trusted method to pay bills through online banking platforms using biller codes and reference numbers.

Benefits: Convenient, instant confirmation, widely accepted by utilities, councils, and service providers.

PayID and Osko (New Payments Platform)

What it is: Real-time payments using simple identifiers like email, phone number, or ABN.

Benefits: Instant transfers available 24/7, secure, and easy to track.

Direct Debits and Scheduled Payments

What it is: Automated recurring payments set up through your bank.

Benefits: Ensures timely payments, reduces risk of missed or late fees, ideal for regular expenses such as rent, subscriptions, or repayments.

Digital Wallets and Mobile Payments

What it is: Smartphone-based payment solutions like Apple Pay, Google Pay, and Samsung Pay.

Benefits: Convenient, secure, widely accepted, reducing the need to carry cards or cash.

Need Help Transitioning?

We’re here to help you make the move comfortably and confidently. Contact us on 13 77 28 Monday to Friday 8:45am to 4:30pm.

1 Australian Government, Treasury. (2023, June 7). Modernising payments infrastructure by phasing out cheques [Media release]. https://ministers.treasury.gov.au/ministers/jim-chalmers-2022/media-releases/modernising-payments-infrastructure-phasing-out-cheques

Getting Ready for Tax Time: A Stress-Free Guide for Queenslanders

Tue, 27 May 2025 14:41:28 +1000

Tax time doesn’t have to be the source of stress and late-night coffee-fuelled paperwork marathons.

With a bit of planning, tax time can be smooth sailing. This guide will walk you through some of the basics to get you started—from what documents to gather, finding out what deductions you're entitled to, as well as some simple tools to stay on top of it all.

Let’s take the stress out of tax season and help you get organised early.

1. Understanding Your Tax Obligations

Before diving into paperwork, it’s important to understand what’s expected of you.

Key Dates for Queensland (and Australia-wide)

1 July – Start of the financial year and the earliest you can begin lodging your tax return.
31 October – Deadline for lodging your return if you’re doing it yourself.

If you’re using a registered tax agent, you may have an extended deadline, but you must register with the agent by 31 October.

Where to Get Reliable Info

The Australian Taxation Office (ATO) is your best resource for official, up-to-date information on tax obligations, deductions, and forms.

2. Gathering Necessary Documents

Being organised early saves a mountain of headaches. Here’s what you’ll need:

Tax File Number (TFN)

Your TFN is your personal reference number for the tax system. Make sure you have it handy—it’s required for lodging your return.

Income Statements

Employer-issued income summaries
Payslips (if you’re reconciling earnings)
Centrelink or government payments
Investment income (dividends, interest)

Expense Receipts

You may be able to claim deductions on:

Work-related expenses (uniforms, tools, work-from-home costs)
Car, transport and travel expenses you incur in the course of your work
Education or training related to your job
Gifts and donations

For more information, the ATO has a page dedicated to deductions you can claim.

Tip: Store receipts digitally as they come in, using a receipt-tracking app (more on this below).

Bank Statements

Bank statements help verify:

Income deposits
Expense claims
Investment income

Health Cover Documentation

If you have private health insurance, your insurer will send you an annual statement. You’ll need it to calculate:

Medicare Levy Surcharge
Rebate entitlements

3. Using Technology to Simplify Tax Time

Gone are the days of overflowing manila folders. You can use apps to track your expenses:

ATO myDeductions App – Free and secure for tracking expenses and receipts

4. Seeking Professional Help

While DIY can work for many, there are times it pays to bring in the professionals.

When to Consider Hiring a Tax Professional

You own a business or investment property.
You’ve had significant life changes (e.g., inheritance, divorce, new job).
Your finances are complex or involve multiple income streams.
You aren’t sure about what you can and can’t deduct.

Choosing the Right Accountant

Look for registered tax agents via the Tax Practitioners Board.
Read reviews and ask for recommendations.
Ensure they understand Queensland-specific considerations.

Is It Worth It?

A good tax agent can often save you more than their fee in deductions. Plus, the peace of mind is priceless.

5. Staying Organised Throughout the Year

Avoid the last-minute panic next year by staying on top of things year-round.

Simple Tips for Staying Organised

Use cloud storage (Google Drive, Dropbox) for digital receipts and documents.
Label emails and files by category: “Income”, “Deductions”, “Health”, etc.
Use folders in your inbox to automatically sort ATO and bank emails.

Set Regular Checkpoints

Monthly: Review income and expenses.
Quarterly: Back up key documents.
Annually: Schedule a financial review in early June to prep for EOFY.

Set Reminders for Key Dates

Pop these into your calendar:

1 July – Tax time opens
31 October – Lodgement deadline
28 days after the end of each quarter – BAS lodgement (for businesses)

6. Wrapping It Up: Stress-Free and Sorted

Tax time doesn’t have to be stressful. By understanding your obligations, getting organised early, and using the right tools (and people), you can turn tax season into just another item on your to-do list.

Here's a quick recap:

Know your key dates and tax types
Gather all income and deduction documents
Take advantage of tech and tools
Don’t hesitate to call in the professionals
Stay organised all year round

A little planning now means no more mid-year meltdowns.

Interest Rate Change Announcement - 21 May 2025

Wed, 21 May 2025 11:43:52 +1000

The variable home loan interest rate decrease will be effective from 6 June 2025. QBANK Members with a variable rate home loan will receive a notice in the mail over the coming weeks confirming their new rate and repayment requirements.

QBANK will also be decreasing interest rates on a range of deposit products from 1 June 2025. Depositors are encouraged to check the QBANK website on the effective date for updated interest rates.

Important updates to our General Information Terms & Conditions on 2 June 2025

Mon, 12 May 2025 16:30:00 +1000

From 2 June 2025, we’re making some changes to our General Information Terms and Conditions to introduce the Confirmation of Payee service.

Starting 2 June 2025, QBANK will verify with the payer’s financial institution your account details when a payment is made to you. This means that the payer’s financial institution will use your account details for Confirmation of Payee, which includes the disclosure of your account name to the payer to confirm a match or close match of your account details, before a payment is made.

Later in 2025, when you make a payment via online banking, we’ll show you if the recipient’s account details are a match, close match, or no match. This security change will help you know if you’re paying the right person and recognise potential scams before they impact you.

We will be updating our General Information Terms and Conditions to reflect these changes which you view here.

We’re here if you need us.

If you have any questions relating to our General Information Terms and Conditions, please feel free to contact our Member Service Team via info@qbank.com.au or 13 77 28, Monday to Friday, 8:45am - 4:30pm.

Expiry of Bluey Rewarder Credit Card

Mon, 03 Mar 2025 14:37:59 +1100

Expiry of Bluey Rewarder Credit Card

We are contacting Members to let them know the Bluey Rewarder Credit Card (S26) will no longer be available. To continue using a credit card, your account will be substituted with the Bluey Credit Card (S25) account.

Impacted Members will be contacted directly by QBANK in two batches to advise them of key dates -

What does this mean for you?

After 16 May 2025 for batch one and 15 August 2025 for batch two, your Bluey Rewarder Credit Card (S26) will no longer work for purchases and transactions.
If you would like to close your Bluey Rewarder Credit Card account, you can submit a request online or contact our Member Service Team for a final payout figure on any outstanding balances. Requests to close your account must be made before 14 March 2025 for batch one and 13 June 2025 for batch two, or the account will be substituted with the Bluey Credit Card (S25) account.
From 17 March 2025 for batch one and 16 June 2025 for batch two, we will send you a new Bluey Credit Card (S25). Once your card arrives, simply call our Member Service Team to activate it. Once activated by our team, you will be able to make transactions on your new card.
For any Additional Card Holders, you will also be sent a Bluey Credit Card (S25). You will need to activate your card too. However, please note that your card won’t be usable until the account owners activates their account and card first.
Your Bluey Credit Card (S25) will have a new card number and PIN. If you have any recurring payments linked to your Bluey Rewarder Card (S26), make sure to update your card details with your service provider to avoid any disruptions. We recommend doing this before 5 May 2025 for batch one and 4 August 2025 for batch two.
Your billing cycle will stay the same, with the cycle starting on the 19th of each month and closing on the 18th. Repayments will still be due by the 11th of the month.
There are no changes to the fees and charges for your credit card and our Personal Lending Fees and Charges schedule is available here.

All other terms and conditions under the Bluey Card Conditions of Use and your Credit Contract remain unchanged and continue to apply. You can review the Bluey Card Conditions of Use available here.

Important timeline summary:

13 March 2025 (batch one) / 12 June 2025 (batch two) – Last day to request account closure.
17 March 2025 – 7 April 2025 (batch one) / 16 June 2025 – 7 July 2025 (batch two) – New Bluey Credit Card (S25) will be sent to you.
5 May 2025 (batch one) / 4 August 2025 (batch two) – Recommended deadline to update card details for recurring payments.
16 May 2025 (batch one) / 15 August 2025 (batch two) – Bluey Rewarder Credit Card facilities will close.

To assist further we have included below a detailed timeline summary of the changes referenced above.

We’re here to help

If your Bluey Credit Card (S25) doesn’t arrive by 30 April 2025 for batch one and 31 July 2025 batch two, please contact our Member Service Team for a replacement.

If you have any questions or need any help, please contact our Member Service Team at info@qbank.com.au or 13 77 28, We’re available Monday to Friday, 8:45am - 4:30pm.

QBANK Home Loan Interest Rate and Interest Payment Changes

Fri, 28 Feb 2025 10:32:38 +1100

Interest Rate Changes

The variable home loan interest rate decrease will be effective from 11 March 2025.

QBANK will also be decreasing interest rates on a range of deposit products from 1 March 2025.

As a Member-owned bank QBANK remains committed to maintaining the best interests of depositors and borrowers.

QBANK Members with a variable rate home loan will receive a notice in the mail over the coming weeks confirming their new rate and repayment requirements.

For further information please call 13 77 28 or email info@qbank.com.au.

Minor updates to our General Information Terms & Conditions

Wed, 05 Feb 2025 14:44:17 +1100

From 5 February 2025, we’re making some minor changes to our General Information Terms and Conditions due to the introduction of Visa’s Account Funding Transfer payment method.

While these updates may not affect the way you use your accounts with us, we encourage you to take some time to read the terms and conditions to help you understand how the changes could impact you.

If you have any questions relating to our General Information Terms and Conditions, please feel free contact our Member Service Team via info@qbank.com.au or 13 77 28, Monday to Friday, 8:45am – 4:30pm.

Dormancy Membership Fee Increase

Tue, 12 Nov 2024 12:44:15 +1100

From 2 December 2024 QBANK’s Dormancy Membership Fee will increase to $20.00 twice yearly. This increase is to support the costs associated with the administration required to manage dormant Memberships. Information on our Fees and Charges is available here.

Tactics for Transitioning from a Fixed Rate Home Loan

Mon, 26 Aug 2024 15:20:15 +1000

Strategies for Transitioning from a Fixed Rate Home Loan to Rising Repayments

One of the key decisions homeowners face is choosing between fixed and variable rate home loans. While fixed-rate loans provide stability and predictability for a predetermined period, they eventually come to an end, often resulting in higher repayments if rates have gone up during your fixed period. As your fixed rate home loan term approaches its expiration date, it's essential to carefully assess your financial situation and consider various factors to ensure a smooth transition. In this article, we will explore some key aspects to consider when your fixed rate home loan is ending, and your repayments are about to increase.

1. Review your financial situation:

Before your fixed rate loan expires, take a comprehensive look at your financial position. Consider factors such as your income stability, current debts, and any potential upcoming expenses. Analysing your financial health will help you determine whether you can comfortably afford the increased repayments or if you need to make adjustments.

2. Consider refinancing options:

As your fixed rate term concludes, you have the opportunity to reassess your loan and explore refinancing options. Research different lenders and loan products to identify potential opportunities for securing a more favourable interest rate or loan terms. Refinancing can help you find a better deal and mitigate the impact of increased repayments.

3. Plan for potential repayment changes:

Before the transition, create a budget that accounts for the potential increase in your loan repayments. Assess your cash flow and make any necessary adjustments to your spending habits to accommodate the changes. By planning ahead, you can reduce financial stress and help ensure a smooth transition.

4. Consider additional loan features:

When refinancing or negotiating with your lender, explore additional loan features that could help you manage your repayments. Some options include offset accounts, redraw facilities, or split loans, which can provide flexibility and potential interest savings. Evaluate these features and assess whether they align with your financial goals and needs. Keep in mind that these features may attract higher fees.

5. Monitor the loan market:

Even after your fixed rate loan term ends, it's important to stay vigilant and monitor the loan market. Interest rates can fluctuate, and new loan products may become available. Regularly reviewing the market can help you identify opportunities to secure a more favourable rate or loan structure in the future.

6. Start paying the new amount in advance:

To ease the financial transition and avoid any surprises, consider starting to pay the increased repayment amount before your fixed rate home loan expires. By doing so, you can gradually adjust your budget and get accustomed to the higher repayments. This proactive approach allows you to gauge the impact on your cash flow and make any necessary adjustments to your spending habits early on. Additionally, paying the increased amount in advance can help you build a buffer and potentially reduce the overall interest paid on your loan. It's worth noting that some lenders may have restrictions on early repayment of fixed rate loans, so it's essential to review your loan terms and discuss this option with your lender.

By implementing this strategy, you can effectively test your budget's resilience and identify areas where you may need to cut back or make additional savings. It also helps you to assess if the higher repayments are sustainable in the long term without causing financial strain.

Need to talk about home loans?

QBANK offers a range of home loan options to suit individual needs, including both variable rate and fixed rate options. Whether you prefer the flexibility of a variable rate or the stability of a fixed rate, get in touch with us today for support tailored to your specific needs.

Submit a Home Loan Enquiry

This information is general in nature and does not take into account your objectives, financial situation or needs, therefore, you should consider whether this information is appropriate for your personal circumstances before making a financial decision.

The Indispensable Travel Companion

Wed, 03 Jul 2024 10:42:58 +1000

The Indispensable Travel Companion: Why insurance is your best mate on any journey.

Travelling, whether it's to the serene beaches of northern Queensland or the bustling streets of Tokyo, is an adventure filled with excitement and discovery. However, amidst the thrill of exploring new destinations, one crucial aspect is sometimes overlooked: travel insurance. Whether you're backpacking through the Australian outback or jet-setting across international borders, having travel insurance is an important consideration.

1. Unexpected mishaps know no borders:

When it comes to travel, uncertainties can arise at any moment. From flight cancellations to medical emergencies, mishaps don't discriminate based on location. While domestic travellers might assume they're immune to certain risks, the truth is, accidents can happen anywhere. If you're hiking in the Blue Mountains or snorkelling in the Great Barrier Reef, having insurance can help cover you for unforeseen circumstances that may arise during your travels.

2. Medical emergencies:

Health emergencies are among the most pressing concerns for any traveller. Travel insurance can include benefits for things like medical treatment, hospital stays, and emergency evacuation, which may offer protection in the event of an unforeseen illness or injury.

3. Trip cancellations and interruptions:

Even the most meticulously planned trips can be derailed by unforeseen events such as natural disasters, personal emergencies, or airline strikes. In some instances, travel insurance can help recoup non-refundable expenses such as flight tickets, hotel bookings, and tour reservations. Whether you're forced to cancel your trip before departure or encounter disruptions mid-journey, insurance can help safeguard your financial investment, possibly allowing you to reschedule or obtain refunds depending on your policy.

4. Covid-19:

If you're traveling domestically or internationally, being diagnosed with COVID-19 while away from home can be a daunting experience. Fortunately, many travel insurance policies automatically include coverage for common scenarios related to COVID-19. This coverage often extends to overseas medical costs, providing financial protection in case of unexpected illness. Additionally, policies may offer cover for certain cancellation and amendments related to COVID-19, which can stop you being left out of pocket if your travel plans are disrupted due to you being diagnosed with the illness. Furthermore, some plans may include benefits for additional COVID-19 expenses, providing can provide further protection during your travels. It's crucial to carefully review the details of your travel insurance policy to understand the extent of coverage and any exclusions that may apply.

5. Lost or stolen belongings:

The last thing you want to worry about while travelling is the loss or theft of your belongings. Losing your passport, wallet, or luggage, can quickly turn a dream holiday into a nightmare. Travel insurance may typically include coverage for lost, stolen, or damaged belongings. It may also provide coverage for reimbursement of essential items if your luggage doesn’t arrive with you at your destination. This can help minimise the inconvenience caused by such mishaps. Always refer to the relevant PDS for full details on what the product does and does not cover.

6. Emergency assistance and support:

Travelling to unfamiliar destinations can be daunting, especially during emergencies. If you find yourself stranded due to a cancelled flight or in need of urgent assistance, travel insurance often includes 24/7 emergency assistance services. From arranging alternative travel arrangements to providing legal assistance and medical referrals, these support services ensure you're never alone in navigating challenging situations while abroad.

In the realm of travel, uncertainties are the only constant. Whether you're exploring the hidden gems of Australia's rugged landscapes or venturing into the bustling streets of foreign cities, having travel insurance is akin to having a reliable companion by your side. From medical emergencies to trip cancellations and lost belongings, insurance can provide a safety net that mitigates the financial and logistical challenges of unforeseen circumstances. So, before you embark on your next adventure, remember to pack your bags, grab your passport, and don’t forget to secure comprehensive travel insurance—because when it comes to travel, it's better to be safe than sorry.

Need travel insurance for your next trip? Cover-More Travel Insurance offers a range of insurance options. In partnering with CGU Insurance, we can help you access Cover-More Travel Insurance.

Click here to find out more.

Limits, sub-limits, conditions and exclusions apply. Any advice provided is general only and does not consider your needs or financial situation. To see if the product is right for you, always consider the Product Disclosure Statement and Target Market Determination.

Cover is subject to limits, sub-limits, conditions, and exclusions in the PDS. Travel insurance issued by Zurich Australian Insurance Limited (ABN 13 000 296 640, AFSL 232507), arranged and administered by Cover-More Insurance Services Pty Ltd (ABN 95 003 114 145, AFSL 241713), and promoted and distributed by Insurance Australia Limited (ABN 11 000 016 722; AFSL 227681) trading as CGU Insurance and its distribution partners (including QPCU Limited trading as QBANK ABN 79 087 651 036, AFSL 241413.) Any advice provided is general only and does not take into account your individual objectives, financial situation or needs. Consider your own needs and the Combined PDS/FSG available from here to decide if this product is right for you. For information on the Target Market and Target Market Determinations visit here.

Get EOFY interest summaries soon with the QBANK App

Mon, 24 Jun 2024 10:53:37 +1000

Getting ready for tax time? From 1 July, with the QBANK app or Internet Banking, you can conveniently access and download your 2023-2024 summaries of all interest earned and paid from your QBANK accounts for your tax return. It's quick, safe, and simple.

How to find your interest on the QBANK App:

Log-In to the QBANK App
Click on the menu in the top left corner
Click on 'My details'
Select 'Interest details' and then select 'Current year (2024)'

How to find your interest on QBANK Internet Banking:

Go to Internet Banking and Log-In
Click on ‘Menu’
Then click on ‘Accounts’
You will see two menu items: ‘Interest’ & ‘Statements’ and you’ll find the information here.

To get your 2023-2024 interest summary for your tax return, it's important to wait for the full year interest to be applied to your account. This will happen on 1 July.

An EOFY checklist to boost your tax return

Fri, 21 Jun 2024 09:50:15 +1000

Don't leave money on the table: An end of financial year checklist to boost your tax return.

The end of the financial year is an important time to review your finances and make the most of available tax deductions. Carefully considering your expenses and maintaining complete records will help ensure you aren't missing out on any deductions that you could claim. In this article, we'll provide a checklist of key areas to focus on when preparing for the end of the financial year.

1. Home Office Expenses:

If you work from home, you may be eligible to claim deductions for expenses related to your home office. These can include your utilities, internet bills and office equipment. In certain limited circumstances, it may even include a portion of your rent or mortgage interest. Ensure you have accurate records and calculate the proportion of these expenses that relate to your work activities. The Australian Tax Office has calculators to help you work out how much you may be able to claim.

2. Vehicle and Travel Expenses:

If you use your private vehicle for work-related purposes, such as visiting clients or travelling to different work locations, you may be able to claim deductions for vehicle expenses. Keep track of your kilometres, fuel costs, maintenance, and insurance expenses. Alternatively, you can claim a fixed rate per kilometre for work-related travel.

3. Clothing, Laundry, and Dry-Cleaning:

Some industries require specific uniforms or protective clothing. If you purchase, clean, or repair these work-related garments, you may be eligible for deductions. Ensure you keep receipts and maintain records of the expenses incurred.

4. Education:

Expenses related to self-education or professional development that directly enhance your skills for your current job may be tax-deductible. This includes course fees, textbooks, and travel expenses associated with attending conferences or seminars. Keep track of these expenses and ensure they are relevant to your occupation.

5. Industry-Related Deductions:

Certain occupations have specific deductions available based on the nature of their work. For instance, teachers can claim expenses related to classroom resources, such as books, educational materials, or supplies. Research the deductions applicable to your industry and ensure you have sufficient documentation to support your claims.

6. Other Work-Related Expenses:

There are various other expenses that may be eligible for tax deductions, such as mobile phone bills, professional subscriptions, and union fees. Keep a record of these expenses and ensure they are directly related to your work activities.

7. Gifts and Donations:

If you have made charitable donations, you may be eligible for tax deductions. Keep receipts and documentation to substantiate your claims.

8. Investment Income:

If you have earned income from investments, such as dividends or rental payments from investment properties you may be entitled to claim for costs related to this income. Keep records of income and expenses associated with your investments, including interest on loans, property management fees, and repairs. You may also be able to claim money you paid for investment advice.

9. Capital Losses

When it comes to claiming capital losses, it's essential to understand the tax implications and rules. Capital losses occur when the sale of an asset results in a decrease in its value compared to its original purchase price. These losses can be utilised to offset capital gains and reduce your overall tax liability. Examples of capital losses that can be claimed include selling shares at a lower price than the purchase price, selling real estate below its original cost, and selling cryptocurrencies at a decreased value compared to the purchase price.

Maintaining Complete Records:

Finally, regardless of the specific deductions you plan to claim, it's crucial to maintain accurate and complete records of all your income and expenses. Keep receipts, invoices, and bank statements organised and easily accessible. Consider using digital tools or apps to help streamline the record-keeping process and ensure you don't miss any deductible expenses.

» Note: It's important to keep in mind that everyone's financial situation is unique, and tax laws can be complex. While this checklist provides an overview of common deductions, it's advisable to consult with a qualified tax professional or accountant to ensure you fully understand the deductions applicable to your specific circumstances. They can provide personalised advice based on your situation and help you maximise your deductions while remaining compliant with tax regulations.

» Remember, seeking professional guidance can provide peace of mind and ensure that you make informed decisions regarding your end-of-year financial planning.

For further details on which expenses you can claim as income tax deductions visit the Australian Taxation Office website.

Introducing PayTo: A Modern Payment Solution

Tue, 05 Mar 2024 00:30:45 +1100

In today's digital age, managing payments efficiently and securely is paramount. Enter PayTo, a revolutionary platform that offers users unparalleled control over transactions directly from their bank accounts. But what exactly is PayTo, and how does it work?

What is PayTo?

PayTo serves as a convenient method to authorise and oversee payments from your bank account. It offers versatile functionality, acting as a digital substitute for direct debit while enabling users to make payments directly from their bank accounts.

How does PayTo work?

Vendors establish "PayTo agreements" with customers, wherein the user authorises the amount and timing of payments for goods or services. These agreements are then presented in the user's internet banking for authorisation. Once approved, the vendor can initiate debits according to the agreed terms.

Why use PayTo?

PayTo offers simplicity and security, granting users greater oversight of bank account transactions. Through Internet Banking, users can view, or pause agreements, providing peace of mind and control over their finances. Moreover, PayTo eliminates the hassle of remembering card details, requiring only a PayID or BSB and account number for transactions.

Where can I use PayTo?

Since its rollout in mid-2022, PayTo has been gradually integrated into various payment systems. Users can identify PayTo-enabled merchants by the distinctive logo.

Is PayTo safe?

PayTo prioritises security, requiring authorisation within the banking app before any transactions occur. Users are encouraged to review agreement details carefully before approval. Additionally, vendors can only debit accounts according to the agreed terms, ensuring financial safety.

Has anything else changed?

Yes, with the introduction of PayTo we have updated our General Information Terms and Conditions as well as our Schedule of Fees and Charges. These updates include information on Creating, Amending and Pausing agreements and cost associated with performing PayTo transactions on some accounts. More information on PayTo terms and conditions is available here and information for fees and charges is available here.

Learn more about PayTo

We’ve put together some common PayTo FAQs here.

Wearable Card and Chip Discontinuation

Tue, 06 Feb 2024 14:50:41 +1100

Wearable Card and Chip Discontinuation

From 18 March 2024, any Wearables attached to transaction accounts will be closed for all existing facility holders.

As a member-owned bank dedicated to providing enhanced value for our Members, we are proactively adapting to the changing landscape of banking. With the increasing adoption of Digital Wallets and advancements in our digital capabilities, we are streamlining our offerings to better align with the preferences and needs of our Members, ensuring a contemporary and convenient banking experience.

What does this mean?

Upon the closure of the Wearable, it will no longer be able to be used by Members or any additional card holders. This also applies to the Card the Chip was removed from, which holds the full card number.

To maintain card access to accounts after the Wearable is closed, Members will need to use a Visa Debit Card facility. If you already have a Visa Debit Card linked to your account, we encourage you to use this card in place of the Wearable. Additionally, Members can also add their Visa Debit Card to their Digital Wallet for continued convenient access.

No changes will occur to existing fees and charges for card facilities. For information on fees and charges, please refer to our Schedule of Fees and Charges.

All other terms and conditions under QBANK’s General Information Terms and Conditions and the Visa Debit Conditions of Use remain unchanged and continue to apply. More information can be found in the General Information Terms and Conditions and the Visa Debit Conditions of Use.

What do you need to do?

For security, Members should ensure all Wearable Cards and Chips attached to their account are destroyed, this can be done by cutting the card and chip in half.

If you do not have a Visa Debit Card attached to an account, you can order one by contacting our Member Service Team.

Please contact our Member Service Team via info@qbank.com.au or 13 77 28, Monday to Friday, 8:45am - 4:30pm with any questions.

Safeguard your investment property with landlord insurance.

Tue, 09 Jan 2024 09:47:02 +1100

For those that have the means to invest in real estate, it's not without its challenges. From tenant-related issues to property damage, landlords can face a variety of risks. This is where landlord insurance comes into play, as it is designed to help protect your investment in the event of something happening. Whether your property is a house, townhouse, or apartment, landlord insurance offers added peace of mind in the face of unforeseen circumstances.

The importance of landlord insurance

Landlord insurance is designed to offer a safety net for property owners renting out their investment properties. Regardless of whether your property is damaged by tenants, natural disasters, or other incidents; depending on the policy, landlord insurance may cover the cost of repairs or replacements.

Emergency repairs

Imagine finding out your tenants are knee-deep in water after a burst pipe, or major roof leakage from heavy rain. The right policy may be a lifeline in such situations. Many insurance providers have a network of local tradespeople who can arrange emergency repairs, minimising the damage to your property and helping to protect your investment.

Tailored coverage for your property

Every investment property is unique, and its insurance coverage should reflect that. Landlord insurance is typically available for a variety of property types including standalone houses, townhouses, and modern apartments.

Flexible payment options

Understanding that financial situations vary, many insurance providers offer flexible payment options. You can often choose between annual, monthly, or even fortnightly payment schedules through direct debit, providing convenience and budgeting flexibility.

Customisable insurance options

Your investment property might be fully furnished, partially furnished, or empty. Generally, you can customise your coverage based on the contents of your property and your specific requirements. Whether you need extra coverage for situations such as liability or loss of rent, you can generally tailor your policy accordingly.

Landlord building & contents coverage

Landlord insurance typically provides two main coverage options: building and contents.

Building coverage

If your tenants are responsible for furnishing the property, building coverage might be more suitable. This option focuses solely on the property's structure and often includes:

Residential buildings
Domestic outbuildings (garages, sheds)
Infrastructure (services)
Built-in swimming pools and spas

However, it usually excludes coverage for items like carpets, curtains, and internal blinds, which are considered contents.

Contents Coverage

If your property's structure is already insured through a strata or owner's corporation policy, you might opt for contents coverage. This protects the contents you've provided for your tenants' use, such as:

Non-built-in swimming pools and spas
Carpets
Curtains and internal blinds
Furniture and white goods

Note that generally this coverage does not extend to the building's structure or domestic outbuildings.

Complete Coverage for Building and Contents

This coverage option offers comprehensive protection for both the structure of your property and certain contents within it. It often includes:

Residential buildings
Domestic outbuildings (garages, sheds)
Infrastructure (services)
Swimming pools and spas
Carpets
Curtains and internal blinds
Furniture and white goods

Having landlord insurance can provide added peace of mind for property owners and helps ensure that you're financially prepared for unexpected events – explore your options today.

QPCU Limited trading as QBANK ABN 79 087 651 036 acts under its own AFSL 241413 and under an agreement with the insurer Insurance Australia Limited ABN 11 000 016 722 trading as CGU Insurance. Any advice is general only and does not take into account your personal circumstances. Consider the Product Disclosure Statement (PDS) and Target Market Determinations (TMDs) available in branch or from www.qbank.com.au to see if the product is right for you.

QBANK helps protect your investment property with cover provided by CGU Insurance.

Generate a personalised online quote. Alternatively, give our insurance specialists a call on 13 77 28 between 8am-8pm (AEST/AEDT) weekdays.

CueCard Discontinuation

Mon, 11 Dec 2023 11:20:45 +1100

Further to recent communication to all CueCard holders, QBANK has now closed all CueCard facilities. The decision to close the CueCard facility was made after significant consideration and review. All CueCard holders have been issued with QBANK’s Visa Debit Card.

What does this mean for CueCard holders?

From 11 December 2023, Members and any additional card holders will no longer be able to use the CueCard for eftpos purchases or cash-out transactions.

We have issued all current card holders with a new Visa Debit Card. This has been attached to their existing account. Each new Visa Debit Card will have a new card number and a new PIN. Please continue to protect the security of the card and card information.

The new Visa Debit Card comes with additional functionality compared to the CueCard. It can be operated via the ‘credit’ or ‘savings’ options on eftpos terminals and online. With the new ‘credit’ option, Members will now be able to use their card for unlimited free purchase transactions. The Visa Debit Card can also be added to Digital Wallets and allows payments at any retailer displaying the Visa Debit Card logo, anywhere in the world.

What do CueCard holders need to do?

Please activate the Visa Debit Card prior to use. The card can be activated via Internet Banking, the App, Phone Banking or by contacting our Member Service Team.

For security, please ensure all CueCards are destroyed. This can be done by cutting the card and chip in half.

For any questions relating to the above information, please feel free to contact our Member Service Team via info@qbank.com.au or 13 77 28, Monday to Friday, 8:45am - 4:30pm.

2023 AGM Results

Thu, 23 Nov 2023 14:47:10 +1100

Thank you to those who participated in this year’s AGM on 21 November 2023.

The following three resolutions were put forward to be voted upon:

Directors’ remuneration

This resolution was for an increase in the Directors' remuneration pool which was last set by shareholders in 2016. No increases have been proposed since 2016. The proposed increase this year was 5%. The Board referenced the Consumer Price Index, the Wage Price Index and a very widely used industry Remuneration Survey to assist them in their decision and considers this increase to be reasonable and appropriate.

Amendments to Constitution - Quorum

This resolution was to reduce the quorum required for a general meeting of shareholders from 30 to 10. While the intention behind a quorum is to ensure the active participation of a sufficient number of shareholders, due to declining attendance at our AGMs, the current threshold poses challenges to addressing the business that must be considered at general meetings. If the quorum is not reached, the meeting must be adjourned, and additional time and costs will be incurred. Accordingly, it was proposed to reduce the quorum to 10 shareholders.

Amendments to Constitution - Directors

The Board of Directors is ultimately responsible for oversight of the sound and prudent management of QBANK. The Board must ensure that Directors and senior management collectively have the full range of skills needed for effective and prudent operation of the business. For example, the Board and Management collectively need experience in running a financial institution, skills in finance, treasury, technology, cyber security, digital marketing, legal, risk management etc. The amendment enables us to access 3 Directors to fill any skills gap we think we have at any point in time. The Board feels that this amendment is imperative to the Board exercising its legal obligations.

The results of the three resolutions are as follows: