Macquarie Bank has introduced a mortgage product tying credit card reward options to home loan payments.
The new package allows borrowers to either earn Qantas frequent flyer points on purchases made using a specific Macquarie credit card, or earn cash rebates deposited automatically into their mortgage – an offer which the lender believes is the first of its kind in Australia.
James Casey, head of Macquarie Mortgages product, tells Australian Broker the development of the expanded credit card rewards option is a direct result of research undertaken with mortgage brokers.
“We tested the concept with brokers in 2012 and positive feedback was received with regards to both the Qantas Frequent Flyer and Mortgage Minimiser rewards options. Based on this, we decided to integrate this enhancement into our mortgage package, giving customers a broader choice of rewards schemes to choose from.”
Under the new scheme, borrowers can choose to accumulate points to be used towards cash rebates which are automatically deposited into their mortgage.
Casey says the research undertaken with brokers reinforced the range of broker needs and the needs of their clients.
“Consumers and brokers want both the Qantas Frequent Flyer Rewards option available on the Macquarie Visa Platinum Card and Macquarie’s Mortgage Minimiser option as part of an enhanced mortgage package.”
He says the approval process for the mortgage and credit card has also been ‘streamlined’ with an integrated single point approval for both products as a package as a result of the research.
“Brokers were...interested to see a single point of approval for both the credit card and mortgage. This was implemented at the end of 2012 and brokers have been pleased with the improved experience for their clients.”