NAB have today launched a new promotion offering new borrowers 250,000 Velocity points (Virgin Australia Frequent Flyer program). 250,000 points is enough for 2 return economy trips between Australia and Europe, or enough for 1 business class return between Australia and Europe (excluding additional taxes).
To b eligible, new customers need to borrow at least $250,000 towards their home loan and move their everyday banking (transaction account and credit card) to NAB.
Given this is a huge commitment, you should thoroughly research whether this offer represents good value for you. However, for anyone who was already looking to enter a home loan arrangement with NAB, this could be the perfect icing on the cake.
For example, a return business class fare from Sydney – London in Etihad’s fantastic new A380 Business Studios (which are eligible for booking with 250,000 Velocity Points) comes in at around $7,000 – $8,000. That’s a sweet little extra IF you are already considering NAB for a home loan.
You can check out further details of this new offer reported in the SMH today.
NAB has published official campaign page here: http://www.nab.com.au/sites/personal/home-loans/nab-velocity-frequent-flyer-points-offer.
Given this promotion is “available on NAB and NAB Broker home loan products excluding lines of credit and Portfolio facilities”, it would appear that everything in this list is eligible: http://www.nab.com.au/personal/loans/home-loans/compare-loans.
Thanks for adding that info darrenk. This could be really beneficial to anyone who already considering using NAB for a home loan in the near future.
I’ve only just re-financed, so I’m not in a position to really consider this. But even then, I’m not sure that the interest rate is that competitive. It’s really a timing thing – have your business class trip NOW via gifted points, or have your business class trip LATER via all the money you save on a more competitive loan elsewhere. ?
This is back again, and I’m tempted. Basically, the NAB rate is close to my existing rate and with the fees of transferring involved it’s close to $1000 to move banks. So it’s like buying 250000 points for $1000 – effectively 0.4c per point. Are people here taking this deal up in droves?
- You must login to post comments