We’ve seen some incredible bonus point offers circulating recently. A recent Amex sign-up bonus that saw new cardholders rewarded with 100,000 Virgin Velocity frequent flyer points. But a new promotion from NAB sees more than double that number of bonus points on the table, with a quarter of a million Velocity points on offer to new home loan customers.

This is not an offer to be sneezed at. 250,000 Velocity points is enough for return Business Class flights to Europe, or more than five one-way Economy flights between Australia and North America!

Crucially, you’ll need to take out a home loan to make use of this offer. Unlike credit card sign-up bonuses, where many people apply for cards they wouldn’t otherwise need in order to receive the bonus points, we don’t suggest taking out a large loan in order to claim these bonus points. However, if you are in the market for a home loan, this incredible bonus could make the commitment that much sweeter.

There are a few conditions. The minimum loan amount is $250,000 and you’ll need to get a NAB Velocity credit card and NAB transaction account. With so many bonus points on offer, it’s hardly surprising that the bar for this promotion has been set high. But that doesn’t mean it’s necessarily out of reach. This offer is available to all new NAB customers, including those refinancing and switching over from another bank – provided the above criteria is met.

At least one member has already made the switch. In addition to the bonus points, this member will even save money due to NAB’s lower interest rates. In this case, making the switch was a no-brainer!

Yep, I worked out that that I’ll save around $4,000 a year by switching. Called up and was conditionally approved. The guy who I spoke with knew all about the offer, including the terms and conditions. It’s only for new customers, and you must also get a Velocity Credit card, and a transaction account. A spend needs to be made on the credit card within 30 days of it being sent out, and the points can take up to 90 days to be credited. There is no spend requirement on the credit card – just needs a transaction put through.

Although this customer was able to save money, it is still important to shop around for the best rates. On a large mortgage, a higher interest rate could mean paying significantly more over the life of the loan. Furthermore, one member has noticed that there are in fact lower interest rates currently available through other banks.

Shame the NAB interest rate isn’t competitive. Several banks, including UBank and ING currently 3.99%.

Unfortunately the offer is not available to those with existing NAB home loans. But this hasn’t stopped some NAB customers from weighing up their options.

As an existing customer I think I will have a little chat with my relationship manager.

This offer expires on 31 December, 2015.

Join the discussion HERE.

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Matt Graham
The editor of Australian Frequent Flyer, Matt's passion for travel has taken him to over 60 countries… with the help of frequent flyer points, of course!
Matt's favourite destinations (so far) are Germany, Brazil, New Zealand & Kazakhstan. His interests include economics, aviation & foreign languages, and he has a soft spot for good food and red wine.

You can contact Matt at [email protected]