250,000 Velocity points for new NAB home loan customers

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Blackswan

Blackswan

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Saw this on OzBargin this morning. https://www.ozbargain.com.au/node/211952

Not on the NAB website yet, but will seriously consider transferring my loan from Commbank to NAB, if theres no difference to the comparison rate.

Velocity points are being offered in large sums at the moment!
 
exceladdict said:
"Best Variable Rate Home Loan" at 4.15%.

Can't seem to see anything near that with CBA, who i will also soon be refinancing away from.

However it's still above some like uBank at 3.99%.
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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.
 
Blackswan said:
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.
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As an existing customer I think I will have a little chat with my relationship manager.
 
Blackswan said:
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.
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So I take it that new customers include those that switch via refinancing, rather than people who don't yet have a home loan? I'm with CBA and may look to refinance with NAB given this offer; had just been a bit too lazy before but this might just tempt me if the rate is right
 
Blackswan said:
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.
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Did they mention a minimum loan requirement? The newspaper article suggested $250k.
 
exceladdict said:
Did they mention a minimum loan requirement? The newspaper article suggested $250k.
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He didn't mention a minimum loan requirement - maybe that's because I'm above that figure anyway.

Arrow29 said:
So I take it that new customers include those that switch via refinancing, rather than people who don't yet have a home loan? I'm with CBA and may look to refinance with NAB given this offer; had just been a bit too lazy before but this might just tempt me if the rate is right
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Yes, includes refinancing.
 
Not sure I'll switch but time for a chat with my existing bank I think!
 
From the NAB News site: A home today, New York tomorrow | NAB News

Customers can apply between 21 September until 31 December 2015.

Full terms, conditions, fees, charges and eligibility criteria apply (available upon request), including $250,000 minimum loan plus hold a NAB Velocity Credit Card and a NAB Transaction Account. Not available with any other offer. To earn and redeem Velocity Points you must be a Velocity member. © National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686.
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wow... this is a pretty intense offier. Does anyone know if refinancing your loan from another bank counts on your credit file?
 
yld200 said:
wow... this is a pretty intense offier. Does anyone know if refinancing your loan from another bank counts on your credit file?
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I can't see a bank taking on hundreds of thousands of dollars of debt without a credit check; however home loans are "good" credit so won't necessarily impact your score badly like a credit card would.
 
Shame the NAB interest rate isn't competitive.

Several banks, including UBank and ING currently 3.99%.
 
The will "try" to match rates with other big banks though, so if you can find a good offer with them (should be able to get offered rates under the advertised rates)
 
Nab currently waiving the application fee. Does this still occur when applying for the 250,000 points?
 
gogo419 said:
Nab currently waiving the application fee. Does this still occur when applying for the 250,000 points?
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Yes it does but you'll have to pay for the annual credit card fee, I think it's $195.
 
Wondering if anyone has been able to take up this offer, especially any existing NAB customers. ?
 
kalboy said:
Wondering if anyone has been able to take up this offer, especially any existing NAB customers. ?
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Yep, I took it up - but switched over from CBA. The rate was less than CBA - so win win.

Already met all the requirements - so I'm just waiting for the points to post.
 
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