250,000 Velocity points for new NAB home loan customers

[GarrettM]

I will talk to the wife more but definitely considering this now.
At first glance their rates are already better than what we're getting with Bankwest.

 

[RAM]

Best time to 'talk' is 2 or 3 weeks before the quarter.

That way the +ve/-ve impact is more keenly felt by the banker.

It is amazing how that helps them refocus on your requests.

If an existing NAB customer, do a little due diligence on ING (for example) so you can discuss your thoughts about refinancing away from NAB. Remember you DO NOT have to ring your existing branch/contact about it. If really a hard case the you go to a different branch and approach it as if the existing mortgage is elsewhere. As it is just in NAB elsewhere. Once you've baited the hook with the different branch (they get the new loan write and the old branch loses it) - then you never know what you can deal!

If not then do similar due diligence but raise the heat a little and ask for a fee-free for life (or a couple of years) CC in addition.

I did similar in 1994 (yes back then) when it was no where near as common as today and got fee-free for life (even when mortgage paid out). Pity the CC was not as good as elsewhere but have 'managed' that for 2 other fee-free for life CCs.

Really was hard (despite the big payoff) signing up to pay $349 for the 110,000 point Velocity Amex CC - I don't like paying fees!

 

[kalboy]

Thanks for the advice RAM. I'll give it a few weeks. My current home loan is with a QLD branch of NAB so hopefully will have some luck with my local WA Branch.

 

[Arrow29]

I'm in the process of switching over from CBA too. Just submitted all the paperwork and seem to have been given conditional approval so looking good. Plus like Blackswan, was able to get a considerably better rate as well so pretty please overall!

 

[mooingchicken]

What rate were you guys offered?

 

[Blackswan]

What rate were you guys offered?

4.15% comparison rate (the no fee product), but it recently increased to 4.32% comparison due to the recent increases by the big four.

I know I could get better by going with a smaller institution, but prefer the big four due to convenience (more ATM's, more branches etc).

 

[Dr Ralph]

4.15% comparison rate (the no fee product), but it recently increased to 4.32% comparison due to the recent increases by the big four.

I know I could get better by going with a smaller institution, but prefer the big four due to convenience (more ATM's, more branches etc).

Curious as to why you would take this rate, when there are several other providers with rates under 4%. Was it just because of the velocity points or is a 'big four' a relevant factor? Especially when U bank is a subsidiary of one of the 'big four' anyway. (People may not be aware that Ubank DID NOT increase their rates when the 'big four' did recently).

 

[Arrow29]

Besides the convenience factor, having an offset account is something that I value; I'd rather have all of my cash in the offset saving interest but easily accessible if expenses go up one month for example, as opposed to having to redraw.

Has anybody received the 250k velocity points from changing over their home loan? Going by the NAB velocity credit card thread I imagine we may be waiting the full 90 days quoted on their website.

 

[Blackswan]

Besides the convenience factor, having an offset account is something that I value; I'd rather have all of my cash in the offset saving interest but easily accessible if expenses go up one month for example, as opposed to having to redraw.

Has anybody received the 250k velocity points from changing over their home loan? Going by the NAB velocity credit card thread I imagine we may be waiting the full 90 days quoted on their website.

Yep, still waiting. 90 days should be early next month for me, though.

 

[Oxy]

Looking at this product, and reading through the ts & cs you need a bank account with your salary & cc. No big deal, wife already has account with salary, and she was planning on opening a NAB Velocity Platinum with 60k bonus.
So the question is, assuming we do the CC first and collect, then apply for home loan, will we be able to get 250k + 60k total, or will they look at the 60k as part of the 250k, even though done separately?

From NAB:
"This offer is limited to a maximum of 250,000 Velocity Frequent Flyer Points per customer and per Home Loan application. This means, if there is more than one applicant and one applicant receives the 250,000 Velocity Frequent Flyer bonus Points, all applicants are deemed to have received the bonus Points. The offer is not available in conjunction with any other offer including NAB Credit Card bonus Velocity Points offers or NAB or NAB Broker cash back offers."

Thoughts?

 

[Blackswan]

A quick update on this. Despite meeting all the criteria, and despite it being more than 90 days since loan draw down - the points still haven't arrived. Apparently it's been escalated to a back end department for further investigation...

 

[exceladdict]

A quick update on this. Despite meeting all the criteria, and despite it being more than 90 days since loan draw down - the points still haven't arrived. Apparently it's been escalated to a back end department for further investigation...

Not a good sign. That is literally thousands of dollars worth of points. Don't want a bad precedent for nab

 

[Arrow29]

Hope it gets sorted for you quickly, Blackswan. I'll be interested to see the outcome as well as I've met all the criteria, but hasn't been 90 days yet for me.

My sister-in-law is a broker and has said she's had some clients receive the points, generally taking close to the full 90 days.

 

[RAM]

A quick update on this. Despite meeting all the criteria, and despite it being more than 90 days since loan draw down - the points still haven't arrived. Apparently it's been escalated to a back end department for further investigation...

Time to lodge a formal complaint with your loan manager/person.

If they have not abided by the terms and conditions (within 90 days if stated) then they have to compensate you (time value of money/points etc).

After all if you are one day late then they load the penalties onto you - so you can rightly expect the same.

I hope your keeping note of who you speak to/email, the date, and note on what they say. Invaluable in getting the right outcome.

 

[clipped_wings]

I am very interested in how you go. We are currently negotiating with the NAB to move a home loan and business away from the CBA, but the red tape and lack of communication is doing my head in. I want those 250k points so bad, but I am nervous that this is going to be one of those stories where you have to fight the bank to cough up the points. I hope that everything is cool and you have some happy news soon.
A little transparency from the NAB wouldn't go astray eh? Their T&C's are vague and no-one seems to know how the points are gifted anyway. Is the NAB buying them up into their own Velocity account, or is it an affiliation where Velocity is liable for missing points?

 

[Blackswan]

I am very interested in how you go. We are currently negotiating with the NAB to move a home loan and business away from the CBA, but the red tape and lack of communication is doing my head in. I want those 250k points so bad, but I am nervous that this is going to be one of those stories where you have to fight the bank to cough up the points. I hope that everything is cool and you have some happy news soon.
A little transparency from the NAB wouldn't go astray eh? Their T&C's are vague and no-one seems to know how the points are gifted anyway. Is the NAB buying them up into their own Velocity account, or is it an affiliation where Velocity is liable for missing points?

Well I still haven't received my points. I spoke with three different telephone representatives, all apathetic. I ended up walking into my branch, and spoke with a Lender. He put me through to someone in their complaints team (over the phone).

I told the woman in the complaints team that I was hoping to book immediate return flights PER-MEL-PER using some of the points. She asked me how much economy flights would cost, and I told her approximately $600. She put me on hold, and then came back to me - telling me that she was crediting my credit card account with $600 so I could book the flights immediately. She also told me this wouldn't affect the 250,000 points - the full amount should be with me by the end of the month (although, I'm not holding my breath). She told me that the loyalty team do a sweep for this mortgage promo at the end of each month.

I shall wait and see.

 

[downtheback]

Well I still haven't received my points. I spoke with three different telephone representatives, all apathetic. I ended up walking into my branch, and spoke with a Lender. He put me through to someone in their complaints team (over the phone).

I told the woman in the complaints team that I was hoping to book immediate return flights PER-MEL-PER using some of the points. She asked me how much economy flights would cost, and I told her approximately $600. She put me on hold, and then came back to me - telling me that she was crediting my credit card account with $600 so I could book the flights immediately. She also told me this wouldn't affect the 250,000 points - the full amount should be with me by the end of the month (although, I'm not holding my breath). She told me that the loyalty team do a sweep for this mortgage promo at the end of each month.

I shall wait and see.

Wow. $600 is and isn't chump change for these larger corporations. Sure it sucks that the points haven't posted yet, but still for them to "cover" the flights for you, and you can keep the 250k points is a pretty good compromise I would think

 

[RAM]

I am very interested in how you go. We are currently negotiating with the NAB to move a home loan and business away from the CBA, but the red tape and lack of communication is doing my head in. I want those 250k points so bad, but I am nervous that this is going to be one of those stories where you have to fight the bank to cough up the points. I hope that everything is cool and you have some happy news soon.
A little transparency from the NAB wouldn't go astray eh? Their T&C's are vague and no-one seems to know how the points are gifted anyway. Is the NAB buying them up into their own Velocity account, or is it an affiliation where Velocity is liable for missing points?

OK, ring another branch of NAB and play one-off against the other.

Best time to do this is a few eeks before end of quarter when each branch manager and loan staff are trying to get to their quarterly targets.

 

[RAM]

Well I still haven't received my points. I spoke with three different telephone representatives, all apathetic. I ended up walking into my branch, and spoke with a Lender. He put me through to someone in their complaints team (over the phone).

I told the woman in the complaints team that I was hoping to book immediate return flights PER-MEL-PER using some of the points. She asked me how much economy flights would cost, and I told her approximately $600. She put me on hold, and then came back to me - telling me that she was crediting my credit card account with $600 so I could book the flights immediately. She also told me this wouldn't affect the 250,000 points - the full amount should be with me by the end of the month (although, I'm not holding my breath). She told me that the loyalty team do a sweep for this mortgage promo at the end of each month.

I shall wait and see.

Being the 'victim' of a number of "we'll do x y z" on multiple occasions only to check subsequently and found out that NOTHING was done - have you checked to see that the $600 was indeed credited?

Never cough - U - ME things will be done as promised, after all you are still waiting on the points from them...

 

[Blackswan]

Being the 'victim' of a number of "we'll do x y z" on multiple occasions only to check subsequently and found out that NOTHING was done - have you checked to see that the $600 was indeed credited?

Never cough - U - ME things will be done as promised, after all you are still waiting on the points from them...

Yep, $600 was credited immediately - it was in my account by time I got off the phone.