NAB Personal Loan - sign up bonus up to 110,000 QF points

[Shinjetter]

Hey everyone, I just received my 110,000 QF points. Back in Dec 2022, I signed up for this product and borrowed $55,000. When I signed up, I just said the purpose of the loan is for travel expenses. After 2 to 3 weeks, NAB sent me a link to input my SUB code reference number on Qantas. It said to wait 8 weeks for points to arrive. I just received it today. In term of 55k, I just repaid 53k in the account after they gave me 55k. I left 2k in there to keep the account open. Note: I applied for Citi Personal Loan Plus prior to this and received bonus points for that also. Here is the link. If you need qantas one, you can go to qantas.com/nab

Earn Qantas Points on a NAB Personal Loan

Learn how you can earn between 10,000 and 110,000 Qantas Points on a new online NAB Personal Loan.

www.nab.com.au

 

[stopthecap]

Interest rate?

 

[Shinjetter]

Interest rate? It is a personalised rate. They gave me 14.19% which is high. However, I just paid back the remaining loan so I was charged only 56 bucks in total for 2 months (including acct fee) and 150 bucks application fee.

 

[bussyboy]

How was the application process? I considered applying but was screwed around a little when opening savings/debit cards

 

[Shinjetter]

I was already NAB's customer so it was a pretty straight forward process. It is basically a typical credit card/personal loan application. They'll ask for your income, loans, and expenses. They'll run a credit enquiry and they'll make a decision.

 

[yojohnny]

Hey everyone, I just received my 110,000 QF points. Back in Dec 2022, I signed up for this product and borrowed $55,000. When I signed up, I just said the purpose of the loan is for travel expenses. After 2 to 3 weeks, NAB sent me a link to input my SUB code reference number on Qantas. It said to wait 8 weeks for points to arrive. I just received it today. In term of 55k, I just repaid 53k in the account after they gave me 55k. I left 2k in there to keep the account open. Note: I applied for Citi Personal Loan Plus prior to this and received bonus points for that also. Here is the link. If you need qantas one, you can go to qantas.com/nab

Earn Qantas Points on a NAB Personal Loan

Learn how you can earn between 10,000 and 110,000 Qantas Points on a new online NAB Personal Loan.

www.nab.com.au

I've just opened this.

In addition to the loan account, a new transaction account was opened with the $55k deposited into it; I don't remember being asked for a transaction account during the application so this is a little strange as I already have a transaction account with them. Was this the same for you?

A little over $1k is the monthly amount that needs to be paid back. If I pay back $53k now I would be worried after the second month, the whole loan would be paid back before getting the points. It's not clear if the monthly amount drops if I pay back $53k now. What was your experience?

Lastly, did you manually pay back the monthly amount owing or was it automatic?

 

[Shinjetter]

I've just opened this.

In addition to the loan account, a new transaction account was opened with the $55k deposited into it; I don't remember being asked for a transaction account during the application so this is a little strange as I already have a transaction account with them. Was this the same for you?

A little over $1k is the monthly amount that needs to be paid back. If I pay back $53k now I would be worried after the second month, the whole loan would be paid back before getting the points. It's not clear if the monthly amount drops if I pay back $53k now. What was your experience?

Lastly, did you manually pay back the monthly amount owing or was it automatic?

Hey, I already had a NAB transaction account so they didn't ask me to open a transaction account. They did ask me for the account details which I said are in my profile and they located it.

I paid back $53k and I had left about $2.2k remaining (including the application $199 fee). My monthly fee was around $22-23 with a monthly account fee.

I paid the account via internal transfer from the transaction account to the loan account. This was only when they sent me a statement of my monthly fee.

 

[yojohnny]

Hey, I already had a NAB transaction account so they didn't ask me to open a transaction account. They did ask me for the account details which I said are in my profile and they located it.

I paid back $53k and I had left about $2.2k remaining (including the application $199 fee). My monthly fee was around $22-23 with a monthly account fee.

I paid the account via internal transfer from the transaction account to the loan account. This was only when they sent me a statement of my monthly fee.

Thanks for the quick reply. I am trying to work out why I am meant to be paying ~$1k/month and you only ~$22. I selected the longest term (7 years) and even if you interest rate was half of mine, it wouldn't account for the difference. Any ideas?

 

[Shinjetter]

Thanks for the quick reply. I am trying to work out why I am meant to be paying ~$1k/month and you only ~$22. I selected the longest term (7 years) and even if you interest rate was half of mine, it wouldn't account for the difference. Any ideas?

I'm guessing you didn't pay it back immediately? I paid it back as soon as it hits my account. After that, I just paid the interest and account fee.

 

[yojohnny]

I'm guessing you didn't pay it back immediately? I paid it back as soon as it hits my account. After that, I just paid the interest and account fee.

Thanks - I just received it today but the documents I signed listed the $1k figure so I guess you missed that and are referring to the amount when you got your first statement., as I can see in your screenshot.