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200,000 Velocity Frequent Flyer Points for Home Loans $250k and over at Westpac (500,000pts for $1M+)

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200,000 Velocity pts for loans $250k+.
500,000 Velocity pts for loans $1M+.

Full details and T&C's on the website.
Applications submitted between 11 June to 30 September, and settled by 30 November 2018. $395 annual package fee. Excludes Equity Access Loans and refinances within the Westpac Group.

Package Benefits:
- Discounts on a range of standard variable and fixed rate home loans.
- Includes no monthly service fee on your accompanying Westpac Choice account.
- Includes no loan maintenance, increase, portability or switching fees (excluding switches to a non-package loan).
- Includes no annual credit card fee on selected cards, other fees and charges may apply.
- Discounts on selected insurance products.

Related Stores

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closed Comments

  • Does this include loans processed through mortgage brokers?

    I have recieved Unconditional Approval for a loan more than $250k under a Flexi First Option Loan Type. Does this loan type meet the eligibility?

    Thanks

    • +1

      You'd have to check-in with the broker. Generally the Flexi First Option Loan type would not be packaged though…

  • 4.44% variable rate (250k-$499k loan) with the package isn’t that good. You may be getting ‘free’ velocity points but you are paying for it in extra interest.

    • +3

      Never hurts to ask your banker to try to match a competitor's rate ;)

      • I asked Westpac to match or better HSBC's 3.69 offset variable product - with 90% LVR (I'm looking at a loan of 500k, 30% deposit) The agent claims they were unable to find this rate. Simply googling "HSBC 3.69" will find it.

        Westpac seem very un interested in an applicant with a brain!

        If they said yes, we can match HSBC, and then beat it with 200 FF points, they would have my money.

  • you can get 3.72% OO P&I variable or 4.15% INV P&I variable with westpac at the moment.

    • how are you getting the 3.72% with OO? direct through Westpac or through a broker?

      • +1

        asked westpac directly to match what CBA offered me.
        loan size $500k

        • Reckon they'll go even lower for a loan of $1.5m OO <80% LVR?

        • @silo: I was able to get 3.64% with my loan size without any real haggling. I'm guessing I could've pushed for even lower!

        • so the stratgy should be finding the other bank's rate and then ask staff in westpac / broker to match it?

  • I already have a loan with Westpac and considering refinancing with another bank. Will I be eligible for this deal for refinancing back to Westpac after?

    • +1

      CBA offering $2000 cashback if you lock it in before the EOFY

      • Thanks so much for the info!

        • CBA offer extended till July end now

        • @Maxdax: I can't seem to find this offer. Is there any link that you can point to me? Is it for New loans or Refinance only?

          Thanks

        • @randomstuff:

          from the CBA chat;

          We do not currently have the offer advertised on our site, as it needs to be assessed by a lending specialist to see if you may be eligible for the offer.

        • @thydzik: Thanks

  • If I'm applying for the Rocket Investment Loan, will I be eligible for this? Thanks!

    • Yep! Rocket Investment loans should be fine. Just be sure to ask about the deal and double check they’re putting you on the package.

  • +1

    Good opportunity to call and shop around for a better deal.

    Does anyone now what Credit Cards come with this Home Loan package? I wonder if one could sign on to get one of those Altitude Platinum/Black and gain additional points e.g Qantas FF or Altitude points too (in addition to the Velociry FF)

    • Yes, you can get a platinum/black with no fees with the package.

  • Does anyone know if this the $250k/$1m thresholds must be for a single loan? Or could it be for multiple loans totalling this amount (e.g 5 * 200k loans)?

    T&C's seem to suggest it's a single loan, but think I might give them a call.

  • I have an existing loan with Westpac, can I still get it? considering people switch all over the place with their loans…

    • If you are applying for a new Westpac loan (in addition to the existing one), then yes..

  • So based on the comments above maybe this is not that much of a deal when you factor that it is not competitive at all. It rarely is sensible to make investment decisions based on gimmicks like this. It's like buying shares just to qualify for crappy shareholder discounts.

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