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Get 200,000 Velocity Points When You Buy a Home @ Westpac Bank

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Get 200,000 Velocity Points When You Buy a Home @ Westpac Bank
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ak-km on 31/10/2018 - 13:50 westpac.com.au (224 clicks)

With a new Premier Advantage Package receive
500,000 Velocity Frequent Flyer Points for home loans $1m and over^
200,000 Velocity Frequent Flyer Points for home loans $250k and over^
Now that’s something to write home about.

Applications submitted between 1 October 2018 to 31 January 2019, and settled by 31 March 2019. $395 annual package fee. Excludes Equity Access Loans and refinances.

Financial Frequent Flyer Reward Points Velocity Frequent Flyer

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closed Comments

  • pantsparty on 31/10/2018 - 13:54
    +3

    What is the interest rate? This is not a deal at all if the interest rate is too high.

  • beigehornet on 31/10/2018 - 13:59

    only 500K would wanna hope its 2mill or something when you spend so much with them

  • Skramit on 31/10/2018 - 14:00
    +4

    You can sell the points for 1c each, so consider this a $2000 signup bonus.

    Not too bad, but the rate would need to be good.

  • Waiteyes on 31/10/2018 - 14:03

    buy a home for 200000 points.

    • nightelves on 31/10/2018 - 14:08

      Let me know when you find one.

  • knobbs on 31/10/2018 - 14:08

    I wish I wasn't with Westpac already…

    • nightelves on 31/10/2018 - 14:09

      Refinance out and refinance back in?

      • ssp88 on 31/10/2018 - 14:11
        +1

        that would cost more - exit fees, settlement fees and etc.

      • spiff on 31/10/2018 - 14:19

        This isn't applicable to refinances, only new home loans.

      • alebox on 31/10/2018 - 15:30

        think introductory offers from banks have a 2 year period between exit and coming back in to be eligible

  • ra3m3 on 31/10/2018 - 14:08
    +12

    bought 2 .. thanks..

    • JerryB on 31/10/2018 - 21:16

      Does this stack with the 10% off Westpac gift cards deal? I just happen to have bought 10,000 of the $100 cards last week.

  • netjock on 31/10/2018 - 14:09

    Obviously the falling equity would be worth more than the points!

  • jeppetto367 on 31/10/2018 - 14:12
    -1

    Any idea of the interest rate?

  • cheapjunkie on 31/10/2018 - 14:14

    https://www.westpac.com.au/personal-banking/home-loans/all-i…

    Thats pretty high. not worth the points considering the amount of interest you gotta pay

    • [Deactivated] on 31/10/2018 - 14:23
      +2

      @cheapjunkie you're probably right for a lot of people. This is definitely not a 'free lunch' scenario and any potential borrower really needs to weigh up how valuable the points are vs. what is likely to be a higher rate than some alternative lenders for an average borrower scenario.
      That said, this product has been popular with us in very specific scenarios such as:

      • Very large loan sizes with relatively low LVRs (at least $1mil likely double that size) combined with applicants that have strong debt servicing. For these applicants Westpac is actually pricing quite well for such premium borrowers. Furthermore, 500,000 rewards points are a pretty good offer if you were genuinely considering buying business class air tickets as Velocity points value up well for upgrades and business class travel. Some estimates range from 3 to 5c a point (for international and domestic business class tickets/upgrades respectively).
      • Westpac actually has some pretty flexible credit criteria compared to many cheaper lenders. As in, they may not be the cheapest, but loan assessments with our cheapest lenders are excruciatingly slow and detailed on average at present.

      Hope this helps

      • cheapjunkie on 31/10/2018 - 14:35

        I agree, this would not be much suited to people in the below $500k loan brackets based on the rates, but the 1 mil and up may find the value in this depending on other factors and their circumstances

      • [Deactivated] on 31/10/2018 - 19:14

        @naritas when website says "3y fixed rate for 3.89% comparison rate 4.92%" is the only charge that make up for this big difference in rate is the $395 yearly package fee?

  • bibimbap on 31/10/2018 - 14:26

    Is it applicable if you already with westpac home loan and taking out second home loan?

  • Homr on 31/10/2018 - 14:37
    +2

    Bought 3 in Sydney, thanks OP

  • ManWithTwoCats on 31/10/2018 - 14:57
    +1

    Bought 3 for my two cats and myself. Thanks OP

  • zzymurgy on 31/10/2018 - 15:20
    +4

    Now that’s something to write home about.

    Dear Mum,
    Hope you're well. I've just bought a house I can barely afford but are you ready for the really exciting news? I got $2000 worth of frequent flyer points for free!

    • ManWithTwoCats on 31/10/2018 - 15:29
      'I can barely afford'

      I do not think can til the day I go

  • dontask on 31/10/2018 - 17:00

    This deal has been running for some time and we have refinanced a large number of loans from CBA to WBC. If your loans are large enough (1M+), you have good LVR (eg: 80%, preferably below), good serviceability, willing to go to P&I then you can negotiate a good rate.

    We negotiated 1.63 below the headline rate for P&I Loans, with no package fees for 4 years. Our banker was nice enough to structure the loans so that I was the primary borrower for some

    This deal was better just a few months ago.
    - they were offering 500k points for loans $500,000 and above (instead of 1M and above).
    - they were offering $2000 for each loan to assist with refinancing costs
    - package fees were waived for 4 years.

    As always, you need to go into a branch and ask.

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