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Borrow $5,000-$55,000 from NAB Personal Loan ($150 Application, $10 Monthly Fees), Get 10,000-110,000 Qantas Points @ NAB Online

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Borrow $5,000-$55,000 from NAB Personal Loan ($150 Application, $10 Monthly Fees), Get 10,000-110,000 Qantas Points @ NAB Online
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youngchinaman on 21/07/2022 - 16:59 nab.com.au (441 clicks)
Last edited 21/07/2022 - 17:34 by 1 other user

In the similar vein to this deal https://www.ozbargain.com.au/node/713039, but crappier due to the amount of points awarded linked to the amount being borrowed. But might be useful for those wanting QANTAS as opposed to Velocity.

Earn two Qantas Points for each dollar of your approved NAB Personal Loan amount when you borrow between $5,000 and up to $55,000.

Activate account within 90 Days of approval to be eligible for points
$150 application fee

$10 monthly fee, no exit/closure fee
From 6.99% (variable)

$5,000 Min Loan Amount

Pay off your loan early. Make additional repayments or pay off your loan early, with no fee.

Also NAB now owns Citi Groups consumer division, so both offers are from the one company.

Financial Frequent Flyer Loan Qantas Frequent Flyer Reward Points

Related Stores

National Australia Bank Group (NAB)
National Australia Bank Group (NAB)
Qantas
Qantas

closed Comments

  • [Deactivated] on 21/07/2022 - 17:08
    +1

    Yep. This is how some people will pay their mortgages soon.

  • jv on 21/07/2022 - 17:14
    +1

    From 6.99% (variable)

    16.99% soon…

  • rabbit71 on 21/07/2022 - 17:21
    +1

    Sorry, I am struggling to see the bargain. Would someone really make a decision to borrow money based on reward points. I must be getting old.

    • mskeggs on 21/07/2022 - 17:24
      +1

      And only $150 application fee!

    • Korban Dallas on 21/07/2022 - 17:40

      Only makes sense if you need the loan or close out the loan really quickly.

    • MaccDogg on 21/07/2022 - 17:51
      +3

      The idea would be $150+$10 for 110,000 QANTAS points. They might not pay out your points until the 90 day mark so might cost an extra $20-$30 on top of that.

  • jasswolf on 21/07/2022 - 17:22

    $5000 high interest loan to get a business class upgrade on a single flight? Are they serious?

    • nightelves on 21/07/2022 - 17:26
      +1

      It's 2 Qantas points per $1 loan. You have to read the fine print.

      • jasswolf on 21/07/2022 - 17:29

        I understand how basic arithmetic works, I'm describing the best case scenario for the points at the entry point for eligibility.

        If you used this in the points store on an item, the deal is 1% back to customer.

        This is less competitive than a credit card rewards program.

  • M00Cow on 21/07/2022 - 17:23
    +3

    $150 Application Fee, $10 Monthly Fee

    No monthly fee, no exit/closure fee

    Umm so the $10 monthly fee isn't a monthly fee, a monthly account surcharge?

  • cook99 on 21/07/2022 - 17:23

    So I can borrow $55k, pay it back the same day and pocket 110,000 QFF.
    Sounds like free points apart from the credit check hit

    • M00Cow on 21/07/2022 - 17:26
      +1

      $150 Application Fee, $10 Monthly Fee

      So I'm guessing it'd cost $160.
      Credit card would be cheaper

      • cook99 on 21/07/2022 - 17:28

        About on par with a lot of credit cards.
        Found the kicker:

        keep your NAB Personal Loan open until you receive your eligible Qantas Points in your Qantas Frequent Flyer membership account (this could take up to eight weeks from your Qantas registration).

        That could be a good bit of interest, maybe pay back $49999 until the points hit?

        • RG146 on 21/07/2022 - 20:08
          +1

          Interest at $55k would be $640 for two months at full balance. So yeah, you'd be best to draw it in full for a few days, then repay it to $100.
          Wait for QFF and close it. Might be the strategy.

  • terrys on 21/07/2022 - 17:26

    No monthly fee, no exit/closure fee

    Not what the banner says.

    A Big sign on the road "Minimum 10,000 Qantas points for $150, plus $10 for each month you keep the loan account open", and a sign in the shop that says " Just kidding, it's just the 150 bucks."?

    I miss milk tokens myself.

  • Jimothy Wongingtons on 21/07/2022 - 17:58
    +1

    Put it on ETH

  • countmein on 21/07/2022 - 18:00

    Wow crazy, perhaps useful for those looking to finance a new car

    • adrianhughes1998 on 21/07/2022 - 18:44

      Cheaper to get a card that has 100K or more Qantas points and meet the minimum spend by dropping the deposit on that card.

      • RG146 on 21/07/2022 - 22:01
        -1

        Which card has a $170 annual fee and 110k points at sign up??

        • adrianhughes1998 on 22/07/2022 - 05:40

          Easy NAB just had one with their deals with a 195 annual fee for 100K. Pro rata refund so got it for 16.25 annual fee.

          Plus you don't have to have 55K on hand to make the points earning. Only have to spend 3K as the minimum spend.

          • countmein on 23/07/2022 - 07:24

            @adrianhughes1998: Wow i never heard of pro rata refund of annual fee? Didnt they charge the full annual fee upfront when you signed up? How did you negotiate it

  • RG146 on 21/07/2022 - 20:05
    +1

    110,000 points for potentially $170 is a solid deal for a QFF hoarder like myself.

    • cook99 on 21/07/2022 - 21:54

      This is the way

  • SirFrankGrimes on 21/07/2022 - 21:33
    +1

    Yeah not sure why people are hating on this deal. You're essentially 'buying' 110,000 points for a <$200. That's a bargain!

    • adrianhughes1998 on 22/07/2022 - 05:44

      If you have 55K in the bank to pay it off straight away.

      If you don't, credit cards with sign up bonuses are the way to go.

      • SirFrankGrimes on 22/07/2022 - 06:40

        Huh? It’s $5000 minimum and they’re giving you that money. You just give it back to them!

        • adrianhughes1998 on 22/07/2022 - 06:57

          They don't give you 110K points if you borrow 5000$, only 10K points. Where did you in get that from??

      • cook99 on 01/08/2022 - 23:08

        They are saying you don't need $55k to repay the amount.

        NAB lends you $55000, that goes into your everyday account to do as you please with.

        You then repay $54999 of the loan with the money they lent you the next day.

        It's the same money, you don't need to start with anything to make this work.

  • Iliq on 22/07/2022 - 18:11
    +2

    Think the main problem is getting approved for a $55000 loan.

    Assuming you pay back 99% of it immediately, you're paying $150 + 2/3 monthly payments of $10 + interest on whatever you haven't repaid yet. Let's round up and assume $200 total.

    $200 for 110k points is pretty good, comparable to credit card offers.
    $200 for say 60k points, because you could only get a $30k loan, isn't nearly as good.
    $200 for 10k points = lol

    If you don't or can't get approved for the max amount, the value drops off hard.

    • adrianhughes1998 on 23/07/2022 - 10:52

      This.

      No point getting this deal, it's a nice sweetener to have some Qantas points chucked in if you're already getting a loan. But if you're getting this deal for purely the Qantas points it's poor form.

  • cook99 on 28/07/2022 - 22:13

    Applied for $55k today, let's see how this goes

  • cook99 on 06/08/2022 - 10:34

    Received approval and offer for $55k loan.
    Fixed rate, no redraw. What ruins it is that early repayment doesn't change the minimum repayments, so paying down to $1 immediately and then waiting 3 months for points won't work.
    Next payment will come out, put the loan into credit and they will close the account automatically. No waiting for 3 months, no points.
    Only way around is to try to get them to adjust minimum payments which could go wrong or they say no. Alternative is to leave enough for 3 to 4 months minimum repayments, but interest kills the deal then.

    Too much potential for this to go bad, I'm going to pass and take it as a lesson learnt on the credit check.
    Worth a try

    • kllq on 02/09/2022 - 13:06
      +1

      Thank you for your service!

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