NAB is currently offering 350,000 NAB Rewards Points for members taking out a new home loan package. Previously, NAB had offered a Velocity Points, however with the launch of their in-house NAB Rewards program, they appear to have opted to switch the offer to use that program.
The promotion is available when taking out a new NAB home loan, however it does have some restrictions. As the offer is aimed at moving customers across to NAB, there is a need to hold other NAB products as well.
The NAB Rewards program allows members to transfer points to other airline programs. The current programs and exchnage rates are shown in the following table
|Program||Transfer Rate||350,000 NAB Points transfers as|
|Cathay Pacific Asia Miles||3 NAB Rewards points = 1.0 Asia Mile||116,666 Asia Miies|
|Virgin Australia Velocity||3 NAB Rewards points = 1.5 Velocity Point||175,000 Velocity Points|
|New Zealand Airpoints Dollars||3 NAB Rewards points = $0.015 Air New Zealand Dollars||$1,750 Air New Zealand Dollars.|
As can be seen, the 350,000 NAB Rewards points can transfer as 175,000 Velocity Points. While a reduction from the previous 250,000 points on offer, there are now options to transfer to Cathay Pacific or Air New Zealand.
In order to get the 350,000 points there are basically three criteria that need to be met. This is due to the need to move your day to day banking across to NAB:
- A new NAB Home Loan of at least $250,000
- A NAB Rewards Credit Card
- NAB Transaction account
NAB Home Loan
First up, you need to apply for a new Owner Occupied home loan, with a minimum finance amount of $250,000. Under the current promotion, an application for the home loan must be made by December 31 2017. The loan must then be drawn down by March 31, 2018.
There does not appear to be a particular restriction on which loans are eligible for the offer. NAB state that it is available on “NAB and NAB Broker home loan products excluding lines of credit and Portfolio facilities.”
One restriction that has been put in place, though, is that you cannot be refinancing a loan that is with their online subsidiary uBank.
NAB Rewards Credit Card
The second requirement is that one of the home loan applicants will need to hold, as the main cardholder, one of the NAB Rewards Credit Cards,
The card needs to be held within the 30 days following the loan draw down. In addition, at least one eligible purchase needs to have been made on the card within that time.
NAB Transaction Account
Finally, within 30 days from the draw down of the Loan, one of the applicants must hold a transaction account with NAB. A salary or income credit will need to be deposited into the account as well.
Further information on this promotion is available from the NAB website.