Westpac has announced a new partnership with Velocity Frequent Flyer offering Points on new Home Loans. The points are available to customers taking out a Home Loan with a new Premier Advantage Package.
Under the offer, home loan customers who take out Premier Advantage Package loans of between $250,000 and $1,000,000 will receive 200,000 points. Customers who take out a loan of $1,000,000 or more will be awarded 500,000 Velocity Points.
To be eligible, applications need to be submitted between 11 June to 30 September, and settled by 30 November 2018. A $395 annual package fee applies for the Premier Advantage Package. There are some exclusions, such as Equity Access Loans and refinances within the Westpac Group.
What can you do with the points?
Westpac say they are offering the points to give borrowers the opportunity to have a holiday. Velocity research found 72% of Australians find it difficult to have a after taking out a home loan. In greater than 50% of cases, borrowers wait two years or longer before taking their next domestic holiday.
“As part of this offer, new Westpac Premier Advantage Package home loan customers will be able to use their Velocity Points to book a holiday, assisting the one in five Australians who are waiting more than five years before taking their next major holiday,” Westpac general manager for home ownership Will Ranken said.
Westpac give a few examples of what you can do with the points (taxes and charges are additional):
For 200,000 points a couple could get away to Hong Kong or return Economy seats. Alternatively, a family of four could go to Auckland.
For 500,000 points, a couple could go to London, or a family of four could getaway to California.
