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NAB - Frequent flyer deal

Discussion in 'Property Finance' started by Redom, 18th Sep, 2015.

  1. Redom

    Redom Mortgage Broker Business Member

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    NAB doing a Macquarie and using FFP to generate business.

    Incentives to drive more O/O lending - theres been more and more of this of late, and i suspect it'll only continue as banks make a bigger push to get this business.

    Quite vague on the detail in the email, but here's the gist for those that are interested.

    250,000 Velocity Frequent Flyer Points for choosing NAB
    From Monday 21 September (that’s next week!) when your customer takes out a new owner occupied NAB Home Loan of $250,000 or more, plus makes NAB their main bank, they could be eligible for 250,000 Velocity Frequent Flyer Points! As an alternative, you could offer them the $1500 cash back currently on offer. These offers will only be available until 31 December 2015, so this is a perfect opportunity to start speaking to your clients.
     
  2. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Another push for the owner occ dollar - but definitely a lender to save for later on these days.
     
  3. Mick C

    Mick C Well-Known Member

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    \

    ^ Wont last long....I been advised NAB will be changing their servicing calculator.
     
  4. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    More juice for the big 4

    Can they get to 85 % market share courtesy of para

    Ta
    Rolf
     
  5. Sonamic

    Sonamic Well-Known Member

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    Just out of curiosity, I've an IP under Construction through NAB due for completion in 2 weeks. If I was to refi my PPOR to them also what kind of deal would they offer? Are they on the 85% no LMI train yet?
     
  6. Waterboy

    Waterboy Well-Known Member

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    So how do you qualify for this?

    It's worth more than the cash backs on offer! Unless the rates ain't good.
     
  7. euro73

    euro73 Well-Known Member Business Member

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    They're only really interested in pricing sharply for P&I Owner occ business. But if your debt is 250K or greater you'd get 4.15% and 250,000 Velocity Points ( provided you take out a NAB Velocity Card as part of the loan package) OR a $1500 cash back. It's an Either/Or offer.

    None of the banks are chasing I/O business, and pricing now reflects that
     
  8. euro73

    euro73 Well-Known Member Business Member

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    For P&I, Owner Occ loans of 250K or greater , NAB are offering 4.15% with this deal.
     
  9. kamchatsky

    kamchatsky Well-Known Member

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    Looks like a lot of effort just to get 250K points. Moving loans is not exactly an easy experience.

    Earning 250K Velocity points is too easy these days. American Express has been literally given them away. Just sign up Platinum Velocity American Express for 110K points below:

    https://www316.americanexpress.com/...D4FEAA625&mgmerSource&MGMURN=AAAABgQbFxMWCw==

    Then once you get the credit card, refer your spouse to sign up the card as well for another 110K points. and with referrer getting another 20K points, then total points earn is 240K points.
     
  10. D.T.

    D.T. Adelaide Property Manager Business Member

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    And stuff up your serviceability in the process from having 2 Amex cards? :p
     
  11. euro73

    euro73 Well-Known Member Business Member

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    I think it's APRA not AMEX who have had the bigger impact on servicing :) But I take your point.
     
  12. kamchatsky

    kamchatsky Well-Known Member

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    Well I have to say that it is not for everyone ..... :D The minimum credit limit for this card is only $6000 anyway.

    I have to say that I have a card like this myself and from time to time I have signed up credit card offers, and it hasn't stopped me buying IPs and constantly refinancing and releasing equity at all.
     
  13. Redom

    Redom Mortgage Broker Business Member

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    Can still get decent PPOR rates with the majors for I/O lending for now. Some of the other majors don't have too significant pricing differences between I/O or P/I.
     
  14. albanga

    albanga Well-Known Member

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    Anyone done the conversion of points to dollars?
    If you were planning a holiday to say Thailand would you be better suited to taking the cash and flying with a cheaper air-line? Or do the points still work out better?
     
  15. Waterboy

    Waterboy Well-Known Member

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    Points are usually of higher value, especially when using for business class which is way more comfortable for European travels.

    I don't travel to third world countries for holidays, so I can't tell if Thai holidays will be cheaper.
     
  16. Dazedmw

    Dazedmw Well-Known Member

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    I'm not an expert but from what I have read Velocity points are valued at around 1.5 to 2 cents each. As Waterboy said you get towards the upper end of that range on Business class fairs.
     
  17. Waterboy

    Waterboy Well-Known Member

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    250000 points = return business class trip Sydney-London worth approx $8000 (less taxes and surcharges you have to pay)

    Or 2 return trips same route on economy (worth $3000-4000 less taxes and charges).