Media releases

Home loan or holiday? Westpac and Velocity Frequent Flyer now offering Australians both

18 June, 2018
 

Westpac customers applying for a new home loan could now also benefit from hundreds of thousands of Velocity Frequent Flyer Points due to a new partnership launched today.

 

Research findings1 released by Velocity reveal more than half of Australians are sacrificing travel and holidays while saving for a home.

 

From today the new partnership between Westpac and Velocity Frequent Flyer will give Australians the ability to celebrate the milestone of owning their own home, investing, or refinancing, with the added bonus of Velocity Points to help them holiday sooner.

 

Westpac has two new Velocity home loan offers based on a customer’s borrowing requirements when taken with a Premier Advantage Package^^:
 

  • Offer 1: 200,000 Points on loans of $250,000^ or more; which can help get a couple on their way to Hong Kong or a family on their way to Queensland*;
  • Offer 2: 500,000 Points on loans of $1,000,000^ or more; which can help get a couple on their way to London or a family on their way to Los Angeles*.

 

Velocity Points can be used to purchase flights with Virgin Australia and its international partners, book hotel stays and purchase fuel. 

 

The research findings show that 72%1 of Australians find it difficult to contemplate going on holiday after taking out a home loan, with more than half of Australians waiting for two years or longer before taking their next domestic holiday.

 

Westpac General Manager for Home Ownership Will Ranken said the offer is the first of its kind for Westpac offering outstanding new benefits for new packaged home loan customers.

 

“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 holiday1,” Mr Ranken said.

 

“At Westpac we are always looking for ways to better support our customers and our new partnership with Velocity gives those signing up to a new packaged home loan a helping hand.

 

“Westpac is proud to celebrate the great Australian dream of home ownership and this new partnership will give our customers a range of Velocity benefits to mark the milestone of obtaining a new packaged home loan.”

 

Velocity Frequent Flyer CEO, Karl Schuster, said that it was a wonderful opportunity for families and individuals to celebrate.

 

“We are proud to be able to offer Australians the opportunity to go on holiday sooner after taking out a new packaged home loan than they otherwise would consider doing so,” he said.

 

“Customers can use Velocity Points to fund their holidays in any number of ways, from flights through to activities and accommodation, so they can really custom-make the trip they’d like to go on.”

 

The offer is available to new Westpac Premier Advantage Package home loan customers who apply between 11 June 2018 and 30 September 2018 and settle by 30 November 2018 to be eligible for the offer.

 

All Westpac home loan applications are assessed against the same strict lending criteria to ensure good outcomes for customers.

 

For more information about the offer, please visit: westpac.com.au/velocity.

 

Media enquiries:
Emalie McPherson - 0481 915 557

Things you should know

^ Credit criteria, fees and charges apply. Terms and conditions available on request. Based on Westpac's credit criteria, residential lending is not available for Non-Australian Resident borrowers. This information has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information and, if necessary, seek appropriate professional advice. This includes any tax consequences arising from this promotion for investors and customers should seek independent advice on any taxation matters. 200,000/500,000 Velocity Points offer available for new home loans taken as part of the Premier Advantage Package with a minimum loan size of $250,000/$1,000,000, respectively. Offer is valid for applications submitted between 11 June 2018 to 30 September 2018 and settled by 30 November 2018. Offer may be varied or withdrawn at any time. Excludes internal refinances or switches within the Westpac Group, which includes refinances from Westpac, St.George, Bank of Melbourne, BankSA and RAMS. Excludes Equity Access loans. Not available to company and trust account holders. The Velocity Points will be issued to the first person on the application form (Primary applicant). Only one Velocity Points home loan offer can be taken up by the Primary applicant within a 12 month period. Primary applicant must be a member of the Velocity Frequent Flyer program to receive the Velocity Points. The Velocity Membership Terms and Conditions apply.  For more information on the Velocity Frequent Flyer program, visit www.velocityfrequentflyer.com Velocity Points must be requested by the Primary applicant within 60 days of the loan settlement date. Velocity Points will be applied to the Primary applicant’s Velocity Frequent Flyer membership account within 21 days of the request.

 

^^ Premier Advantage Package Conditions of Use apply. $395 annual package fee applies. You must either hold or be approved for a Westpac Choice transaction account in order to qualify and continue to receive the benefits of the Premier Advantage Package.

 

The credit material in this promotion has been prepared by Westpac. Credit provider Westpac Banking Corporation Limited ACL No: 233714

 

* Fares subject to availability and are limited. Taxes, fees and surcharges payable and will vary depending on carrier, city pair, fare classes and date and time of booking.  See velocityfrequentflyer.com for information about fare conditions and how to book.

 

1June 2018, ‘Project Velocity’ research commissioned by Virgin Australia.