Westpac announces Velocity Frequent Flyer offer for home loan borrowers
The offer comes following research showing home loan borrowers are putting off taking holidays.
Westpac has announced a new partnership with Velocity Frequent Flyer that will see new Premier Advantage Package customers receive Velocity points for their home loan.
Home loan customers who take out Premier Advantage Package loans of $250,000 or more will receive 200,000 points, which Westpac said is enough to "help a couple on their way to Hong Kong or a family on their way to Queensland".
Borrowers who take out a Premier Advantage Package of $1,000,000 or more will receive 500,000 Velocity Points, or enough to "help a couple on their way to London or a family on their way to Los Angeles".
What will 200,000 Velocity Points get you?
200,000 Velocity Points is quite a lot of points. With Sydney as your origin, you could redeem these points for the following Virgin flights:
|No. of travellers||Destination||Class||Points required|
|2||Singapore (return)||Premium Economy||178,800|
|1||Hong Kong (return)||Premium Economy||89,400|
Note: The flight offers above are examples only based on the Velocity Points table. Some of these flights will incur additional costs such as taxes or airline surcharges. More flights are available with partner airlines.
Research from Velocity found 72% of Australians find it difficult to contemplate going on holiday after taking out a home loan, and more than 50% 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.
The offer is available to borrowers who apply for the Premier Advantage Package between 11 June and 30 September and who settle by 30 November 2018. A $395 annual package fee and other terms and conditions apply.