Velocity Points Offer – Home Loan Program

Terms & Conditions and Eligibility Requirements

 

Version: 12 July 2023

 

It is important that you read these T&Cs before submitting your information to a lender or broker.

  1. Subject to the eligibility requirements set out below, you can earn Velocity Points by taking out a home loan with one of the participating lenders listed at canstar.com.au/velocity-offers, or by drawing down a home loan via the mortgage broker listed at canstar.com.au/velocity-offers (“Canstar Velocity Offer Webpage”).
  2. To be eligible to earn Velocity Points, you must follow this process, and meet these eligibility requirements: (1) Visit the Canstar Velocity Offer Webpage; (2) Hold a current Velocity membership; (3) Select a home loan provider, or mortgage broker, via a link on the Canstar Velocity Offer Webpage, and enter the required information into the form (including your Velocity membership number) to submit your details to the selected home loan provider, or to Connect2Broker; (4) Complete a home loan application with the home loan provider, or via an eligible broker you contacted through the applicable link on the Canstar Velocity Offer Webpage while the offer remains open; (5) Be approved for the home loan as a result of your eligible home loan application and draw down at least the minimum amount, in both cases, while the offer is current on the Canstar website or within 90 days thereafter; (6) The minimum draw down amount of the home loan is $250,000 for home loans approved directly by a participating lender and $500,000 for home loans obtained via an eligible broker, as further detailed in the next paragraph; (7) The home loan must be in your name and must match the name on your Velocity account; (8) You must be a resident of Australia; (9) You must be an individual and not a business, company or trust; (10) You must be at least 18 years of age before you complete any steps in this process; (11) You must not enter a third party’s Velocity membership number on the Canstar Velocity Offer Webpage; (12) You are only entitled to earn Velocity Points under this offer once per residential address and you cannot earn Velocity Points through a participating lender and an eligible broker on the same loan amount.
  3. The number of Velocity Points you may be eligible for is as follows:
    1. 500,000 Velocity Points are available to existing Velocity Frequent Flyer members who draw down an amount of $1M or more from an approved eligible home loan offered by a participating lender via the Canstar Velocity Offer Webpage, other than Loans.com.au.
    2. 250,000 Velocity Points are available to existing Velocity Frequent Flyer members who draw down an amount between $250,000 and $999,999 from an approved eligible home loan offered by a participating lender via the Canstar Velocity Offer Webpage, other than Loans.com.au. 
    3. 250,000 Velocity Points are available to existing Velocity Frequent Flyer members who draw down an amount of at least $250,000 from a home loan offered by Loans.com.au.
    4. 125,000 Velocity Points are available to existing Velocity Frequent Flyer members who draw down an amount of $500,000 or more, from a home loan sourced with the assistance of a broker in the Connect2Broker network via the Canstar Velocity Offer Webpage.

The Velocity Points offer for members who source their eligible home loan with the assistance of a broker is available via an arrangement between Canstar and Connect2Broker, not the lenders on Connect2Broker’s panel. If you are eligible to earn Velocity Points based on your involvement with an eligible broker, the Velocity Points are offered by Canstar and are not associated with the lender.

  1. Multiple applications may be considered one application for the purpose of this offer, for example applications for more than one loan, or a loan split, are deemed one application. Eligible applications of more than one loan applicant must nominate the one Velocity account of the applicant that will receive the Velocity Points. The person who receives the Velocity Points is the person who enters their Velocity membership number on the Canstar Velocity Offer Webpage.
  2. Applications for home loans are subject to your selected lender’s credit approval criteria. Terms and conditions and fees and charges apply. Refer to your selected lender’s website for details.  A range of credit products are available to help you earn Velocity Points. None of Velocity, Virgin Australia or Canstar is suggesting you should apply for a particular product with a particular provider. If you decide to apply for a loan, you will deal directly with the provider, not with Velocity, Virgin Australia or Canstar. It’s important you check rates and product information directly with the provider. Velocity, Virgin Australia and Canstar are not credit providers. You should consider if a home loan is suitable for you before applying. Consider the Target Market Determination (TMD) before making a purchase decision. Contact the product issuer directly for a copy of the TMD. Read Canstar’s Detailed Disclosure and FSCG. 
  3. If you submit your details to a lender or broker via the Canstar Velocity Offer Webpage, you agree that Canstar’s Privacy Policy and Terms of Use apply. 
  4. This Velocity Points offer is available while the Canstar Velocity Offer Webpage is available. This offer may be concluded or suspended at any time without notice.
  5. Canstar may amend these terms and conditions from time to time. If we do, we will update the Canstar Velocity Offer Webpage and this webpage.  The changes will come into effect immediately upon notification on our website.  If the changes are significant and relevant to you, we will aim to notify you directly. 
  6. The lenders and the broker displayed on the Canstar Velocity Offer Webpage have a commercial relationship with Canstar. These are advertisements. The advertisements are for participating lenders, and for Connect2Broker, not for specific home loans. Not every provider in the market is included. There may be other home loan providers with products that would be better suited to you. Speak to a qualified adviser before making a decision to apply. 
  7. Not every product available via one of the participating lenders is eligible to earn Velocity Points. Before you apply for a home loan, you need to check with the lender to confirm whether the loan you want to apply for is part of this Velocity Points offer. You can only Earn Velocity Points if you submit your enquiry to a lender or broker via the Canstar Velocity Offer Webpage. 
  8. Similar products might have different features and fees depending on the amount you borrow. Contact the lender for details.
  9. You are responsible for providing accurate information as part of this process.
  10. You are only entitled to earn Velocity Points in respect of one drawn down home loan per residential address.   
  11. The Velocity Points are allocated to your Velocity Frequent Flyer account by Velocity.   Please allow approximately 60 – 70 days for the Velocity Points to be awarded by Velocity to your Velocity account.  If there is a dispute regarding whether you are entitled to points, or as to the number of points earnt, Canstar will have the final decision. 
  12. Points awarded do not have a cash value, cannot be converted to cash and are not property or currency.
  13. Velocity membership Terms and Conditions apply to Velocity Points.
  14. This offer does not apply to Virgin Australia Business Flyer members.
  15. You acknowledge that Velocity, not Canstar, is responsible for running the Velocity Frequent Flyer Program.  For any questions regarding the Velocity program, please contact Velocity.  
  16. None of Velocity, Virgin Australia or Canstar makes any recommendation or representation to you regarding the home loan providers, or mortgage broker listed on the Canstar Velocity Offer Webpage.
  17. None of Velocity, Virgin Australia or Canstar has any liability to you regarding the conduct of the home loan provider or mortgage broker.  Canstar makes no representations to you regarding security or viability of any third party, including Velocity and the home loan provider that you may select.
  18. VELOCITY is a trademark of Velocity.  CANSTAR is a trademark of Canstar.  Velocity and Canstar are different unrelated entities.
  19. Velocity means Velocity Frequent Flyer Pty Ltd, ABN 60 601 408 824. Canstar means Canstar Pty Ltd, ABN 21 053 646 165.