Bastinac was due to come out of contract at the end of this season, but North Melbourne announced on Thursday night that it had re-signed him for another three seasons.
"I've always wanted to be a one club player, that's been my goal ever since I first got drafted, so I'll be here for a long time hopefully," Bastinac told NMFC.com.au.
"I'm very excited. It's been a pretty tough year, but to sign for three years at a great club with great team-mates, I'm really rapt."
The 22-year-old has made a slow start to 2014, averaging 18 disposals a game in the first seven rounds – down on his 2012 and 2013 averages of 22.7 and 21.3 possessions – before being relegated to substitute for the past two rounds.
Bastinac had never been named as North's substitute before the round eight clash with the Brisbane Lions, and struggled to get into that game after coming on at the start of the final quarter, winning just two possessions.
But Bastinac returned to form against Geelong last Friday night, racking up 15 possessions and kicking 2.2 after coming on at the start of the third quarter.
The former Dandenong Stingray said it had been hard not being named in North's starting 21 the past two weeks, but believed he would be better for the experience.
"It's a team game and I had to play that role for those two weeks," Bastinac said.
"No one likes to be the sub, but someone's got to do it. It was really challenging, but I think it's been better for me to go through something like that.
"Hopefully the weekend against Geelong kick-started my season off again because I haven't been happy with how I've been going this year, so to get some confidence out of my second half against the Cats, I was really happy and hopefully I can finish the rest of the year off well."
The No. 21 pick in the 2009 draft, Bastinac made a seamless transition into the AFL, playing all 22 games in his debut season to finish fifth in the NAB AFL Rising Star award and 10th in North's best and fairest award.
At the time, he looked capable of becoming one of the best midfielders in the competition.
But the hard-running midfielder has since made steady rather than spectacular progress.
After an injury-interrupted second season, he finished eighth in North's 2012 best and fairest and sixth last season.
But Bastinac is determined to deliver on the potential he showed early in his career.
"I want to be an elite midfielder, an elite player for the club and do my best for the team – whatever they want me to do, I'll do it," he said.
"I've got really close people around me who support me all the way, so when times get tough, like it has for some parts of this year, you've always got the backing of them and the support to get through anything."
Twitter: @AFL_Nick.
