Act quickly to take advantage of Virgin Money’s new Velocity Points offer

Posted: 5 April 2018 1:04 pm
News

Between now and the end of May you could earn 20,000 Velocity points for every $100,000 you borrow.

In March, Virgin Money announced details of its latest frequent flyer offer for home loan borrowers. Virgin Money has long offered bonus Velocity points for home loans, but for new customers who apply between now and 31 May 2018 and who settle before 31 August 2018, the base number of points being offered has doubled. Virgin Money will now provide 20,000 points for every $100,000 you borrow.

To qualify for the offer, you'll need to take out a loan with an loan-to-value ratio of 90% or less. The offer on the Reward Me Home Loans also includes regular bonus points: you score 1,000 points per month for each loan split, and 30,000 bonus points every three years.

With average property prices tipping over $1 million in many Australian capitals, there's potential to earn 200,000 points when you take out a mortgage. That's enough to send two people return economy from Sydney to Los Angeles. But if you want to take advantage of the deal, you'll have to act quickly.

A home loan is likely to be the biggest financial investment you'll make, so picking one solely for points wouldn't be wise. However, it's definitely something to consider when comparing loans. If you're keen to explore other options, check out our guide to loans offering rewards points and home loans which include a Qantas frequent flyer credit card.

How do these loans stack up?

Virgin Reward Me Variable Home Loan - LVR <= 80% ($750k+ Owner Occupier, P&I)
Virgin Reward Me Variable Home Loan - LVR <= 80% ($750k+ Owner Occupier, P&I)
Virgin Reward Me Fixed Rate Home Loan - 3 Year $300k+ Special offer (Owner Occupier, P&I)
Virgin Reward Me Fixed Rate Home Loan - 3 Year $300k+ Special offer (Owner Occupier, P&I)
Interest Rate TypeVariableFixed
Interest Rate (p.a.)3.29%2.99%
Comp Rate^ (p.a.)3.43%3.42%
Minimum Loan Amount$750,000$300,000
Maximum LVR80%80%
Maximum Insured LVR80%90%
Mortgage Offset AccountYesNo
Mortgage 100% OffsetYesNo
Loan Redraw FacilityYesYes
Split Loan FacilityYes
Suitable for InvestmentNoNo
Extra RepaymentsYesYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & InterestPrincipal & Interest
Extra RepaymentYesYes
Application Fee$0$0
Ongoing Fees$10 monthly ($120 p.a.)$10 monthly ($120 p.a.)
Settlement Fee$150$150
Discharge Fee$320$320
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