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Virgin Money Reward Me Fixed Rate Home Loan
Get a competitive fixed rate from one to five years with the Virgin Money Reward Me Fixed Rate Home Loan
The Virgin Money Reward Me Fixed Rate Home Loan gives borrowers the peace of mind of stable repayments, with fixed rates available from one to five years. It also offers borrowers the opportunity to lock in a competitive fixed rate for up to 100 days from the date of their application.
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Review by
Richard Whitten
richard.whitten@finder.comRichard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206) and a Tier 1 Generic Knowledge certification (RG 146).
Expert review
The Virgin Money Reward Me Fixed Rate Home Loan is available to both owner-occupiers and investors, and offers one, two, three, four and five year fixed rate terms. At the end of the fixed rate period, the loan reverts to the current variable rate, minus a discount based on the overall amount borrowed and the loan-to-value ratio (LVR) at the time of approval.
About this loan
What are the features and benefits of the Virgin Money Reward Me Fixed Rate Home Loan?
- Additional repayments. The Virgin Money Reward Me Fixed Rate Home Loan allows borrowers to make up to $10,000 in extra repayments per year.
- Offset account. The Virgin Money Reward Me Fixed Rate Home Loan comes with a Home Loan Companion Account that can be used as an offset account on the product's one year fixed rate, and when the product reverts to a variable rate.
- Rate lock. The Virgin Money Reward Me Fixed Rate Home Loan offers the option to lock in a rate at the time of application for up to 100 days.
- Split facility. The Virgin Money Reward Me Fixed Rate Home Loan enables borrowers to split their home loan into variable and fixed rate portions.
What fees and charges come with this loan?
- Settlement fee: $150. This fee is payable at settlement of the loan.
- Monthly fee: $10. This monthly administrative fee is charged on each loan account on every repayment.
- Rate lock fee: 0.15% of the fixed loan amount. This fee is payable if you elect to lock the interest rate on a fixed rate loan.
How to apply
The Virgin Money Reward Me Fixed Rate Home Loan is only available through mortgage brokers. Contact your broker to apply. You'll want to have your documents in order to make the application process smoother, so make sure you have:
- Personal details. Your name, contact details and proof of ID will all be required.
- Loan purpose. You'll need to specify the amount you wish to borrow and how you will use the money.
- Details of your income and assets. You will need to supply details about your employment, your earning capacity and any assets you own.
- Details of your expenses. If you have outstanding debt, for example credit card debt or money you owe on a car loan, the lender will assess these factors when determining your repayment capability.
- Property details. Virgin Money will also require information about the property you plan to buy.
