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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.
Refinance cashback offer
New customers switching to Virgin Money can receive a $3,000 cashback offer. To qualify, you must be refinancing a loan amount of $300,000 or more, with a loan-to-value ratio of 80% or lower. You also need a Virgin Money Reward Me Home Loan Companion account in order to receive the cashback. You must apply between 12 October and 29 November 2020, with settlement by 28 February 2021.
$0 LMI premiums
For a limited time, borrowers taking out a new Virgin Money home loan can pay $0 for lenders mortgage insurance ( LMI). You will need a deposit of at least 15% saved in order to qualify.
This offer is available on new owner occupier (principal and interest repayments) loans. You must apply by 29 November 2020 and settle the loan by 30 May 2021.
|Product Name||Virgin Money Reward Me Fixed Rate Home Loan|
|Interest Rate Type||Fixed|
|Comp Rate^ (p.a.)|
|Maximum Insured LVR||90%|
|Mortgage Offset Account||Yes|
|Mortgage 100% Offset||Yes|
|Loan Redraw Facility||Yes|
|Split Loan Facility||Yes|
|Repayment Type||Principal & Interest and Interest Only Options|
|Ongoing Fees||$10 monthly ($120 p.a.)|
- Lock in an interest rate and know your repayments won't change
- Offset account available
- Monthly fee of $10
- Settlement fee of $150
Things to consider about the Virgin Money Reward Me Fixed Rate Home Loan
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.
Features 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 for the Virgin Money Reward Me Fixed Rate Home Loan
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.