Virgin Money Reward Me Variable Rate Home Loan

Rates and fees last updated on

A home loan that combines a competitive interest rate with the ability to make unlimited additional repayments and earn Velocity Points.

The Virgin Money Reward Me Variable Rate Home Loan allows you to make unlimited additional repayments so that you can pay off your home loan as quickly as possible. It also offers a free redraw facility so that you can access those funds if you ever need extra cash.

A 100% mortgage offset account is included to help you minimise interest payments. Borrowers also receive Velocity Points monthly, on the settlement of their loan and every three years.

Interest Rate Max Insured LVR Max LVR
LVR <= 80% (<$500k Owner Occupier, P&I)
3.68% p.a.
Comparison Rate
3.82% p.a.
80% 80%
LVR <= 80% ($500k to $750k Investor, P&I)
4.09% p.a.
Comparison Rate
4.23% p.a.
80% 80%
LVR <= 80% ($500k to $750k Owner Occupier, P&I)
3.68% p.a.
Comparison Rate
3.82% p.a.
80% 80%
LVR <= 80% ($750k+ Investor, IO)
4.53% p.a.
Comparison Rate
4.52% p.a.
80% 80%
LVR <= 80% ($750k+ Investor, P&I)
3.99% p.a.
Comparison Rate
4.13% p.a.
80% 80%
LVR <= 80% ($750k+ Owner Occupier, IO)
4.29% p.a.
Comparison Rate
4.28% p.a.
80% 80%
LVR <= 80% ($750k+ Owner Occupier, P&I)
3.64% p.a.
Comparison Rate
3.78% p.a.
80% 80%
LVR <=80% (<$500k Investor, IO)
4.53% p.a.
Comparison Rate
4.52% p.a.
80% 80%
LVR <=80% (<$500k Investor, P&I)
4.09% p.a.
Comparison Rate
4.23% p.a.
80% 80%
LVR <=80% (<$500k Owner Occupier, IO)
4.39% p.a.
Comparison Rate
4.38% p.a.
80% 80%
LVR <=80% ($500k to $750k Investor, IO)
4.53% p.a.
Comparison Rate
4.52% p.a.
80% 80%
LVR <=80% ($500k to $750k Owner Occupier, IO)
4.34% p.a.
Comparison Rate
4.33% p.a.
80% 80%
LVR > 90% (<$500k Owner Occupier, P&I)
4.84% p.a.
Comparison Rate
4.97% p.a.
95% 80%
LVR >90% ($500k to $750k Owner Occupier, P&I)
4.84% p.a.
Comparison Rate
4.97% p.a.
95% 80%
LVR >90% ($750k+ Owner Occupier, P&I)
4.84% p.a.
Comparison Rate
4.97% p.a.
95% 80%
LVR 80.01% to 90% (<$500k Owner Occupier, P&I)
4.09% p.a.
Comparison Rate
4.22% p.a.
90% 80%
LVR 80.01% to 90% (<500k Investor, P&I)
4.44% p.a.
Comparison Rate
4.57% p.a.
90% 80%
LVR 80.01% to 90% ($500k to $750k Investor, P&I)
4.39% p.a.
Comparison Rate
4.52% p.a.
90% 80%
LVR 80.01% to 90% ($500k to $750k Owner Occupier, P&I)
4.04% p.a.
Comparison Rate
4.17% p.a.
90% 80%
LVR 80.01% to 90% ($750k+ Investor, P&I)
4.34% p.a.
Comparison Rate
4.47% p.a.
90% 80%
LVR 80.01% to 90% ($750k+ Owner Occupier, P&I)
3.99% p.a.
Comparison Rate
4.12% p.a.
90% 80%
Variable (Investor, IO)
5.19% p.a.
Comparison Rate
5.18% p.a.
90% 80%
Variable (Investor, P&I)
4.94% p.a.
Comparison Rate
5.07% p.a.
90% 80%
Variable (Owner Occupier, IO)
4.89% p.a.
Comparison Rate
4.88% p.a.
90% 80%
Variable (Owner Occupier, P&I)
4.64% p.a.
Comparison Rate
4.77% p.a.
90% 80%
Product NameVirgin Reward Me Variable Home Loan
Interest Rate TypeVariable
Comp Rate^ (p.a.)
Maximum LVR80%
Maximum Insured LVR90%
Mortgage 100% OffsetYes
Loan Redraw FacilityYes
Suitable for InvestmentYes
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$0
Ongoing Fees$10 monthly ($120 p.a.)
Settlement Fee$150
Discharge Fee$320

Pros

  • Earn Velocity Points
  • 100% offset account
  • Unlimited extra repayments
  • No application fee

Cons

  • Monthly fee of $10

What you should know

The Virgin Money Reward Me Variable Rate Home Loan is available to individual and joint applicants, including owner-occupier and investment borrowers, for the purchase or refinance of residential property. The loan is not available for self-employed applicants.

The interest rate available with the Virgin Money Reward Me Variable Rate Home Loan depends on the size of your loan and the loan-to-value ratio (LVR), with interest rate discounts varying depending on the specifics of your mortgage. The lowest interest rate is available to owner-occupiers who have a minimum of a 20% deposit and are borrowing $750,000 or more.

Features of the Virgin Money Reward Me Variable Rate Home Loan

The Virgin Money Reward Me Variable Rate Home Loan offers a wide range of features to Australian home loan borrowers, including:

  • Maximum LVR. The loan has a maximum LVR of 95%, but remember that you will need to take out lenders mortgage insurance (LMI) if you borrow more than 80%.
  • Interest rate discounts. Virgin Money offers a discounted variable interest rate based on the amount you borrow and the LVR. The highest discount is available to owner-occupiers who take out a loan of $750,000 or more and have a deposit of at least 20%.
  • 100% offset account. The Virgin Money Reward Me Variable Rate Home Loan comes with a Home Loan Companion Account. Every dollar you hold in this account offsets the interest costs on your loan, helping you pay off your mortgage sooner. As long as you maintain a positive balance in your offset account, you will not be charged any account-keeping fees.
  • Unlimited additional repayments. You can make unlimited extra repayments towards your Virgin Money Reward Me Variable Rate Home Loan without penalty. This allows you to put any extra cash you have towards paying your home loan off sooner.
  • Redraw facility. If you ever need to access the additional funds you have paid towards your loan, you can withdraw them through a free redraw facility. The minimum redraw amount is $1,000.
  • Earn Velocity Points. The Virgin Money Reward Me Variable Rate Home Loan offers 1,000 Velocity Frequent Flyer Points for every $10,000 drawn at the settlement of your loan, plus 30,000 Velocity Points on every three-year anniversary of the settlement date. An extra 1,000 Velocity Points are paid monthly on every loan account.
  • Loan split option. This loan offers the option to split your loan into fixed and variable rate portions.
  • Package deal. This loan can be packaged with exclusive offers such as insurance discounts or a Virgin Australia Velocity Card with half the annual fee for the life of your home loan.

Fees

  • Settlement fee: $150. This fee is payable upon the settlement of your loan.
  • Monthly fee: $10. This ongoing fee is charged on every monthly repayment date.

How to apply for the Virgin Money Reward Me Variable Rate Home Loan

To begin the application process you can either:

  • Fill out an online form. This allows you to arrange a meeting with an accredited mortgage broker to discuss your borrowing needs. You’ll need to provide your name, email address and phone number,
  • Phone the Customer Care Team. You can phone Virgin Money’s Customer Care Team on 13 81 51, 7 days a week, to discuss your home loan requirements and find out more about the Virgin Money Reward Me Variable Rate Home Loan.

If you decide to apply for the loan you will need to provide:

  • ID. This includes photo ID such as a passport or driver’s licence, as well as a birth certificate, credit card, debit card or Medicare card.
  • Proof of income. You’ll need to provide details of your employment and your tax details.
  • Savings details. Virgin Money will require bank account and credit card statements detailing your last three months of credit card and transaction account history, as well as your savings.
  • Velocity membership. If you wish to earn Velocity Points on your loan you will need to be a member of the Velocity program.

The Virgin Money Reward Me Variable Rate Home Loan offers a long list of competitive and flexible features to suit a wide range of borrowers. Compare it with other variable rate home loans to find the right borrowing solution to help you purchase your next home.


Enquire about this home loan
Was this content helpful to you? No  Yes

Related Posts

This page was last modified on 29 May 2017 at 4:05pm.

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.

Virgin Reward Me Variable Home Loan

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    $0 / $10

  • Max LVR

    80%

Ask a question