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.
Velocity Frequent Flyer Points Offer
Virgin Money customers can receive 10,000 Velocity Points for every $100,000 they borrow on settlement, plus monthly points per loan split and 30,000 anniversary points every three years.
Bonus points offer: In addition to the standard Velocity Points offer, for a limited time customers taking out new Virgin Money Reward Me home loans can also receive an extra 100,000 points if borrowing between $300,000 and $999,000, or 200,000 points if borrowing $1 million or more.
To qualify for this special offer you can borrow up to 90% of the property's value and must apply between 2 September and 29 November 2019, with settlement by 28 February 2020. Other conditions may apply.
|Product Name||Virgin Reward Me Variable Home Loan|
|Interest Rate Type||Variable|
|Comp Rate^ (p.a.)|
|Maximum Insured LVR||90%|
|Mortgage Offset Account||Yes|
|Mortgage 100% Offset||Yes|
|Loan Redraw Facility||Yes|
|Split Loan Facility||Yes|
|Suitable for Investment||Yes|
|Available as equity loan/line of credit||No|
|Repayment Type||Principal & Interest and Interest Only Options|
|Ongoing Fees||$10 monthly ($120 p.a.)|
- Earn Velocity Points
- 100% offset account
- Unlimited extra repayments
- No application fee
- There is a monthly fee of $10
- There is a settlement fee of $150
- There is a discharge fee of $320
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.
- 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.