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A home loan that combines a competitive interest rate with the ability to make unlimited additional repayments.
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.
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 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.)|
- 100% offset account
- Unlimited extra repayments
- There is a monthly fee of $10
- There is a settlement fee of $150
- There is a discharge fee of $350
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.
- Loan split option. This loan offers the option to split your loan into fixed and variable rate portions.
What fees and charges come with this 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.