The Virgin Money Reward Me Home Loan lets you earn Velocity Points at settlement to anyone who applies for an eligible new Reward Me Home Loan.
To get an estimate of the number of Velocity Points you are likely to earn based on your circumstances, you will find the Velocity Points calculator handy.
You may find the Virgin Money home loan through other mortgage brokers and finance professionals too. This guide is intended to cover the points-earning features and capability of the loan and is not a general recommendation of this product. Please review all the necessary information about this home loan to ensure it meets your personal circumstances.
Applicable Interest Rates
The Interest rates for this loan start from 2.79% p.a (3.30% comparison rate*) for a 2-year Fixed Owner Occupier Principal and Interest loans with new borrowings of $300,000 or more, but do vary based on a number of factors, which include:
- Purpose of the home loan (Owner Occupied or Investor)
- Repayment method (Principal and Interest or Interest Only)
- Your deposit
- Property price
- Rate type (Variable or Fixed)
- Loan term
Virgin Money Mortgage customers can also access additional benefits that include:
- Reward Me Home Loan customers will receive 10,000 Velocity Points when they buy Virgin Home Insurance, Virgin Contents Insurance or both
- 50% discount on the annual fee on the Virgin Money High Flyer Velocity Card, as long as you remain a home loan customer, which comes with $129 Virgin Australia flight voucher and two complimentary lounge passes to Virgin Australia lounges—this represents a discount of $145 each year
In our research, we found that interest rates and fees for Virgin Money Home Loans were generally competitive with its major rivals. However, this is only one factor to consider, and it may be prudent to seek professional financial advice for your personal financial circumstances.
Things to consider
The home loan interface and apps are fairly basic, so do not expect the same level of online and app capabilities that you may find with the larger banks. This basic functionality also extends to the Virgin Money High Flyer credit card app and website. This is the cost-benefit trade-off between accessing lower interest rates and getting more interactive and useful IT applications and services.
If you take up the Virgin Australia Velocity High Flyer Card when applying for the Virgin Money Reward Me Home Loan, you could get an extra 20,000 bonus Velocity Points in addition to half the annual fee for the life of your home loan (if you meet their minimum spend requirement and applicable terms and conditions).
However, If you are wanting to take advantage of the current 100,000 Velocity Point offer (no annual fee discount), then you can apply separately to the home loan – just click on the link below and follow the steps to apply.
Having another choice in the market for a points-generating home loan is always a welcome addition, however, as tempting as earning a bundle of Velocity points may be, note that this is only one factor in your home loan decision.
Others should include the interest rates offered, loan features and customer service and applications, with this list not being exhaustive. Seeking the advice of a financial professional to discuss these factors along with your personal financial circumstances may be something you may wish to consider.
If, however, you do come to the decision that a Virgin Money Reward Me Home Loan does meet your financial needs, then this is a great way to earn Velocity Points while at the same time building your future nest egg.
*Comparison rate: Comparison rate calculated on a loan amount of $150,000 for a term of 25 years. For fixed rates, the comparison rate is also based on an LVR of 60.01%-80%. These rates are for secured lending only. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates and fees are subject to change without notice. Comparison rate for variable Interest Only loans is based on an initial 5 year Interest Only period. Comparison rates for fixed interest-only loans are based on an initial Interest Only period equal in length to the fixed period. During an interest-only period, your interest-only payments will not reduce your loan balance. This may mean you pay more interest over the life of the loan.