Spring has finally arrived and with it, the 2019 spring property season! And if the latest sentiment is anything to go by, home hunters are hitting the market again - especially in Sydney and Melbourne.
It’s not just home buyers gearing up for the Spring property season though, as lenders tweak home loan rates and launch new offers to entice borrowers in a mortgage market which has become increasingly competitive for borrowers thanks to consecutive RBA rate cuts.
To mark the start of spring, Virgin Money have already hit the ground running with a brand new bonus Velocity Frequent Flyer Points offer for borrowers.
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New customers who apply for a Virgin Money Reward Me Home Loan before November 29, 2019 may be eligible to receive hundreds of thousands of bonus Velocity Points - enough for an international flight for two.
The number of points on offer is dependent on the amount borrowers take out though with:
- 100,000 bonus Velocity Points on offer to new customers who take out a loan between $300,000 and $999,999
- and 200,000 bonus Velocity Points on offer to new customers who take out a loan over $1,000,000
The extra sweetener comes on top of Virgin Money’s existing offer which allows eligible borrowers with a Reward Me Home Loan to earn Velocity Points at settlement, on a monthly basis and at regular anniversaries throughout the life of their loan.
So just how far could these bonus velocity points take you?
According to Virgin an owner occupier borrower taking out a $500,000 Reward Me Home Loan - which has a 2.99% fixed rate (3.42% comparison rate*) for three years with an LVR below 90% - could accrue 252,000 Velocity Points over that three year period.
That would be enough points for two return tickets from Sydney to Los Angeles flying on an economy rewards seat, without taxes and other fees.
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Virgin Money aren’t alone in offering some seriously competitive rates for borrowers this spring though. Check out the red hot deals on offer below, or read our full review of the Reward Me Home Loan for even more information about Virgin’s loan.