A home loan and a trip away? Virgin Money are offering both with new 200,000 Velocity Points offer

Tom Watson

03 Sep 2019

redactor/hero-images/968/iStock-1124700391_content.jpg

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. 

RELATED: Record low rates fuel bank comparison boom

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.   

RELATED: Auction clearances on the rise: what it means for Aussie home buyers

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. 

Hot variable rate home loan offers - rates updated daily

  • Promoted

    Homestar

    2.06% p.a.
    fixed 2 years

    2.49% p.a.

    $1234

    Product details Close details
    Star Essentials Fixed Home Loan

    Super low rate fixed home loan. Make weekly, fortnightly or monthly repayments. Up to 80% LVR & Owner Occupier Loans only. Special annual fee offer for applications submitted by 30 July and settled by 30 September

    • 2.06% p.a.
      fixed 2 years

    • 2.49% p.a.

    • $512

    • $395.00 yearly

    • $535.00

    • yes - free up to $20,000 p.a.

    • no

    • no

    • $512

    • 80.00%

    • $150,000

    • $850,000

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Star Essentials Fixed Home Loan

  • Promoted

    Suncorp

    2.29% p.a.
    fixed 2 years

    3.32% p.a.

    $1234

    Product details Close details
    Fixed Home Loan Special Offer Home Package Plus

    No monthly account keeping fees & No loan establishment fee. Get a $2,000 cash bonus when you refinance with an eligible Suncorp Bank Home Loan of $250k+. T&Cs & eligibility criteria apply.

    • 2.29% p.a.
      fixed 2 years

    • 3.32% p.a.

    • $0

    • $375.00 yearly

    • $350.00

    • yes - free up to $500 per month

    • no

    • no

    • $0

    • 90.00%

    • $150,000

    • -

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    • Refinance from another lender to receive a $2,000 cash bonus for loans of at least $250,000 or $3,000 bonus for loans over $750,000. Available for loans with an LVR <90% and applications made by 10 July 2020 and settled by 10 November 2020.

    Read our Mozo Review to learn more about the Fixed Home Loan Special Offer

  • Promoted

    Commonwealth Bank

    2.29% p.a.
    fixed 2 years

    3.99% p.a.

    $1234

    Product details Close details
    Fixed Rate Home Loan Wealth Package

    Enjoy the security of a 2 year fixed rate. No establishment or ongoing fees. $2,000 cashback for refinancers who apply before 3 August 2020 and have their loan funded by 9 October 2020. Minimum refinance amount $250,000. Eligibility criteria applies.

    • 2.29% p.a.
      fixed 2 years

    • 3.99% p.a.

    • $200

    • $395.00 yearly

    • $350.00

    • yes - free up to $10,000 p.a.

    • no

    • no

    • $200

    • 95.00%

    • $150,000

    • -

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    • $2,000 cashback for refinancers who apply before 3 August 2020 and have their loan funded by 9 October 2020. Minimum refinance amount $250,000. Eligibility criteria applies.

    Read our Mozo Review to learn more about the Fixed Rate Home Loan

  • Promoted

    HSBC

    2.09% p.a.
    fixed 2 years

    2.98% p.a.

    $1234

    Product details Close details
    Fixed Rate Home Loan

    Have the security of a fixed rate for 2 years with the option to split with one of the HSBC variable Home Loans. No ongoing monthly service fees or annual fees. Mozo Experts Choice Fixed Home Loan 2020^

    • 2.09% p.a.
      fixed 2 years

    • 2.98% p.a.

    • $0

    • $0.00

    • $300.00

    • yes - free up to $10,000 p.a.

    • no

    • no

    • $0

    • 80.00%

    • $50,000

    • $7,500,000

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Fixed Rate Home Loan

*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for the amount and term you entered.

**Initial monthly repayment figures are estimates only, based on the advertised rate, and a loan of $500,000 repaid over 25 years. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

Mozo may receive advertising fees from the financial institutions, issuers of financial or credit products and third party advice providers that are shown on this page. These fees are based on a cost per click, cost per acquisition, or a fixed fee.