Earn double Velocity Points with Virgin Money’s new home loan offer for first home buyers
Virgin Money has announced a new offer which gives Aussie first home buyers the chance to earn double Velocity Frequent Flyer Points on their home loans.
With its hot new First Home Buyer Special offer, Virgin Money is giving first home buyers a leg up into the competitive Australian property market, offering 20,000 Velocity Points for every $100,000 drawn at settlement for loans with an LVR up to 90% and waiving the $150 settlement fee and home loan package fee.
The offer also features a special 2-year fixed rate of 3.68% p.a. (3.77% p.a. comparison rate) on owner-occupier, principal and interest home loans with an LVR of up to 90%, and a competitive revert rate of 3.69% p.a.
First home buyers can also receive a 20% discount on Lenders Mortgage Insurance on eligible loans with a minimum LVR between 80.01% to 90%
Plus, those borrowers who need an insurance policy to protect their new home can score a $100 gift card and an additional 10,000 Velocity Points when they purchase a Virgin Money (home, contents or home and contents) Insurance policy before settlement.
Related Article: Guide for first home buyers: What you need to know
After the fallout from the Royal Banking Commission, lenders have been tightening lending criteria, but according to Virgin Money, this loan aims to take the heat off of first home buyers by offering ongoing rewards points, so they can buy their first home without having to sacrifice it all.
“We want to help as many first home buyers as possible to join the property ladder, which is why we’re offering them such an exciting offer. Buying a home is a huge financial commitment for most Australians and can be a daunting process, especially when it’s your first time,” said Virgin Money’s General Manager, Lending, Cards & Deposits, Johnny Lockwood.
Related Article: 8 ways to boost your chances of loan approval
To cash in on this special offer you must be a first home buyer who is “eligible for the government First Home Owner Grant and/or First Home Buyer government stamp duty concessions.”
Be sure to get in quick though, as this is offer is only available for first home buyers who apply for a Virgin Money Reward Me Home Loan between the 4 March 2019 and 31 May 2019, and settle by 30 August 2019.
Check out the Virgin Money First Home Buyer Special offer, or take a look at some other first home buyer home loan offers in the table below.
Home loan comparisons on Mozo
-
Fixed Home Loan
- Owner Occupier
- Principal & Interest
- LVR <95%
Go to site- Interest rate
-
5.69
%
p.a.
Fixed 3 years
- Comparison rate
-
6.28
%
p.a.
- Initial monthly repayment
-
$4,174
Get the security of a competitive fixed rate home loan for 2 years with IMB. Get up to $4,000 cashback (T&Cs apply). Up to 12 months repayments in advance without penalties. Free Internet and Mobile Banking redraws (T&Cs apply). Up to a 30 year loan term. Split loan available. No offset account.
- interest rate
-
1 year - 6.19% p.a. (6.45% p.a.*)
2 years - 5.69% p.a. (6.34% p.a.*)
3 years - 5.69% p.a. (6.28% p.a.*)
4 years - 5.89% p.a. (6.30% p.a.*)
5 years - 5.89% p.a. (6.27% p.a.*)
- Fixed loan revert rate
-
6.34% p.a.
- Upfront fees
-
$799
- Ongoing fees
-
$6.00 monthly
- Discharge Fee
-
$350.00
- Package
-
-
- Maximum loan to value ratio
-
95.00%
- minimum borrowing amount
-
$10,000
- maximum borrowing amount
-
$5,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
$4,174
- Extra repayments
-
yes - free up to 1 year in advance
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$500.00
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Monthly fee only applies to fixed period of loan.
- Other benefits
-
-
- Special Offers
-
$4,000 cashback for loans $750,000 and above with a maximum LVR of 80%, settled within 90 days of application for refinancers or 180 for purchase loans. $3,000 for loans between $500k and $749k, $2,000 for loans between $250k and $499k.
Read reviews and learn more about IMB Bank home loans
Go to site
Your selected home loans
* 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 $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. 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.
^See information about the Mozo Experts Choice Home Loan Awards
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.