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.