Earn double Velocity Points with Virgin Money’s new home loan offer for first home buyers

Rhianna Dews

04 Mar 2019

redactor/hero-images/683/pic_1_content.jpg

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.

First home buyer offers - rates updated daily

  • Promoted

    loans.com.au

    3.64% p.a. variable

    3.66% p.a.

    $1234

    Product details Close details
    Go to site
    Essentials Variable 90

    This low-rate home loan that could save you thousands! With no monthly or ongoing fees and the ability to make unlimited additional repayments. This home loan from popular online lender loans.com.au also features unlimited free redraws with no minimum redraw amount.

    • 3.64% p.a. variable

    • 3.66% p.a.

    • $520

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • 90.00%

    • $50,000

    • $2,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Essentials Variable 90

    Go to site

  • Promoted

    RACQ Bank

    3.69% p.a. variable

    3.69% p.a.

    $1234

    Product details Close details
    Go to site
    Mortgage Saver Special

    $0 Establishment fee. Plus 15% off Home & Contents Insurance for the life of the loan with Home Plus. T&Cs apply. QLD Residents only.

    • 3.69% p.a. variable

    • 3.69% p.a.

    • $0

    • $0.00

    • $297.00

    • yes - free

    • yes - free

    • no

    • 95.00%

    • $20,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Mortgage Saver Special

    Go to site

  • Promoted

    Hot Deal QLD only

    QBANK

    3.84% p.a. variable

    3.87% p.a.

    $1234

    Product details Close details
    Go to site
    Discounted Classic Home Loan

    A low variable Home Loan rate with no monthly fees and flexible repayments.

    • 3.84% p.a. variable

    • 3.87% p.a.

    • $195

    • $0.00

    • $530.00

    • yes - free

    • yes - free

    • no

    • 95.00%

    • $150,000

    • $2,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Discounted Classic Home Loan

    Go to site

  • Promoted

    Virgin Money

    3.69% p.a.
    fixed 3 years

    3.90% p.a.

    $1234

    Product details Close details
    Special Offer Reward Me Fixed Rate Home Loan

    Receive 20,000 Velocity Points for every $100,000 drawn at settlement with this loan. Access a 100% offset account to save on interest. Minimum 10% deposit required.

    • 3.69% p.a.
      fixed 3 years

    • 3.90% p.a.

    • $150

    • $10.00 monthly

    • $320.00

    • yes - up to $10,000 per annum

    • no

    • yes - 1 year fixed term only

    • 90.00%

    • $300,000

    • -

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

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

  • Promoted

    loans.com.au

    3.99% p.a.
    fixed 3 years

    3.96% p.a.

    $1234

    Product details Close details
    Go to site
    Fixed Home Loan 90

    This home loan is available for purchase or refinance, complete with 1, 2 or 3 year fixed rate options. Minimum 10% deposit required.

    • 3.99% p.a.
      fixed 3 years

    • 3.96% p.a.

    • $520

    • $0.00

    • $0.00

    • yes - free up to $10,000 p.a.

    • no

    • no

    • 90.00%

    • $50,000

    • $1,000,000

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Fixed Home Loan 90

    Go to site

*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.

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.

The new online loan trend that could save you a fortune

5 killer lenders taking on the big banks in 2019

Tell me more

APRA to change home loan assessment guidelines, but is it for the best?

Loans.com.au announces rock bottom 3.48% fixed home loan rate

Tell me more

Home loan discount frenzy drives bargains for borrowers

ME jumps on the bandwagon, cuts rates for owner occupiers and investors

Tell me more

Four in five home borrowers make $18,000 mistake

Lowest in the market: online lender Tic:Toc slashes variable rate to 3.47%

Tell me more

Prime Minister promises Aussie first home buyers would only pay a 5% deposit if his government was re-elected