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

Rhianna Dews

04 Mar 2019

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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

    3.04% p.a. variable

    3.06% p.a.

    $1234

    Product details Close details
    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.

    • 3.04% p.a. variable

    • 3.06% 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

  • Promoted

    Tic:Toc

    2.79% p.a. variable

    2.80% p.a.

    $1234

    Product details Close details
    Variable Home Loan

    Tic:Toc’s award-winning online platform could save you thousands. No fees, fee-free redraws and an optional offset account for $10 per month. Minimum 10% deposit. Winner of a Mozo Experts Choice Award 2019 for Online Home Lender of the Year 2019.^

    • 2.79% p.a. variable

    • 2.80% p.a.

    • $0

    • $0.00

    • $325.00

    • yes - free

    • yes - free

    • Optional - $10 per month

    • 90.00%

    • $50,000

    • $2,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Variable Home Loan

  • Promoted

    Well Home Loans

    2.92% p.a. variable

    2.96% p.a.

    $1234

    Product details Close details
    Well Balanced

    A low rate home loan for variable owner occupied loans, up to 90% LVR and no fees. Winner of a Mozo Experts Choice Award 2019 for the Best New Home Loan.^

    • 2.92% p.a. variable

    • 2.96% p.a.

    • $785

    • $0.00

    • $300.00

    • yes - free

    • yes - free

    • Optional - $10 per month

    • 90.00%

    • $200,000

    • $2,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Well Balanced

  • Promoted

    Newcastle Permanent

    3.19% p.a. variable

    3.59% p.a.

    $1234

    Product details Close details
    Discounted Variable Home Loan Premium Plus Package

    With competitive interest rates for all types of borrowers, no application fees and flexible features like an offset account and redraw facility the Newcastle Permanent Discounted Variable Home Loan (Premium Plus Package) could be a great all round option.

    • 3.19% p.a. variable

    • 3.59% p.a.

    • $0

    • $395.00 yearly

    • $0.00

    • yes - free

    • yes - free

    • yes

    • 90.00%

    • $150,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

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

  • Promoted

    Easy Street

    2.95% p.a. variable

    2.99% p.a.

    $1234

    Product details Close details
    Standard Variable Home Loan - New Money Offer

    100% offset account. $0 monthly fees, $0 annual fees and free redraw. Borrow up to 95% of the property value with Lenders Mortgage Insurance.

    • 2.95% p.a. variable

    • 2.99% p.a.

    • $500

    • $0.00

    • $300.00

    • yes - free

    • yes-free

    • yes

    • 95.00%

    • $50,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Standard Variable Home Loan - New Money Offer

*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.

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