Virgin Money offers a single fixed rate home loan deal, the Reward Me Fixed Rate Home Loan, though it comes in a number of variations for both owner occupiers and investors. That's because there's a range of different rate tiers available, depending on both your loan-to-value ratio (LVR) and how much you want to borrow. You’ll also be able to make fee-free extra repayments up to $10,000 p.a. and if you choose a 1-year fixed term you’ll have the use of an offset account. Remember that there are both upfront and monthly fees to consider with the loan though.
| Product | Fixed 3 year rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
|
6.79% p.a. |
7.21% p.a. |
$10.00 monthly |
$450 |
||
|
6.79% p.a. |
7.21% p.a. |
$10.00 monthly |
$450 |
||
|
7.92% p.a. |
7.37% p.a. |
$10.00 monthly |
$450 |
||
|
7.92% p.a. |
7.37% p.a. |
$10.00 monthly |
$450 |
||
|
7.92% p.a. |
7.37% p.a. |
$10.00 monthly |
$450 |
||
|
8.62% p.a. |
8.93% p.a. |
$10.00 monthly |
$450 |
||
|
6.49% p.a. |
6.60% p.a. |
$10.00 monthly |
$450 |
||
|
6.54% p.a. |
6.61% p.a. |
$10.00 monthly |
$450 |
||
|
7.92% p.a. |
7.66% p.a. |
$10.00 monthly |
$450 |
||
|
7.92% p.a. |
7.66% p.a. |
$10.00 monthly |
$450 |
||
|
7.67% p.a. |
7.58% p.a. |
$10.00 monthly |
$450 |
||
|
7.67% p.a. |
7.58% p.a. |
$10.00 monthly |
$450 |
||
|
7.67% p.a. |
7.58% p.a. |
$10.00 monthly |
$450 |
||
|
6.79% p.a. |
6.93% p.a. |
$10.00 monthly |
$450 |
||
|
6.89% p.a. |
6.96% p.a. |
$10.00 monthly |
$450 |
||
|
6.59% p.a. |
6.73% p.a. |
$10.00 monthly |
$450 |
||
|
6.69% p.a. |
6.76% p.a. |
$10.00 monthly |
$450 |
Like the fixed rate alternative, Virgin also offers the one variable rate home loan - the Reward Me Variable Rate Home Loan. Once again, the interest rates on offer vary depending on the loan amount and LVR, though owner occupiers will be able to borrow up to 95% of the property’s value. In terms of features, you can make unlimited fee-free extra repayments and free redraws (minimum $100 redraw amount applies) as well as use an offset account to keep interest low. Just keep in mind that, like the fixed rate loan, there are monthly and upfront fees to budget for.
| Product | Rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
|
7.19% p.a. |
7.33% p.a. |
$10.00 monthly |
$450 |
||
|
7.19% p.a. |
7.33% p.a. |
$10.00 monthly |
$450 |
||
|
7.19% p.a. |
7.33% p.a. |
$10.00 monthly |
$450 |
||
|
7.19% p.a. |
7.33% p.a. |
$10.00 monthly |
$450 |
||
|
7.19% p.a. |
7.33% p.a. |
$10.00 monthly |
$450 |
||
|
7.19% p.a. |
7.33% p.a. |
$10.00 monthly |
$450 |
||
|
6.44% p.a. |
6.58% p.a. |
$10.00 monthly |
$450 |
||
|
6.44% p.a. |
6.58% p.a. |
$10.00 monthly |
$450 |
||
|
6.44% p.a. |
6.58% p.a. |
$10.00 monthly |
$450 |
||
|
6.94% p.a. |
7.08% p.a. |
$10.00 monthly |
$450 |
||
|
6.94% p.a. |
7.08% p.a. |
$10.00 monthly |
$450 |
||
|
6.94% p.a. |
7.08% p.a. |
$10.00 monthly |
$450 |
||
|
8.87% p.a. |
9.01% p.a. |
$10.00 monthly |
$450 |
||
|
8.87% p.a. |
9.01% p.a. |
$10.00 monthly |
$450 |
||
|
8.87% p.a. |
9.01% p.a. |
$10.00 monthly |
$450 |
||
|
6.44% p.a. |
6.58% p.a. |
$10.00 monthly |
$450 |
||
|
6.44% p.a. |
6.58% p.a. |
$10.00 monthly |
$450 |
||
|
6.44% p.a. |
6.58% p.a. |
$10.00 monthly |
$450 |
||
|
6.79% p.a. |
6.93% p.a. |
$10.00 monthly |
$450 |
||
|
6.79% p.a. |
6.93% p.a. |
$10.00 monthly |
$450 |
||
|
6.79% p.a. |
6.93% p.a. |
$10.00 monthly |
$450 |
||
|
6.79% p.a. |
6.93% p.a. |
$10.00 monthly |
$450 |
||
|
6.79% p.a. |
6.93% p.a. |
$10.00 monthly |
$450 |
||
|
6.79% p.a. |
6.93% p.a. |
$10.00 monthly |
$450 |
||
|
7.34% p.a. |
7.48% p.a. |
$10.00 monthly |
$450 |
||
|
7.34% p.a. |
7.48% p.a. |
$10.00 monthly |
$450 |
||
|
7.34% p.a. |
7.48% p.a. |
$10.00 monthly |
$450 |
||
|
7.34% p.a. |
7.48% p.a. |
$10.00 monthly |
$450 |
||
|
7.34% p.a. |
7.48% p.a. |
$10.00 monthly |
$450 |
||
|
7.34% p.a. |
7.48% p.a. |
$10.00 monthly |
$450 |
||
|
6.59% p.a. |
6.73% p.a. |
$10.00 monthly |
$450 |
||
|
6.59% p.a. |
6.73% p.a. |
$10.00 monthly |
$450 |
||
|
6.59% p.a. |
6.73% p.a. |
$10.00 monthly |
$450 |
||
|
6.59% p.a. |
6.73% p.a. |
$10.00 monthly |
$450 |
||
|
6.59% p.a. |
6.73% p.a. |
$10.00 monthly |
$450 |
||
|
6.59% p.a. |
6.73% p.a. |
$10.00 monthly |
$450 |
Pay off your home loan quicker by making fee-free extra repayments. Just remember, that while these are unlimited on variable rate options, additional repayments are capped at a value of $10,000 p.a. on Virgin Money's fixed rate options.
Virgin Money offers it home loan customers the choice of matching up their repayment schedule to their own pay cycle. That means borrowers can choose to make repayments on a monthly, fortnightly or weekly basis - whatever suits your budget.
Like the idea of being able to make use of an offset account to reduce the amount of interest you pay? Virgin Money offers an offset account as a feature on both fixed and variable rate home loans.
Mozo users have rated Virgin Money home loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.
12 Reviews
Approval with Virgin Money was simple and effortless. Since signing up, they've always kept us up to date with updates and changes so we trust the communications they send. Adding to this, there are decent perks through Virgin which come as a nice surprise when making the inevitable mortgage payments.
Read full reviewApproval with Virgin Money was simple and effortless. Since signing up, they've always kept us up to date with updates and changes so we trust the communications they send. Adding to this, there are decent perks through Virgin which come as a nice surprise when making the inevitable mortgage payments.
Possibly the most uncompetitve rate on the planet. And on top of that they sell it as a rewards home loan as it comes with frequent flyer points (that you pay $10 a month for) that can hardly use in current environment. The interest rate is close to half a percent higher than other good competitors in the markets. And Virgin unwilling to lower their rates to even come close to that, customer service quite rude about it as well. Just a bad product in general. Sign up for it if you just want to pay more for a home loan with bad customer service.
Read full reviewPossibly the most uncompetitve rate on the planet. And on top of that they sell it as a rewards home loan as it comes with frequent flyer points (that you pay $10 a month for) that can hardly use in current environment. The interest rate is close to half a percent higher than other good competitors in the markets. And Virgin unwilling to lower their rates to even come close to that, customer service quite rude about it as well. Just a bad product in general. Sign up for it if you just want to pay more for a home loan with bad customer service.
When contacting about home loan they are slow to respond. Online access does not show interest rate and when contacting them by phone it takes weeks to get a response via email. Virgin has not been able to provide a debit card to access our savings. Instead if we need cash we have to transfer to an account we have with another bank and then withdraw from that bank. Credit card transactions are slow. They show as pending for days before appearing properly, only primary card holder can see all credit transactions. With online access other card holders can only see their own transactions and not all.
Read full reviewWhen contacting about home loan they are slow to respond. Online access does not show interest rate and when contacting them by phone it takes weeks to get a response via email. Virgin has not been able to provide a debit card to access our savings. Instead if we need cash we have to transfer to an account we have with another bank and then withdraw from that bank. Credit card transactions are slow. They show as pending for days before appearing properly, only primary card holder can see all credit transactions. With online access other card holders can only see their own transactions and not all.
Rates aren't competitive enough, I need to change providers soon.
Read full reviewRates aren't competitive enough, I need to change providers soon.
I received an excellent rate however had to push to get it. Customer service is excellent however the online banking system could be improved as I can’t change things without having to call and speak to someone for example.
Read full reviewI received an excellent rate however had to push to get it. Customer service is excellent however the online banking system could be improved as I can’t change things without having to call and speak to someone for example.
You can apply for a Virgin Money home loan via a broker on their website. For this, you’ll just need your personal contact details, but when you actually fill out the loan application, here are a few things you might need: