Virgin Money Home Loans Review

You might best know the ‘Virgin’ brand for its competitive airline and velocity rewards program, but Virgin Money is quite different. For one, it is 100% owned by Bank of Queensland (BoQ), which is one of Australia’s largest challenger banks.

Besides home loans, Virgin Money also offers credit cards, superannuation and insurance. In April 2021 it also announced the launch of its savings accounts and a transaction account.

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Compare Virgin Money Mortgage Rates

What home loans does Virgin Money offer?

Virgin Money offers a variety of variable and fixed-rate home loans for owner occupiers and investors across a range of loan-to-value ratios (LVR) from less than 60%, up to 80%, 80 to 90%, and over 90% on principal and interest P&I) payments.. It also offers construction loans if you are looking at building your own home. For those opting to pay interest-only (IO), the maximum LVR is usually 90%, meaning you must have at least a 10% deposit.

Virgin Money home loan features

  • Velocity Points: Velocity points are earned on ‘Reward Me’ home loans. There are a few ways borrowers can accrue points, with new offers happening regularly.
  • Offset Account: The ‘Reward Me’ home loan product line comes with a ‘Home Loan Companion’ account used to offset your loan balance and interest payable. This is available on the brand’s variable and one-year fixed rate loans.
  • Redraw Facility: If you’re ahead on your minimum repayments, you can redraw those funds at any time at no extra charge, with a minimum redraw amount of $100.
  • Split Borrowings: You can split your home loan across both variable and fixed interest rates, which may provide a good mix of flexibility and certainty.
  • Choice of Payment Frequency: If you’re making P&I payments, you can choose monthly, fortnightly, or even weekly payments. IO payments can only be made monthly. Fortnightly payments could reduce the interest paid over the life of the loan, as you have an extra payment period every year as opposed to monthly payments.
  • Extra Repayments on Fixed Loans: Borrowers can repay an extra $10,000 per year on fixed loans

How to apply for an Virgin Money home loan

Eligibility criteria

Virgin Money has a few requirements you must meet in order to qualify for any of its home loans, including:

  • You must be 18 years of age or over
  • You must be an Australian citizen or permanent resident
  • You must have a regular source of income
  • You must be an individual applicant (no trusts or companies)

Documents needed

  • Photo ID - Drivers Licence or Passport.
  • Birth Certificate, Debit Card, Credit Card, or Medicare Card.
  • 2 most recent payslips, or last 3 full consecutive months' bank statements showing regular salary credits with name of employer evident.
  • If refinancing: Refinancing statement of existing loan account, details of all costs and fees relating to payout figures or fees, plus copy of current home insurance policy.
  • If purchasing property: Copy of contract of sale, details of solicitor/conveyancer, proof of deposit for property