Compare Virgin Money Home Loans & Interest Rates
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- Virgin Money is a digital home loan lender and banking brand owned by Bank of Queensland.
- Its home loan range consists of a low-fee mortgage product and fully featured option.
- Borrowers making repayments on time can earn Virgin Money Points.
- The Virgin Money Points can be redeemed for gift cards or cashback.
You might best know the 'Virgin' brand from its competitive airline and the Velocity Frequent Flyer rewards program, but Virgin Money Australia has made a name beyond travel.
Wholly owned by Bank of Queensland (BOQ), one of Australia's largest challenger banks, Virgin Money has built its own following through its range of home loans, savings accounts, credit cards, superannuation and insurance.
Its home loan offering centres on two product ranges, designed for borrowers seeking either a low-fee loan or a fully featured mortgage.
What makes Virgin Money home loans stand out
Loyalty program
True to what made the brand popular, Virgin Money also rewards its home loan customers, allowing them to earn Virgin Money Points through settlement and ongoing repayment rewards.
How many points can you earn, you ask?
- Lite Home Loan – Earn 1,000 Virgin Money Points per month for repaying on time.
- Loaded Home Loan – Earn 2,000 Virgin Money Points for every $10,000 settled on eligible new loans and 2,000 Virgin Money Points per month for repaying on time.
The points can be redeemed for gift cards or cashback.
What home loans does Virgin Money offer
Virgin Money home loans are built around two core options: the Lite Home Loan and the Loaded Home Loan. Both are available in variable, fixed (1-5 years) or split rates, and cater to owner occupied and investment borrowings.
Lite Home Loan
Lite Home Loan is Virgin Money's straightforward, low-cost mortgage. It comes with no annual fees and is packed with the essentials. Key features include:
- Variable and fixed rate options
- Split loan option
- Redraw facility
- Unlimited extra repayments for variable loans
- Up to $10,000 extra repayments per year for fixed loans
- Earn Virgin Money Points for making repayments on time
- Loan amount starts at $150,000
- Small loans available from $20,000
Loaded Home Loan
For customers looking for greater flexibility and rewards, the Loaded Home Loan is Virgin Money's fully featured mortgage product. Key features include:
- Variable and fixed rate options
- Split loan option
- 100% offset account
- Redraw facility
- Unlimited extra repayments for variable loans
- Up to $10,000 extra repayments per year for fixed loans
- Earn Virgin Money Points at settlement of eligible new loans
- Earn Virgin Money Points for making on repayments on time
- Loan amount starts at $150,000
- Small loans available from $50,000
Compare Virgin Money home loan interest rates
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Extra Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
6.09% p.a. | 6.11% p.a. | $3,027 | Principal & Interest | Variable | $0 | $350 | 80% | |||||||||||||
6.34% p.a. | 6.63% p.a. | $3,108 | Principal & Interest | Variable | $0 | $350 | 60% | |||||||||||||
6.24% p.a. | 6.26% p.a. | $3,075 | Principal & Interest | Variable | $0 | $350 | 80% | |||||||||||||
6.39% p.a. | 6.68% p.a. | $3,124 | Principal & Interest | Variable | $0 | $350 | 70% | |||||||||||||
6.24% p.a. | 6.26% p.a. | $3,075 | Principal & Interest | Variable | $0 | $350 | 60% | |||||||||||||
6.49% p.a. | 6.51% p.a. | $3,157 | Principal & Interest | Variable | $0 | $350 | 60% | |||||||||||||
6.19% p.a. | 6.23% p.a. | $3,059 | Principal & Interest | Variable | $0 | $530 | 90% |
| Promoted | Disclosure |
Virgin Money home loan features
Rewards points for repayments
Virgin Money home loans' standout feature is the rewards program.
Lite Home Loan customers can earn Virgin Money Points by making their repayments on time, while Loaded Home Loan borrowers may also qualify for a significant points bonus at settlement (new loans), in addition to the ongoing monthly points.
Additional repayments
Virgin Money customers with variable rate home loans can make unlimited additional repayments, helping reduce their principal faster and potentially save interest over the life of the loan.
Borrowers on fixed rates can make up to $10,000 extra repayments per year without incurring any penalties.
Redraw facility and offset account
Borrowers ahead on their minimum repayments can redraw those funds at any time at no extra charge through Virgin Money's redraw facility.
The Loaded Home Loan includes a 100% offset account that supports up to 10 linked Virgin Money Go accounts.
Split loan option
In addition to variable and fixed rate options, customers may split their home loans between fixed and variable interest rates.
Rate lock
Borrowers taking out a fixed rate home loan may be able to lock in their approved rate before settlement. The interest rate will be held for 90 days from the date Virgin Money processes the request. A rate lock fee applies.
Virgin Money home loan fees
Below is a range of fees that may be charged when applying for, settling, or maintaining a Virgin Money home loan:
- Settlement fee – $150
- Valuation fee – Up to $300 will be covered
- Annual fee – $295 (applies to Loaded Home Loans)
- Switch fee – $300 (applies to Lite Home Loans)
- Top up fee – $150 (applies to Lite Home Loans)
- Rate lock fee – $750
- Discharge fee – $350
Other fees may apply, including a late payment fee, early repayment charge for fixed rate loans, and more.
Pros of Virgin Money home loans
- Earn rewards points
- Extra repayments
- Free redraw
- 100% offset account
- Loan splitting option
Cons of Virgin Money home loans
- Smaller product range than major banks
- Steep rates and fees for an offset account
- Steep rate increases for higher LVRs
- High rate for small loans
How to apply for a Virgin Money home loan
Eligibility requirements
To apply for a home loan with Virgin Money Australia, would-be borrowers generally need to meet the following eligibility criteria:
- Be 18 years old or over
- Be an Australian citizen or a permanent resident
- Earn a regular PAYG income or self-employed income
- Have an acceptable credit history
- Have a unique mobile phone number and email address
- Apply as an individual (not as a company or trust)
Documents needed
- Valid ID (e.g. driver's licence, passport, Medicare card)
- Income details (e.g. two most recent payslips)
- Details of savings and assets (e.g. bank statements)
- Details of other loans and liabilities
- Contract of sale (for purchases)
- Existing home loan statement (for refinances)
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Things to consider before choosing Virgin Money home loans
For one, to get an offset account, you will need to apply for a Loaded loan, which carries a $295 annual fee plus an interest rate premium. Some lenders include offset accounts on their basic home loans, and you will need to weigh up if the long-term cost savings are worth it here.
If you don't need a big loan or if you're buying a modest property, the interest rates on loans under $150k are very steep. This in effect limits late-stage refinancing or borrowing for apartments or cheaper regional areas.
Virgin Money's rates also tend to become less competitive at higher LVR bands, an important consideration for borrowers with smaller deposits.