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Virgin Money woos home loan customers with free flights

Virgin Money woos home loan customers with free flights

Virgin Money is offering borrowers tens of thousands of Velocity Points if they take out a Reward Me home loan.

Reward Me borrowers will receive 2,000 Velocity Points for every $10,000 drawn at settlement. That equates to 80,000 Velocity Points for a $400,000 mortgage.

Virgin Money’s special offer includes these conditions:

  • Applications must be received by 30 November 2018
  • Settlements must be completed by 28 February 2019
  • Home loans must have a maximum loan-to-value ratio (LVR) of 90 per cent
  • The offer applies only to new customers

Borrowers who submit their applications by 31 October 2018 will also go into a draw to win one million Velocity Points, which Virgin Money has valued at approximately $37,000.

Virgin Money charges the following interest rates for owner-occupied, principal-and-interest Reward Me mortgages with a maximum LVR of 80 per cent:

  • Loan value up to $500,000 = 3.73 per cent (comparison rate 3.87 per cent)
  • $500,000 to $749,999 = 3.68 per cent (comparison rate 3.82 per cent)
  • $750,000 and above = 3.64 per cent (comparison rate 3.78 per cent)

Virgin Money also offers loyalty bonuses for ongoing Reward Me customers:

  • 1,000 Velocity Points per month
  • 30,000 Velocity Points anniversary bonus every three years provided total borrowings are greater than $50,000

Velocity Points can be used for flights, accommodation, car hire, petrol and more.

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This article was reviewed by Head of Content Leigh Stark before it was published as part of RateCity's Fact Check process.

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