Virgin Money home loan repayment calculator

Thinking about taking out a home loan with Virgin Money? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Virgin Money home loans compare with other options.

I'd like to borrow

$

I am an

Loan term

With a repayment type

Your estimated repayments

at interest rate 2.64 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

  • Low rates.
  • Flexible repayment options.
  • Discounted rates for large deposits and loan sizes.
  • Limited loan options.
  • No branch access.
  • Monthly fee.

Virgin Money home loans rates

Product
Advertised Rate
Total estimated upfront fees
Comparison Rate*
Ongoing fee
Go to site
Company

2.64%

Variable

$450

2.81%

$10 monthly
Virgin Money
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2.29%

Fixed - 3 years

$450

2.83%

$10 monthly
Virgin Money
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3.09%

Fixed - 3 years

$450

2.83%

$10 monthly
Virgin Money
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2.49%

Fixed - 5 years

$450

2.84%

$10 monthly
Virgin Money
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2.29%

Fixed - 2 years

$450

2.87%

$10 monthly
Virgin Money
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2.79%

Fixed - 1 year

$450

2.96%

$10 monthly
Virgin Money
More details

2.79%

Variable

$450

2.96%

$10 monthly
Virgin Money
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2.84%

Fixed - 2 years

$450

2.97%

$10 monthly
Virgin Money
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2.89%

Fixed - 5 years

$450

3.00%

$10 monthly
Virgin Money
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2.99%

Fixed - 4 years

$450

3.02%

$10 monthly
Virgin Money
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2.69%

Fixed - 3 years

$450

3.34%

$10 monthly
Virgin Money
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2.99%

Fixed - 5 years

$450

3.36%

$10 monthly
Virgin Money
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2.99%

Fixed - 3 years

$450

3.38%

$10 monthly
Virgin Money
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2.69%

Fixed - 2 years

$450

3.39%

$10 monthly
Virgin Money
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2.99%

Fixed - 4 years

$450

3.39%

$10 monthly
Virgin Money
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2.99%

Fixed - 2 years

$450

3.40%

$10 monthly
Virgin Money
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3.24%

Variable

$450

3.40%

$10 monthly
Virgin Money
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3.19%

Fixed - 5 years

$450

3.41%

$10 monthly
Virgin Money
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3.19%

Fixed - 4 years

$450

3.42%

$10 monthly
Virgin Money
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3.39%

Variable

$450

3.43%

$10 monthly
Virgin Money
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3.00%

Fixed - 2 years

$450

3.44%

$10 monthly
Virgin Money
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3.14%

Fixed - 3 years

$450

3.45%

$10 monthly
Virgin Money
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3.34%

Fixed - 2 years

$450

3.46%

$10 monthly
Virgin Money
More details

3.39%

Fixed - 1 year

$450

3.46%

$10 monthly
Virgin Money
More details

2.79%

Fixed - 2 years

$450

3.47%

$10 monthly
Virgin Money
More details

3.19%

Fixed - 1 year

$450

3.49%

$10 monthly
Virgin Money
More details

3.34%

Variable

$450

3.50%

$10 monthly
Virgin Money
More details

3.49%

Fixed - 3 years

$450

3.50%

$10 monthly
Virgin Money
More details

2.79%

Fixed - 1 year

$450

3.52%

$10 monthly
Virgin Money
More details

3.37%

Variable

$450

3.53%

$10 monthly
Virgin Money
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3.49%

Variable

$450

3.53%

$10 monthly
Virgin Money
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3.44%

Variable

$450

3.60%

$10 monthly
Virgin Money
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3.57%

Variable

$450

3.61%

$10 monthly
Virgin Money
More details

3.62%

Variable

$450

3.66%

$10 monthly
Virgin Money
More details

3.89%

Fixed - 3 years

$450

3.70%

$10 monthly
Virgin Money
More details

3.79%

Variable

$450

3.83%

$10 monthly
Virgin Money
More details

4.39%

Fixed - 4 years

$450

3.91%

$10 monthly
Virgin Money
More details

4.49%

Fixed - 5 years

$450

4.02%

$10 monthly
Virgin Money
More details

3.39%

Fixed - 5 years

$450

4.27%

$10 monthly
Virgin Money
More details

4.12%

Variable

$450

4.28%

$10 monthly
Virgin Money
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4.32%

Variable

$450

4.36%

$10 monthly
Virgin Money
More details

3.49%

Fixed - 4 years

$450

4.39%

$10 monthly
Virgin Money
More details

4.34%

Variable

$450

4.49%

$10 monthly
Virgin Money
More details

3.79%

Fixed - 3 years

$450

4.55%

$10 monthly
Virgin Money
More details

3.54%

Fixed - 2 years

$450

4.58%

$10 monthly
Virgin Money
More details

4.54%

Variable

$450

4.58%

$10 monthly
Virgin Money
More details

3.29%

Fixed - 1 year

$450

4.65%

$10 monthly
Virgin Money
More details

4.62%

Variable

$450

4.77%

$10 monthly
Virgin Money
More details

Virgin Money customer service

Virgin Money’s home loan customers can contact the lender via a number of specialised customer phone lines; there’s one for loans and general customer assistance, as well other lines for financial hardship and overdue accounts. Customers can also contact the bank via email or online.

  • Customer service centre (phone)
  • Mobile app
  • Online banking
  • Email

How to Apply

Virgin Money allows customers to apply for a home loan via a network of affiliated mortgage brokers. Appointments can be made at the Virgin Money website and customers will then be contacted by a broker via phone or email at a selected time. Customers can also make enquiries via the Virgin Money phone line. Before applying for a home loan it is advisable to think about how much money you could conceivably borrow given your financial situation and income. You will also need to provide documentation when applying for a home loan. This will include:

  • Personal identification documents.
  • Proof of income and earnings.
  • Details on employment type and status.
  • Information on current debts, liabilities and assets.
  • Personal insurance documents.

If you are a refinancer, you will also have to provide past home loan statements and a current payout quote for the loan you wish to refinance. 

Learn more about Virgin Money

How do I refinance my home loan?

Refinancing your home loan can involve a bit of paperwork but if you are moving on to a lower rate, it can save you thousands of dollars in the long-run. The first step is finding another loan on the market that you think will save you money over time or offer features that your current loan does not have. Once you have selected a couple of loans you are interested in, compare them with your current loan to see if you will save money in the long term on interest rates and fees. Remember to factor in any break fees and set up fees when assessing the cost of switching.

Once you have decided on a new loan it is simply a matter of contacting your existing and future lender to get the new loan set up. Beware that some lenders will revert your loan back to a 25 or 30 year term when you refinance which may mean initial lower repayments but may cost you more in the long run.

What is a draw down?

The transfer of money from a lending institution to a borrower. In a typical home loan, the funds are drawn down all at once in order to buy the property. In a construction loan, the money is drawn down in several stages to pay the builders as they progress through each phase of the project. In a line of credit loan, you can draw down money up to a limit based on your loan’s available equity.

How much money can I borrow for a home loan?

Tip: You can use RateCity how much can I borrow calculator to get a quick answer.

How much money you can borrow for a home loan will depend on a number of factors including your employment status, your income (and your partner’s income if you are taking out a joint loan), the size of your deposit, your living expenses and any other debt you might hold, including credit cards. 

A good place to start is to work out how much you can afford to make in monthly repayments, factoring in a buffer of at least 2 – 3 per cent to allow for interest rate rises along the way. You’ll also need to factor in additional costs that come with purchasing a property such as stamp duty, legal fees, building inspections, strata or council fees.

If you are planning on renting the property, you can factor in the expected rental income to help offset the mortgage, but again it’s prudent to add a significant buffer to allow for rental management fees, maintenance costs and short periods of no rental income when tenants move out. It’s also wise to factor in changes in personal circumstances – the typical home loan lasts for around 30 years and a lot can happen between now and then.

What if I can't pay off my guaranteed home loan?

If you can’t pay off your guaranteed home loan, your lender might chase your guarantor for the money.

A guaranteed home loan is a legally binding agreement in which the guarantor assumes overall responsibility for the mortgage. So if the borrower falls behind on their mortgage, the lender might insist that the guarantor cover the repayments. If the guarantor fails to do so, the lender might seize the guarantor’s security (which is often the family home) so it can recoup its money.

Who offers 40 year mortgages?

Home loans spanning 40 years are offered by select lenders, though the loan period is much longer than a standard 30-year home loan. You're more likely to find a maximum of 35 years, such as is the case with Teacher’s Mutual Bank

Currently, 40 year home loan lenders in Australia include AlphaBeta Money, BCU, G&C Mutual Bank, Pepper, and Sydney Mutual Bank.

Even though these lengthier loans 35 to 40 year loans do exist on the market, they are not overwhelmingly popular, as the extra interest you pay compared to a 30-year loan can be over $100,000 or more.

How can I get a home loan with bad credit?

If you want to get a home loan with bad credit, you need to convince a lender that your problems are behind you and that you will, indeed, be able to repay a mortgage.

One step you might want to take is to visit a mortgage broker who specialises in bad credit home loans (also known as ‘non-conforming home loans’ or ‘sub-prime home loans’). An experienced broker will know which lenders to approach, and how to plead your case with each of them.

Two points to bear in mind are:

  • Many home loan lenders don’t provide bad credit mortgages
  • Each lender has its own policies, and therefore favours different things

If you’d prefer to directly approach the lender yourself, you’re more likely to find success with smaller non-bank lenders that specialise in bad credit home loans (as opposed to bigger banks that prefer ‘vanilla’ mortgages). That’s because these smaller lenders are more likely to treat you as a unique individual rather than judge you according to a one-size-fits-all policy.

Lenders try to minimise their risk, so if you want to get a home loan with bad credit, you need to do everything you can to convince lenders that you’re safer than your credit history might suggest. If possible, provide paperwork that shows:

  • You have a secure job
  • You have a steady income
  • You’ve been reducing your debts
  • You’ve been increasing your savings

Can I change jobs while I am applying for a home loan?

Whether you’re a new borrower or you’re refinancing your home loan, many lenders require you to be in a permanent job with the same employer for at least 6 months before applying for a home loan. Different lenders have different requirements. 

If your work situation changes for any reason while you’re applying for a mortgage, this could reduce your chances of successfully completing the process. Contacting the lender as soon as you know your employment situation is changing may allow you to work something out. 

Are bad credit home loans dangerous?

Bad credit home loans can be dangerous if the borrower signs up for a loan they’ll struggle to repay. This might occur if the borrower takes out a mortgage at the limit of their financial capacity, especially if they have some combination of a low income, an insecure job and poor savings habits.

Bad credit home loans can also be dangerous if the borrower buys a home in a stagnant or falling market – because if the home has to be sold, they might be left with ‘negative equity’ (where the home is worth less than the mortgage).

That said, bad credit home loans can work out well if the borrower is able to repay the mortgage – for example, if they borrow conservatively, have a decent income, a secure job and good savings habits. Another good sign is if the borrower buys a property in a market that is likely to rise over the long term.

Does Australia have no cost refinancing?

No Cost Refinancing is an option available in the US where the lender or broker covers your switching costs, such as appraisal fees and settlement costs. Unfortunately, no cost refinancing isn’t available in Australia.

Can I get a home loan if I am on an employment contract?

Some lenders will allow you to apply for a mortgage if you are a contractor or freelancer. However, many lenders prefer you to be in a permanent, ongoing role, because a more stable income means you’re more likely to keep up with your repayments.

If you’re a contractor, freelancer, or are otherwise self-employed, it may still be possible to apply for a low-doc home loan, as these mortgages require less specific proof of income.

Will I have to pay lenders' mortgage insurance twice if I refinance?

If your deposit was less than 20 per cent of your property’s value when you took out your original loan, you may have paid lenders’ mortgage insurance (LMI) to cover the lender against the risk that you may default on your repayments. 

If you refinance to a new home loan, but still don’t have enough deposit and/or equity to provide 20 per cent security, you’ll need to pay for the lender’s LMI a second time. This could potentially add thousands or tens of thousands of dollars in upfront costs to your mortgage, so it’s important to consider whether the financial benefits of refinancing may be worth these costs.

Is there a limit to how many times I can refinance?

There is no set limit to how many times you are allowed to refinance. Some surveyed RateCity users have refinanced up to three times.

However, if you refinance several times in short succession, it could affect your credit score. Lenders assess your credit score when you apply for new loans, so if you end up with bad credit, you may not be able to refinance if and when you really need to.

Before refinancing multiple times, consider getting a copy of your credit report and ensure your credit history is in good shape for future refinances.

I have a poor credit rating. Am I still able to get a mortgage?

Some lenders still allow you to apply for a home loan if you have impaired credit. However, you may pay a slightly higher interest rate and/or higher fees. This is to help offset the higher risk that you may default on your repayments.

I can't pick a loan. Should I apply to multiple lenders?

Applying for home loans with multiple lenders at once can affect your credit history, as multiple loan applications in short succession can make you look like a risky borrower. Comparing home loans from different lenders, assessing their features and benefits, and making one application to a preferred lender may help to improve your chances of success

Will I be paying two mortgages at once when I refinance?

No, given the way the loan and title transfer works, you will not have to pay two mortgages at the one time. You will make your last monthly repayment on loan number one and then the following month you will start paying off loan number two.