RateCity.com.au
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RateCity.com.au

Pros

  • Low rates.
  • Flexible repayment options.
  • Discounted rates for large deposits and loan sizes.

Cons

  • Limited loan options.
  • No branch access.
  • Monthly fee.

Owner occupied Virgin Money home loan rates

Loan typePrincipal & Interest rateInterest Only
Reward Me Variable Rate Home Loan (Min Deposit 40%)

Interest Rate

3.99% p.a.

Comparison Rate

4.15% p.a.

Interest Rate

4.34% p.a.

Comparison Rate

4.29% p.a.

Reward Me Variable Rate Home Loan (Min Deposit 20%)

Interest Rate

4.04% p.a.

Comparison Rate

4.2% p.a.

Interest Rate

4.44% p.a.

Comparison Rate

4.36% p.a.

2 Year Reward Me Fixed Rate Home Loan (Min Deposit 20%)

Interest Rate

5.34% p.a.

Comparison Rate

4.43% p.a.

Interest Rate

5.54% p.a.

Comparison Rate

4.47% p.a.

3 Year Reward Me Fixed Rate Home Loan (Min Deposit 20%)

Interest Rate

5.61% p.a.

Comparison Rate

4.62% p.a.

Interest Rate

5.81% p.a.

Comparison Rate

4.67% p.a.

4 Year Reward Me Fixed Rate Home Loan (Min Deposit 20%)

Interest Rate

5.77% p.a.

Comparison Rate

4.8% p.a.

Interest Rate

5.97% p.a.

Comparison Rate

4.87% p.a.

5 Year Reward Me Fixed Rate Home Loan (Min Deposit 20%)

Interest Rate

5.94% p.a.

Comparison Rate

5% p.a.

Interest Rate

6.14% p.a.

Comparison Rate

5.08% p.a.

Virgin Money Standard Variable Rate (Min Deposit 20%)
n/a

Interest Rate

6.07% p.a.

Comparison Rate

6.02% p.a.

2 Year Reward Me Fixed Rate Home Loan (Min Deposit 40%)

Interest Rate

5.29% p.a.

Comparison Rate

4.38% p.a.

n/a
Reward Me Variable Rate Home Loan (Min Deposit 10%)

Interest Rate

4.39% p.a.

Comparison Rate

4.54% p.a.

n/a
2 Year Reward Me Fixed Rate Home Loan (Min Deposit 10%)

Interest Rate

6.03% p.a.

Comparison Rate

4.56% p.a.

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3 Year Reward Me Fixed Rate Home Loan (Min Deposit 40%)

Interest Rate

5.56% p.a.

Comparison Rate

4.57% p.a.

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4 Year Reward Me Fixed Rate Home Loan (Min Deposit 40%)

Interest Rate

5.72% p.a.

Comparison Rate

4.74% p.a.

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3 Year Reward Me Fixed Rate Home Loan (Min Deposit 10%)

Interest Rate

6.36% p.a.

Comparison Rate

4.82% p.a.

n/a
4 Year Reward Me Fixed Rate Home Loan (Min Deposit 10%)

Interest Rate

6.07% p.a.

Comparison Rate

4.9% p.a.

n/a
5 Year Reward Me Fixed Rate Home Loan (Min Deposit 40%)

Interest Rate

5.89% p.a.

Comparison Rate

4.95% p.a.

n/a
5 Year Reward Me Fixed Rate Home Loan (Min Deposit 10%)

Interest Rate

6.29% p.a.

Comparison Rate

5.15% p.a.

n/a
Virgin Money Standard Variable Rate (Min Deposit 10%)

Interest Rate

5.87% p.a.

Comparison Rate

6.02% p.a.

n/a
Reward Me Variable Rate Home Loan (Min Deposit 5%)

Interest Rate

6.37% p.a.

Comparison Rate

6.51% p.a.

n/a
4 Year Reward Me Fixed Rate Home Loan (Min Deposit 5%)

Interest Rate

6.57% p.a.

Comparison Rate

6.59% p.a.

n/a
2 Year Reward Me Fixed Rate Home Loan (Min Deposit 5%)

Interest Rate

6.73% p.a.

Comparison Rate

6.59% p.a.

n/a
5 Year Reward Me Fixed Rate Home Loan (Min Deposit 5%)

Interest Rate

6.79% p.a.

Comparison Rate

6.7% p.a.

n/a
3 Year Reward Me Fixed Rate Home Loan (Min Deposit 5%)

Interest Rate

7.06% p.a.

Comparison Rate

6.71% p.a.

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Investment purpose Virgin Money home loan rates

Loan typePrincipal & Interest rateInterest Only
Reward Me Variable Rate Investment Loan (Min Deposit 40%)

Interest Rate

4.24% p.a.

Comparison Rate

4.4% p.a.

Interest Rate

4.34% p.a.

Comparison Rate

4.44% p.a.

Reward Me Variable Rate Investment Loan (Min Deposit 20%)

Interest Rate

4.34% p.a.

Comparison Rate

4.49% p.a.

Interest Rate

4.44% p.a.

Comparison Rate

4.54% p.a.

2 Year Reward Me Fixed Rate Investment Loan (Min Deposit 40%)

Interest Rate

5.49% p.a.

Comparison Rate

4.63% p.a.

Interest Rate

5.49% p.a.

Comparison Rate

4.63% p.a.

2 Year Reward Me Fixed Rate Investment Loan (Min Deposit 20%)

Interest Rate

5.59% p.a.

Comparison Rate

4.73% p.a.

Interest Rate

5.59% p.a.

Comparison Rate

4.73% p.a.

3 Year Reward Me Fixed Rate Investment Loan (Min Deposit 40%)

Interest Rate

5.76% p.a.

Comparison Rate

4.8% p.a.

Interest Rate

5.76% p.a.

Comparison Rate

4.8% p.a.

2 Year Reward Me Fixed Rate Investment Loan (Min Deposit 10%)

Interest Rate

6% p.a.

Comparison Rate

4.8% p.a.

Interest Rate

6.1% p.a.

Comparison Rate

4.82% p.a.

Reward Me Variable Rate Investment Loan (Min Deposit 10%)

Interest Rate

4.84% p.a.

Comparison Rate

4.99% p.a.

Interest Rate

4.84% p.a.

Comparison Rate

4.99% p.a.

3 Year Reward Me Fixed Rate Investment Loan (Min Deposit 20%)

Interest Rate

5.86% p.a.

Comparison Rate

4.9% p.a.

Interest Rate

5.86% p.a.

Comparison Rate

4.9% p.a.

4 Year Reward Me Fixed Rate Investment Loan (Min Deposit 40%)

Interest Rate

5.92% p.a.

Comparison Rate

4.98% p.a.

Interest Rate

5.92% p.a.

Comparison Rate

4.98% p.a.

3 Year Reward Me Fixed Rate Investment Loan (Min Deposit 10%)
n/a

Interest Rate

6.26% p.a.

Comparison Rate

5.02% p.a.

4 Year Reward Me Fixed Rate Investment Loan (Min Deposit 20%)

Interest Rate

6.02% p.a.

Comparison Rate

5.08% p.a.

Interest Rate

6.02% p.a.

Comparison Rate

5.08% p.a.

4 Year Reward Me Fixed Rate Investment Loan (Min Deposit 10%)

Interest Rate

6.07% p.a.

Comparison Rate

5.1% p.a.

Interest Rate

6.07% p.a.

Comparison Rate

5.1% p.a.

5 Year Reward Me Fixed Rate Investment Loan (Min Deposit 40%)

Interest Rate

6.09% p.a.

Comparison Rate

5.18% p.a.

Interest Rate

6.09% p.a.

Comparison Rate

5.18% p.a.

5 Year Reward Me Fixed Rate Investment Loan (Min Deposit 20%)

Interest Rate

6.19% p.a.

Comparison Rate

5.28% p.a.

Interest Rate

6.19% p.a.

Comparison Rate

5.28% p.a.

5 Year Reward Me Fixed Rate Investment Loan (Min Deposit 10%)

Interest Rate

6.24% p.a.

Comparison Rate

5.3% p.a.

Interest Rate

6.24% p.a.

Comparison Rate

5.3% p.a.

Virgin Money Standard Variable Rate (Min Deposit 20%)
n/a

Interest Rate

6.29% p.a.

Comparison Rate

6.32% p.a.

3 Year Reward Me Variable Rate Investment Loan (Min Deposit 10%)

Interest Rate

6.21% p.a.

Comparison Rate

5% p.a.

n/a
Virgin Money Standard Variable Rate (Min Deposit 10%)

Interest Rate

6.09% p.a.

Comparison Rate

6.24% p.a.

n/a

Virgin Money home loan 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 am an

With a repayment type

Borrow amount

$

Deposit amount %

Loan term

Your estimated mortgage repayments

at interest rate 3.99%

Total interest payable

$0

Total loan repayments

$0

Contact a mortgage broker

Virgin Money homeloans are vailable through brokers who can help find the right loan and manage your application at no charge.

Lee HAO
5.0
326 Reviews
Lee is a graduate of Monash University with a Bachelor of Commerce and Arts. Lee is strongly passionate about the real estate market and banks since he was a student. Driven by this passion, together with experience in consulting companies and banks, Lee hopes to educate and guide her clients throughout their real estate ownership journey. Lee believes in placing the clients at the centre of every relationship and building trust through honesty and reliability. 'I want to empower my clients' every property dream and hope to service them until they retire with rent.' 'I will not try to sell you a deal that I will not sell it to my mom.' That's his principle. We are here to fight for the best possible deal for every customer. We have a great relationship with more than 30 lenders. Not that they happen to be on our panel but we actually settled with them and know their policies and procedure inside out. We do not recommend any lenders or products without a personalized and on time research for you. So our process ensure the deals we present are in your best interest hot and fresh. Our standard operation procedure is: 1) Free consultation by phone or zoom to understand your needs. Answer your burning questions. 2) Collect information, facts and document to conduct research for you. Give us a chance and allow us to make a positive impact on your personal finance; Research will usually take 2-3 business days. For more complicate cases may take longer on notice case by case. 3) Present solutions via zoom or in person. 30-60 mins. Also including a property purchase or investment strategy session. 4) Once you made the decision it takes 2-10 business days to proceed and obtain a pre-approval or refinance formal approval. Other days and procedure will be designed and notice according to your situation. 5) Free after settlement review every year too. Service Satisfaction guarantee!!** Call me and let's chat.
VIC3128
CRN: 484532

Response time: in 31 minutes

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 home loans

How do you compare home loans?

To compare home loans, you can assess the components of the loan against your own financial situation and other mortgages in the market.

Look at the interest rate, rate type (fixed or variable), loan fees, features, loan term, repayment frequency and more to find a home loan that fits with your budget and property goals.

Then, use comparison tools like comparison tables, calculators, or RateCity's Real Time RatingsTM to create a short list of home loan options, and decide which home loan best suits your needs.

Why does Westpac charge an early termination fee for home loans?

The Westpac home loan early termination fee or break cost is applicable if you have a fixed rate home loan and repay part of or the whole outstanding amount before the fixed period ends. If you’re switching between products before the fixed period ends, you’ll pay a switching break cost and an administrative fee. 

The Westpac home loan early termination fee may not apply if you repay an amount below the prepayment threshold. The prepayment threshold is the amount Westpac allows you to repay during the fixed period outside your regular repayments.

Westpac charges this fee because when you take out a home loan, the bank borrows the funds with wholesale rates available to banks and lenders. Westpac will then work out your interest rate based on you making regular repayments for a fixed period. If you repay before this period ends, the lender may incur a loss if there is any change in the wholesale rate of interest.

When do mortgage payments start after settlement?

Generally speaking, your first mortgage payment falls due one month after the settlement date. However, this may vary based on your mortgage terms. You can check the exact date by contacting your lender.

Usually your settlement agent will meet the seller’s representatives to exchange documents at an agreed place and time. The balance purchase price is paid to the seller. The lender will register a mortgage against your title and give you the funds to purchase the new home.

Once the settlement process is complete, the lender allows you to draw down the loan. The loan amount is debited from your loan account. As soon as the settlement paperwork is sorted, you can collect the keys to your new home and work your way through the moving-in checklist.

What are the features of home loans for expats from Westpac?

If you’re an Australian citizen living and working abroad, you can borrow to buy a property in Australia. With a Westpac non-resident home loan, you can borrow up to 80 per cent of the property value to purchase a property whilst living overseas. The minimum loan amount for these loans is $25,000, with a maximum loan term of 30 years.

The interest rates and other fees for Westpac non-resident home loans are the same as regular home loans offered to borrowers living in Australia. You’ll have to submit proof of income, six-month bank statements, an employment letter, and your last two payslips. You may also be required to submit a copy of your passport and visa that shows you’re allowed to live and work abroad.

When does Commonwealth Bank charge an early exit fee?

When you take out a fixed interest home loan with the Commonwealth Bank, you’re able to lock the interest for a particular period. If the rates change during this period, your repayments remain unchanged. If you break the loan during the fixed interest period, you’ll have to pay the Commonwealth Bank home loan early exit fee and an administrative fee.

The Early Repayment Adjustment (ERA) and Administrative fees are applicable in the following instances:

  • If you switch your loan from fixed interest to variable rate
  • When you apply for a top-up home loan
  • If you repay over and above the annual threshold limit, which is $10,000 per year during the fixed interest period
  • When you prepay the entire outstanding loan balance before the end of the fixed interest duration.

The fee calculation depends on the interest rates, the amount you’ve repaid and the loan size. You can contact the lender to understand more about what you may have to pay. 

What is a home loan?

A home loan is a finance product that allows a home buyer to borrow a large sum of money from a lender for the purchase of a residential property. The home is then put up as "security" or "collateral" on the loan, giving the lender the right to repossess the property in the case that the borrower fails to repay their loan.

Once you take out a home loan, you'll need to repay the amount borrowed, plus interest, in regular instalments over a predetermined period of time.

The interest you're charged on each mortgage repayment is based on your remaining loan amount, also known as your loan principal. The rate at which interest is charged on your home loan principal is expressed as a percentage.

Different home loan products charge different interest rates and fees, and offer a range of different features to suit a variety of buyers’ needs.

How do I apply for a home improvement loan?

When you want to renovate your home, you may need to take out a loan to cover the costs. You could apply for a home improvement loan, which is a personal loan that you use to cover the costs of your home renovations. There is no difference between applying for this type of home improvement loan and applying for a standard personal loan. It would be best to check and compare the features, fees and details of the loan before applying. 

Besides taking out a home improvement loan, you could also:

  1. Use the equity in your house: Equity is the difference between your property’s value and the amount you still owe on your home loan. You may be able to access this equity by refinancing your home loan and then using it to finance your home improvement.  Speak with your lender or a mortgage broker about accessing your equity.
  2. Utilise the redraw facility of your home loan: Check whether the existing home loan has a redraw facility. A redraw facility allows you to access additional funds you’ve repaid into your home loan. Some lenders offer this on variable rate home loans but not on fixed. If this option is available to you, contact your lender to discuss how to access it.
  3. Apply for a construction loan: A construction loan is typically used when constructing a new property but can also be used as a home renovation loan. You may find that a construction loan is a suitable option as it enables you to draw funds as your renovation project progresses. You can compare construction home loans online or speak to a mortgage broker about taking out such a loan.
  4. Look into government grants: Check whether there are any government grants offered when you need the funds and whether you qualify. Initiatives like the HomeBuilder Grant were offered by the Federal Government for a limited period until April 2021. They could help fund your renovations either in full or just partially.  

Can I take a personal loan after a home loan?

Are you struggling to pay the deposit for your dream home? A personal loan can help you pay the deposit. The question that may arise in your mind is can I take a home loan after a personal loan, or can you take a personal loan at the same time as a home loan, as it is. The answer is that, yes, provided you can meet the general eligibility criteria for both a personal loan and a home loan, your application should be approved. Those eligibility criteria may include:

  • Higher-income to show repayment capability for both the loans
  • Clear credit history with no delays in bill payments or defaults on debts
  • Zero or minimal current outstanding debt
  • Some amount of savings
  • Proven rent history will be positively perceived by the lenders

A personal loan after or during a home loan may impact serviceability, however, as the numbers can seriously add up. Every loan you avail of increases your monthly installments and the amount you use to repay the personal loan will be considered to lower the money available for the repayment of your home loan.

As to whether you can get a personal loan after your home loan, the answer is a very likely "yes", though it does come with a caveat: as long as you can show sufficient income to repay both the loans on time, you should be able to get that personal loan approved. A personal loan can also help to improve your credit score showing financial discipline and responsibility, which may benefit you with more favorable terms for your home loan.

How do I get a pre-approved home loan with Aussie?

Getting Aussie home loan pre-approval means receiving conditional support from Aussie Home Loans to borrow the money you need to buy a home. 

It’s an indication of the approximate amount Aussie may offer you, subject to some terms and conditions. Keep in mind, having a pre-approved home loan does not guarantee an actual approval of your loan when it comes time to buy.

Aussie home loan pre-approval often involves speaking to one of the lender’s brokers. You can make an appointment online. You’ll often have to submit your personal details and other information about your assets, income, liabilities and expenses.  It’s worth remembering that a pre-approved loan is usually valid for a few months.

How do I apply for Westpac’s first home buyer loan?

If you’re a first home buyer looking to apply for a home loan with Westpac, they offer an online home loan application. They suggest the application can be completed in about 20 minutes. Based on the information you provide, Westpac will advise you the amount you can borrow and the costs associated with any possible home loan. 

You can use Westpac’s online mortgage calculators to estimate your borrowing power. You can also work out the time it might take to save up for the deposit, and the size of your home loan repayments

When applying for a home loan with Westpac, you’re assigned a home finance manager who can address your concerns and provide information. The manager will also offer guidance on any government grants you may be eligible for. 

How can I apply for a first home buyers loan with Commonwealth Bank?

Getting a home loan requires planning and research. If you are considering a home loan with the Commonwealth Bank, you can find the information you need in the buying your first home section of the bank’s website.

You can see the steps you should take before applying for the loan and use the calculators to work out how much you can borrow, what your monthly repayments would be and the upfront costs you’d likely pay.

You can also book a time with a Commonwealth first home loan specialist by calling 13 2221.

CommBank publishes a property report that may help you understand the real estate market. The bank has also created a CommBank Property App that you can use to search for property.  The link to download this app is available on the same webpage.

If you are eligible for the First Home Loan Deposit Scheme, CommBank will help you process your application. The scheme helps first home buyers to purchase a home with a low deposit. You can read details about this scheme here and speak with a CommBank home lending specialist to understand your options.

How do you determine which home loan rates/products I’m shown?

When you check your home loan rate, you’ll supply some basic information about your current loan, including the amount owing on your mortgage and your current interest rate.

We’ll compare this information to the home loan options in the RateCity database and show you which home loan products you may be eligible to apply for.

 

Can I get a home renovation loan with bad credit?

If you're looking for funds to pay for repairs or renovations to your home, but you have a low credit score, you need to carefully consider your options. If you already have a mortgage, a good starting point is to check whether you can redraw money from that. You could also consider applying for a new home loan. 

Before taking out a new loan, it’s good to note that lenders are likely to charge higher interest rates on home repair loans for bad credit customers. Alternatively, they may be willing to lend you a smaller amount than a standard loan. You may also face some challenges with getting your home renovation loan application approved. If you do run into trouble, you can speak to your lender and ask whether they would be willing to approve your application if you have a guarantor or co-signer. You should also explain the reasons behind your bad credit rating and the steps that you’re taking to improve it. 

Consulting a financial advisor or mortgage broker can help you understand your options and make the right choice.

Can first home buyers apply for an ING home loan?

First home buyers can apply for an ING home loan, but first, they need to select the most suitable home loan product and calculate the initial deposit on their home loan. 

First-time buyers can also use ING’s online tool to estimate the amount they can borrow. ING offers home loan applicants a free property report to look up property value estimates. 

First home loan applicants struggling to understand the terms used may consider looking up ING’s first home buyer guide. Once the home buyer is ready to apply for the loan, they can complete an online application or call ING at 1800 100 258 during regular business hours.

What is the Home Loan Rate Promise?

The Home Loan Rate Promise is RateCity putting its money where its mouth is. We believe that too many Australians are paying too much for their home loans. We’re so confident we can help Aussies save money, if we can’t beat your current rate, we’ll give you a $100 gift card.*

There are two reasons it pays to check your rate with the Home Loan Rate Promise:

  • You can find out how much you could save on your home loan by switching to a loan with a lower interest rate
  • If we can’t beat your current rate, you can claim a $100 gift card with our Home Loan Rate Promise*