Virgin Money

Reward Me Home Loan (Principal and Interest) ($500k-$750k, LVR 90%-95%)

Advertised Rate

4.62%

Variable

Comparison Rate*

4.77%

Maximum LVR
95%
Real Time Rating™

1.85

/ 5
Monthly Repayment

$1,542

based on $300,000 loan amount for 25 years

Advertised Rate

4.62%

Variable

Comparison Rate*

4.77%

Maximum LVR
95%
Real Time Rating™

1.85

/ 5
Monthly Repayment

$1,542

based on $300,000 loan amount for 25 years

Calculate repayment for Virgin Money product

I'd like to borrow

$

Loan term

years

Your estimated repayment

$1,542

based on $300,000 loan amount for 25 years

MICHAEL KIANG

5.0
7 Reviews

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Pros and Cons

Pros and Cons

  • 100% full offset account
  • Suitable for low deposits
  • Extra repayments and redraw facility
  • Free redraw facility
  • Ongoing fee
  • Discharge fee at end of loan
  • No repayment holidays

Virgin Money Features and Fees

Virgin Money Features and Fees

Details

Maximum LVR

95%

Total Repayments

Next LVR

Interest rate type

Variable

Borrowing range

Suitable for

Owner Occupiers

Loan term range

1 - 30 years

Principal & interest

Interest only

Applicable states

ACT, NSW, NT, QLD, SA, TAS, VIC, WA

Make repayments

Fortnightly, Monthly, Weekly

Features

Extra repayments

Unlimited extra repayments

Redraw facility

Redraw fee: $0

Split interest facility

Loan portable

Repayment holiday available

Allow guarantors

Available for first home buyers

Fees

Total estimated upfront fees

$450

Application fee

$300

Valuation fee

$0

Settlement fee

$150

Other upfront fee

$0

Ongoing fee

$10 monthly

Discharge fee

$350

Application method

Online

Phone

In branch

Specials
  • Cashback $3000 cashback when you refinance.
    Minimum loan size $300k, LVR up to 80%. You will need to open a Reward Me Home Loan Companion account alongside your loan, where the $3,000 cashback payment will be credited within 60 days of settlement.
  • Other Take out a new Virgin Money Home Loan and you could save with our $0 Lenders Mortgage Insurance (LMI) offer.
    Available on eligible new Owner Occupied Principal and Interest purchase only applications received between 24 September 2020 and 29 November 2020 (inclusive) and that settle by 30 May 2021. You will need to contribute a minimum deposit between 15% and 20% of the property’s valuation.

Other Benefits

Velocity Points at Settlement, Monthly and every 3 years

Other Restrictions

PAYG customers only

Pros and Cons

  • 100% full offset account
  • Suitable for low deposits
  • Extra repayments and redraw facility
  • Free redraw facility
  • Ongoing fee
  • Discharge fee at end of loan
  • No repayment holidays

Virgin Money Features and Fees

Details

Maximum LVR

95%

Total Repayments

Next LVR

Interest rate type

Variable

Borrowing range

Suitable for

Owner Occupiers

Loan term range

1 - 30 years

Principal & interest

Interest only

Applicable states

ACT, NSW, NT, QLD, SA, TAS, VIC, WA

Make repayments

Fortnightly, Monthly, Weekly

Features

Extra repayments

Unlimited extra repayments

Redraw facility

Redraw fee: $0

Split interest facility

Loan portable

Repayment holiday available

Allow guarantors

Available for first home buyers

Fees

Total estimated upfront fees

$450

Application fee

$300

Valuation fee

$0

Settlement fee

$150

Other upfront fee

$0

Ongoing fee

$10 monthly

Discharge fee

$350

Application method

Online

Phone

In branch

Specials
  • Cashback $3000 cashback when you refinance.
    Minimum loan size $300k, LVR up to 80%. You will need to open a Reward Me Home Loan Companion account alongside your loan, where the $3,000 cashback payment will be credited within 60 days of settlement.
  • Other Take out a new Virgin Money Home Loan and you could save with our $0 Lenders Mortgage Insurance (LMI) offer.
    Available on eligible new Owner Occupied Principal and Interest purchase only applications received between 24 September 2020 and 29 November 2020 (inclusive) and that settle by 30 May 2021. You will need to contribute a minimum deposit between 15% and 20% of the property’s valuation.

Other Benefits

Velocity Points at Settlement, Monthly and every 3 years

Other Restrictions

PAYG customers only

Virgin Money is available through brokers

FAQs

Mortgage Calculator, Interest Rate

The percentage of the loan amount you will be charged by your lender to borrow. 

Does each product always have the same rating?

No, the rating you see depends on a number of factors and can change as you tell us more about your loan profile and preferences. The reasons you may see a different rating:

  • Lenders have made changes. Our ratings show the relative competitiveness of all the products listed at a given time. As the listing change, so do the ratings.
  • You have updated you profile. If you increase your loan amount, the impact of different rates and fees will change which loans are the lowest cost for you.
  • You adjust your preferences. The more you search for flexible loan features, the more importance we assign to the Flexibility Score. You can also adjust your Flexibility Weighting yourself, which will recalculate the ratings with preference given to more flexible loans.

Mortgage Calculator, Loan Amount

How much you intend to borrow. 

Interest Rate

Your current home loan interest rate. To accurately calculate how much you could save, an accurate interest figure is required. If you are not certain, check your bank statement or log into your mortgage account.

Do other comparison sites offer the same service?

Real Time RatingsTM is the only online system that ranks the home loan market based on your personal borrowing preferences. Until now, home loans have been rated based on outdated data. Our system is unique because it reacts to changes as soon as we update our database.

What do mortgage brokers do?

Mortgage brokers are finance professionals who help borrowers organise home loans with lenders. As such, they act as middlemen between borrowers and lenders.

While bank staff recommend home loan products only from their own employer, brokers are independent, so they can recommend products from a range of institutions.

Brokers need to be accredited with a particular lender to be able to work with that lender. A typical broker will be accredited with anywhere from 10 to 30 lenders – the big four banks, as well as a range of smaller banks, credit unions and non-bank lenders.

As a general rule, brokers don’t charge consumers for their services; instead, they receive commissions from lenders whenever they place a borrower with that institution.

Monthly Repayment

Your current monthly home loan repayment. To accurately calculate how much you could save, an accurate payment figure is required. If you are not certain, check your bank statement.

What is a redraw fee?

Redraw fees are charged by your lender when you want to take money you have already paid into your mortgage back out. Typically, banks will only allow you to take money out of your loan if you have a redraw facility attached to your loan, and the money you are taking out is part of any additional repayments you’ve made. The average redraw fee is around $19 however there are plenty of lenders who include a number of fee-free redraws a year. Tip: Negative-gearers beware – any money redrawn is often treated as new borrowing for tax purposes, so there may be limits on how you can use it if you want to maximise your tax deduction.

How common are low-deposit home loans?

Low-deposit home loans aren’t as common as they once were, because they’re regarded as relatively risky and the banking regulator (APRA) is trying to reduce risk from the mortgage market.

However, if you do your research, you’ll find there is still a fairly wide selection of banks, credit unions and non-bank lenders that offers low-deposit home loans.

Mortgage Balance

The amount you currently owe your mortgage lender. If you are not sure, enter your best estimate.

Mortgage Calculator, Loan Results

These are the loans that may be suitable, based on your pre-selected criteria. 

What is the amortisation period?

Popularly known as the loan term, the amortisation period is the time over which the borrower must pay back both the loan’s principal and interest. It is usually determined during the application approval process.

Mortgage Calculator, Deposit

The proportion you have already saved to go towards your home. 

Does Real Time Ratings' work for people who already have a home loan?

Yes. If you already have a mortgage you can use Real Time RatingsTM to compare your loan against the rest of the market. And if your rate changes, you can come back and check whether your loan is still competitive. If it isn’t, you’ll get the ammunition you need to negotiate a rate cut with your lender, or the resources to help you switch to a better lender.

What is breach of contract?

A failure to follow all or part of a contract or breaking the conditions of a contract without any legal excuse. A breach of contract can be material, minor, actual or anticipatory, depending on the severity of the breaches and their material impact.

How much information is required to get a rating?

You don’t need to input any information to see the default ratings. But the more you tell us, the more relevant the ratings will become to you. We take your personal privacy seriously. If you are concerned about inputting your information, please read our privacy policy.

What is the ratings scale?

The ratings are between 0 and 5, shown to one decimal point, with 5.0 as the best. The ratings should be used as an easy guide rather than the only thing you consider. For example, a product with a rating of 4.7 may or may not be better suited to your needs than one with a rating of 4.5, but both are probably much better than one with a rating of 1.2.

What is bridging finance?

A loan of shorter duration taken to buy a new property before a borrower sells an existing property, usually taken to cover the financial gap that occurs while buying a new property without first selling an older one.

Usually, these loans have higher interest rates and a shorter repayment duration.

How does a redraw facility work?

A redraw facility attached to your loan allows you to borrow back any additional repayments that you have already paid on your loan. This can be a beneficial feature because, by paying down the principal with additional repayments, you will be charged less interest. However you will still be able to access the extra money when needed.

What happens to your mortgage when you die?

There is no hard and fast answer to what will happen to your mortgage when you die as it is largely dependent on what you have set out in your mortgage agreement, your will (if you have one), other assets you may have and if you have insurance. If you have co-signed the mortgage with another person that person will become responsible for the remaining debt when you die.

If the mortgage is in your name only the house will be sold by the bank to cover the remaining debt and your nominated air will receive the remaining sum if there is a difference. If there is a turn in the market and the sale of your house won’t cover the remaining debt the case may go to court and the difference may have to be covered by the sale of other assets.  

If you have a life insurance policy your family may be able to use some of the lump sum payment from this to pay down the remaining mortgage debt. Alternatively, your lender may provide some form of mortgage protection that could assist your family in making repayments following your passing.