Virgin Money

Reward Me Home Loan (Principal and Interest) ($75k-$500k, LVR < 60%)

Advertised Rate

2.59%

Variable

Comparison Rate*

2.76%

Maximum LVR
60%
Real Time Rating™

3.58

/ 5
Monthly Repayment

$1,199

based on $300,000 loan amount for 25 years

Advertised Rate

2.59%

Variable

Comparison Rate*

2.76%

Maximum LVR
60%
Real Time Rating™

3.58

/ 5
Monthly Repayment

$1,199

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

$1,199

based on $300,000 loan amount for 25 years

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Pros and Cons

Pros and Cons

  • Interest rates ranked in the best 20%
  • Lower than average interest rate
  • 100% full offset account
  • Extra repayments and redraw facility
  • Ongoing fee
  • Discharge fee at end of loan
  • Maximum loan amount is limited to 60% of the property's value
  • No repayment holidays

Virgin Money Features and Fees

Virgin Money Features and Fees

Details

Maximum LVR

60%

Total Repayments

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

  • Interest rates ranked in the best 20%
  • Lower than average interest rate
  • 100% full offset account
  • Extra repayments and redraw facility
  • Ongoing fee
  • Discharge fee at end of loan
  • Maximum loan amount is limited to 60% of the property's value
  • No repayment holidays

Virgin Money Features and Fees

Details

Maximum LVR

60%

Total Repayments

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

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Virgin Money is available through brokers

FAQs

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.

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.

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 is a valuation and valuation fee?

A valuation is an assessment of what your home is worth, calculated by a professional valuer. A valuation report is typically required whenever a property is bought, sold or refinanced. The valuation fee is paid to cover the cost of preparing a valuation report.

What is the flexibility score?

Today’s home loans often try to lure borrowers with a range of flexible features, including offset accounts, redraw facilities, repayment frequency options, repayment holidays, split loan options and portability. Real Time Ratings™ weights each of these features based on popularity and gives loans a ‘flexibility score’ based on how much they cater to borrowers’ needs over time. The aim is to give a higher score to loans which give borrowers more features and options.

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.

Mortgage Calculator, Repayments

The money you pay back to your lender at regular intervals. 

Savings over

Select a number of years to see how much money you can save with different home loans over time.

e.g. To see how much you could save in two years by switching mortgages,  set the slider to 2.

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.

What factors does Real Time Ratings consider?

Real Time RatingsTM uses a range of information to provide personalised results:

  • Your loan amount
  • Your borrowing status (whether you are an owner-occupier or an investor)
  • Your loan-to-value ratio (LVR)
  • Your personal preferences (such as whether you want an offset account or to be able to make extra repayments)
  • Product information (such as a loan’s interest rate, fees and LVR requirements)
  • Market changes (such as when new loans come on to the market)

How often is your data updated?

We work closely with lenders to get updates as quick as possible, with updates made the same day wherever possible.

Mortgage Calculator, Loan Purpose

This is what you will use the loan for – i.e. investment. 

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.

Mortgage Calculator, Loan Term

How long you wish to take to pay off your loan. 

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.

How will Real Time Ratings help me find a new home loan?

The home loan market is complex. With almost 4,000 different loans on offer, it’s becoming increasingly difficult to work out which loans work for you.

That’s where Real Time RatingsTM can help. Our system automatically filters out loans that don’t fit your requirements and ranks the remaining loans based on your individual loan requirements and preferences.

Best of all, the ratings are calculated in real time so you know you’re getting the most current information.

What is a building in course of erection loan?

Also known as a construction home loan, a building in course of erection (BICOE) loan loan allows you to draw down funds as a building project advances in order to pay the builders. This option is available on selected variable rate loans.

Why is it important to get the most up-to-date information?

The mortgage market changes constantly. Every week, new products get launched and existing products get tweaked. Yet many ratings and awards systems rank products annually or biannually.

We update our product data as soon as possible when lenders make changes, so if a bank hikes its interest rates or changes its product, the system will quickly re-evaluate it.

Nobody wants to read a weather forecast that is six months old, and the same is true for home loan comparisons.

What is a construction loan?

A construction loan is loan taken out for the purpose of building or substantially renovating a residential property. Under this type of loan, the funds are released in stages when certain milestones in the construction process are reached. Once the building is complete, the loan will revert to a standard principal and interest mortgage.

Mortgage Calculator, Repayment Type

Will you pay off the amount you borrowed + interest or just the interest for a period?