Virgin Money

Reward Me Home Loan Fixed ($300k+) (Interest Only) 5 Years

Advertised Rate

3.89%

Fixed - 5 years

Comparison Rate*

3.74%

Maximum LVR
80%
Real Time Rating™

1.48

/ 5
Monthly Repayment

$1,413

based on $300,000 loan amount for 25 years

Advertised Rate

3.89%

Fixed - 5 years

Comparison Rate*

3.74%

Maximum LVR
80%
Real Time Rating™

1.48

/ 5
Monthly Repayment

$1,413

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

$1,413

based on $300,000 loan amount for 25 years

Based on your details, Virgin Money is available through brokers

MICHAEL KIANG

5.0
7 Reviews

Get expert advice from a home loan specialist.

MICHAEL is a qualified mortgage broker. Request a callback to discuss your home loan needs.

Response time: in a day

Our brokers call during business hours between 9.00am to 6.00pm.

Azm Khan

5.0
43 Reviews

Get expert advice from a home loan specialist.

Azm is a qualified mortgage broker. Request a callback to discuss your home loan needs.

Response time: in an hour

Our brokers call during business hours between 9.00am to 6.00pm.

Gali Alon

5.0
13 Reviews

Get expert advice from a home loan specialist.

Gali is a qualified mortgage broker. Request a callback to discuss your home loan needs.

Response time: in 4 hours

Our brokers call during business hours between 9.00am to 6.00pm.

Pros and Cons

Pros and Cons

  • Split account option
  • Limited extra repayments
  • No redraw and no offset
  • Ongoing fee
  • Discharge fee at end of loan

Virgin Money Features and Fees

Virgin Money Features and Fees

Details

Maximum LVR

80%

Total Repayments

Next LVR

Interest rate type

Fixed - 5 years

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

Yes - limited to $10000

Redraw facility

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 on settlement, monthly, every 3 years

Other Restrictions

PAYG only

Pros and Cons

  • Split account option
  • Limited extra repayments
  • No redraw and no offset
  • Ongoing fee
  • Discharge fee at end of loan

Virgin Money Features and Fees

Details

Maximum LVR

80%

Total Repayments

Next LVR

Interest rate type

Fixed - 5 years

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

Yes - limited to $10000

Redraw facility

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 on settlement, monthly, every 3 years

Other Restrictions

PAYG only

Virgin Money is available through brokers

FAQs

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.

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.

Mortgage Calculator, Repayment Type

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

Why should you trust Real Time Ratings?

Real Time Ratings™ was conceived by a team of data experts who have been analysing trends and behaviour in the home loan market for more than a decade. It was designed purely to meet the evolving needs of home loan customers who wish to merge low cost with flexible features quickly. We believe it fills a glaring gap in the market by frequently re-rating loan products based on the changes lenders make daily.

Real Time Ratings™ is a new idea and will change over time to match the frequently-evolving demands of the market. Some things won’t change though – it will always rate all relevent products in our database and will not be influenced by advertising.

If you have any feedback about Real Time Ratings™, please get in touch.

Mortgage Calculator, Interest Rate

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

Mortgage Calculator, Loan Amount

How much you intend to borrow. 

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.

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.

What is the average annual percentage rate?

Also known as the comparison rate, or sometimes the ‘true rate’ of a loan, the average annual percentage rate (AAPR) is used to indicate the overall cost of a loan after considering all the fees, charges and other factors, such as introductory offers and honeymoon rates.

The AAPR is calculated based on a standardised loan amount and loan term, and doesn’t include any extra non-standard charges.

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.

Remaining loan term

The length of time it will take to pay off your current home loan, based on the currently-entered mortgage balance, monthly repayment and interest rate.

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.

How much are repayments on a $250K mortgage?

The exact repayment amount for a $250,000 mortgage will be determined by several factors including your deposit size, interest rate and the type of loan. It is best to use a mortgage calculator to determine your actual repayment size.

For example, the monthly repayments on a $250,000 loan with a 5 per cent interest rate over 30 years will be $1342. For a loan of $300,000 on the same rate and loan term, the monthly repayments will be $1610 and for a $500,000 loan, the monthly repayments will be $2684.

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.

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 Balance

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

Mortgage Calculator, Property Value

An estimate of how much your desired property is worth. 

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 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.

How can I get a home loan with no deposit?

Following the Global Financial Crisis, no-deposit loans, as they once used to be known, have largely been removed from the market. Now, if you wish to enter the market with no deposit, you will require a property of your own to secure a loan against or the assistance of a guarantor.