Virgin Money

Reward Me Investment Loan (Interest Only) ($75k-$500k, LVR 80%-90%)

Advertised Rate

3.49%

Variable

Comparison Rate*

3.53%

Maximum LVR
90%
Real Time Rating™

1.85

/ 5
Monthly Repayment

$1,345

based on $300,000 loan amount for 25 years

Advertised Rate

3.49%

Variable

Comparison Rate*

3.53%

Maximum LVR
90%
Real Time Rating™

1.85

/ 5
Monthly Repayment

$1,345

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

$1,345

based on $300,000 loan amount for 25 years

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Pros and Cons

Pros and Cons

  • 100% full offset account
  • Extra repayments and redraw facility
  • Free redraw facility
  • Split account option
  • Ongoing fee
  • Discharge fee at end of loan
  • No repayment holidays

Virgin Money Features and Fees

Virgin Money Features and Fees

Details

Maximum LVR

90%

Total Repayments

Next LVR

Interest rate type

Variable

Borrowing range

Suitable for

Investors

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 Benefits

Velocity Points - at settlement, monthly and every 3 years

Other Restrictions

PAYG only

Pros and Cons

  • 100% full offset account
  • Extra repayments and redraw facility
  • Free redraw facility
  • Split account option
  • Ongoing fee
  • Discharge fee at end of loan
  • No repayment holidays

Virgin Money Features and Fees

Details

Maximum LVR

90%

Total Repayments

Next LVR

Interest rate type

Variable

Borrowing range

Suitable for

Investors

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 Benefits

Velocity Points - at settlement, monthly and every 3 years

Other Restrictions

PAYG only

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Virgin Money is available through brokers

FAQs

Mortgage Calculator, Repayments

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

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.

Mortgage Calculator, Deposit

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

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 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 is the flexibility score calculated?

Points are awarded for different features. More important features get more points. The points are then added up and indexed into a score from 0 to 5.

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 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.

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.

Mortgage Balance

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

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.

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)

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.

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.

What is appreciation or depreciation of property?

The increase or decrease in the value of a property due to factors including inflation, demand and political stability.

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.

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 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, Repayment Frequency

How often you wish to pay back your lender.