Virgin Money Enters Australian Home Loan Market

Liz & Richard Branson at the Virgin Money launch on May 26

We are proud to introduce the latest lender in our OneSite lending panel, Virgin Money Home Loans. Liz was lucky enough to be invited to attend the launch on 26th May 2016 and meet Sir Richard Branson in person.

Virgin’s variable rate loan products come with 100% offset account facility, free redraw facility, and just $10/month (3.99% – comparison rate 4.12%. Available for new owner occupied loans with minimum 20% deposit and balances of $750,000 or more).

Customers will be rewarded with Velocity Points on settlement (1,000 points for every $10,000 drawn at settlement), monthly (1,000 points per loan account – during life of loan) and every 3 years (30,000 points whilst holding 1 or more Reward Me Home Loans where total net balance of loans less offset balance >= $50,000).

In addition, customers can boost their Velocity Points balance further by taking advantage of exclusive Virgin Money offers for home loan customers, by bundling other Virgin Money products with their home loan such as a Virgin Money credit card, home and content insurance, income protection insurance and life insurance to accelerate rewards.

They are opening a new segment of lending by allowing owner occupiers to borrow 95% + LMI (capped to 99%) – for purchase only.

Sir Richard also made a surprise announcement at yesterday’s launch that all customers who apply for a Virgin Money Home Loan between 1 June and 31 July (and who are approved by 31 August) will get a chance to win a share of 1 million Velocity Points.