| Overview |
|---|
flagFounded: 2003 |
businessOwned by: Bank of Queensland |
monetization_onFunded by: Retail deposits, superannuation and wholesale capital markets |
securityLMI Provider: Genworth |
account_balanceLender type: Bank |
Virgin Money launched in Australia in 2003 offering credit cards and started providing home loans in 2008.
In 2013, Virgin Money Australia was bought by Bank of Queensland.
It is 100% owned by Bank of Queensland and offers a wide range of products like credit cards, home loans, home and contents insurances, travel insurance, car insurance and superannuation.
How do Virgin Money’s home loans compare?
Pros
- Low deposit home loans at 95% LVR
- Accepts multiple units on title
- Competitive interest rates and they occasionally offer cash backs
- Accepts income if you’re working in a family business.
- Also offers home and contents insurance, credit card, etc which is good if you require all the services in one place.
- Their borrowing power is stronger compared to the major banks.
- Accepts self-employed salary
Cons
- No branches and they have headquartered in Sydney.
- Their credit score can be tough for home loans above 80% LVR.
- Non-resident mortgages
- Postcode restrictions around mining towns and high-density apartments.
- Stratum titles
- Company or trust loans
- Serviced, dual key or studio apartments
Virgin Money COVID-19 Update
Virgin Money introduced a Fast Track Hardship Assistance for customers who were affected by Coronavirus. It is applicable for weather events and bushfires.
The relief measures available are:
- Taking a repayment holiday.
- Option to make interest-only repayments.
- Waiver of some fees and charges.
- Special arrangements in relation to arrears.
These assistance measures are assessed on a case by case basis.
Pause on Velocity Frequent Flyer points on a home loan
Due to travel restrictions, there is a temporary pause for redeeming Velocity Frequent Flyer points for new home loans.
You can still redeem Velocity Points under the following scenarios:- You applied for a home loan before 25 May 2020 and the loan settled by 31 August 2020.
- You are an existing Reward Me Home Loan customer.
What type of home loans do they have?
- Reward Me Variable Rate Home Loan: Offers extra flexibility like 100% interest offset and unlimited additional repayments. There are also rate discounts on the loan amount and LVR.
- Reward Me Fixed Rate Home Loan: Offers the ability to rate lock and can revert to discounted variable rate once the fixed loan term expires.
- Construction loan product: Competitive interest rates are available.
- Home Loan Companion account: The account will help to offset the balance against your home loan. There are ongoing fees or minimum monthly balance associated with the account.
$0 LMI offer
From 24 September 2020, eligible customers can get $0 LMI with base LVR between 80.01% to 85%.- Available only for new owner-occupied loans.
- Applications received between 24 September to 29 November and settled by 30 May 2021.
- Purchases only
- No constructions loans
- If you qualify for the $0 LMI offer, then you might also get special discounted interest rates
Self-Employed Salary Scheme
Under Virgin Money’s new policy, self-employed clients will have the following benefits:- Requires 2 payslips OR 3 months’ salary credits + Accountant’s Letter as a substitute.
- All self-salaried income is treated as PAYG.
- Business should be operating over 2 years and salary paid for at least 3 months.
- Does not require any NOAs, tax returns or financials.
Compare Virgin Money to other lenders
Not sure which lender is right for you? Our Home Loan Experts can help!
Talk to our mortgage brokers by calling us on 1300 889 743 or fill in our free assessment form.
