Virgin Money has relaunched its home loan range.
To celebrate the launch of the Reward Me Home Loan they’re giving away 1 Million Velocity Points.
For your chance to win 1 of 10 x 100,000 Velocity Points prizes:
* Apply for a Virgin Money Reward Me Home Loan between 1 June to 31 July 2016
* Formal approval required by 31 August 2016
* Have a Velocity membership
Referees will receive 5,000 Virgin Money Points when they open their first Virgin Money Go Account before 31 January 2024 and meet the Welcome Offer Bonus Points Criteria (1 debit card purchase/direct debits/BPAY transaction in the first 30 days).
Referrer will receive 5,000 Virgin Money Points for each referee who meets the Welcome Offer Bonus Points Criteria, for up to 5 referees in a month.
If it were only 100,000 points we'd agree with you ;)
We feel this offer is aimed at premium borrowers (making a min. of $75-100kp.a. borrowing $750K+). For someone who fits into that category you could realistically receive over 500,000 points over the course of the next 10 years with a pretty standard Virgin Money Reward Me home loan bundled with one of their Velocity High Flyer Cards. We modelled the scenario here using the calculator located here.
If you're not presently a Velocity High Flyer card customer you could probably qualify for 50,000 bonus Velocity points (in addition to whatever other benefits you may receive) when you sign up using one of the present promos (like this one). We also made a post (located here) on some of the interesting benefits these products bring to premium borrowers looking to accrue points. For strong applicants the ability to get further waivers and discounts (above what is listed) also makes this a sweet deal. Naturally YMMV, but if you fit the customer profile these products offer a lot more than a typical bank loan would in terms of benefits.
Hope this helps.
Just 100000 velocity points to change home loans? nah. too little.
You can get this sort of bonus by just applying for a credit card!