Get 100,000 or 200,000 Velocity Points With an Eligible Home Loan @ Virgin Money (eg. ~2.99% Own. Occ. Loan Fixed 3 years)

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whyisave on 09/10/2019 - 16:21 virginmoney.com.au (240 clicks)
Last edited 09/10/2019 - 17:03 by 1 other user

Please read the fine print for this promotion, at the official "Virgin Money Home" web-site.

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Receive 100,000 bonus Velocity Points after settlement when you borrow between $300,000 and $999,999.

If you borrow $1,000,000 or more, you’ll earn 200,000 bonus Velocity Points.

Plus 10,000 Velocity Points for every $100,000 drawn on settlement
On top of your bonus Points you’ll also get 10,000 Velocity Points per $100,000 drawn on settlement.

Enjoy 1,000 Points per month per loan account, plus 30,000 anniversary Points every 3 years.

Features:

• Competitive interest rates
  We recognise and reward the value of our customers with discounted variable interest rates based on loan size and loan-to-value ratio.

• Offset account
  Our Reward Me Home Loan comes with a Home Loan Companion Account that we'll open for you. Available on our variable and 1 year fixed rate loans.

• Split borrowings
  You can split your borrowings and lock in a portion of your loan with a fixed rate to get repayment certainty over a fixed period.

• No application fees
  There are no application fees on our variable rate loan. For other key fees and charges applying to your loan, refer to our Fees and Charges section below.

• Redraw
  If you're ahead of your minimum repayments, you can redraw those funds online at any time (minimum redraw amount $100) with no extra charges.

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Virgin Money

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  pyramid on 09/10/2019 - 16:27

  +2

  OP features in the post are not matching with title.

  title: Loan Fixed 2 years

  There are no application fees on our variable rate loan.

  Offset account - Our Reward Me Home Loan comes with a Home Loan Companion Account that we'll open for you. Available on our variable and 1 year fixed rate loans.

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  countmein on 09/10/2019 - 16:30

  Couldnt find LVR on their website as well

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  bohn on 09/10/2019 - 16:42

  +2

  Is it the best time to be getting into a fixed loan ..

  • 

    sigplay on 09/10/2019 - 16:53

    I was thinking the same thing but I read somewhere that there might be a further rate reduction by the end of the year? Not sure though how likely that is

  • 

    whyisave on 09/10/2019 - 17:32

    Variable used to be better, when you didn't know if the rates would rise or not.

    Since, EVERYONE is tipping rates to hit zero, it's better to go variable nowadays,
    but you only get the FULL benefits of a interest rate drop, IF the rate cut is passed in full to you.

    Sometimes, as a new customer, you get the best deal, but the longer you are with them, the more the companies neglect you.

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  cheaponos on 09/10/2019 - 17:03

  Would want to consider worth of points compared to savings from further rate decrease(s).

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  julioj on 10/10/2019 - 22:51

  +1

  I recently went with Virgin on a similar deal (not as generous with the points) but I have to warn anyone using them that they are slower than a wet week. Glacial is generous. It's my first property and had an incredibly stressful time finding out how slow these people are. They spent 4 weeks asking for various forms of ID and proof of deposit (why not ask for it all at once?) then it was excruciatingly slow getting the loan docs out of them. Settlement nearly scuppered because according to one person I hadn't opened an account with them yet, despite having been contacted a week before and submitted the forms to them. Extremely poor internal communication. Bizarre system of dealing with documents which they've urgently requested but then take no urgent action on as it seems to go into some communal inbox which is then dealt with in order?! I was saved by my conveyancer who was skilled in the art of making these work shy banks actually do something and got me over the line at the last minute. Apparently 7 weeks isn't enough for these guys to sort out a loan.

  I cannot recommend Virgin if you're in a hurry.

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    greenie on 10/10/2019 - 23:11

    Virgin Money is owned by BOQ so I'm not surprised about your experience.