Existing Virgin Money Customers FAQs
Managing home loans
About a few home loan features
For example: Say you have a $300,000 variable rate home loan linked to an offset, which has a balance on payday of $10,000. For that day, you’ll only get charged interest on $290,000.
So you could use an offset to save money and shave years off your home loan.
Repayments, extra repayments and lump sums
- Fortnightly repayments - the first payment is due on the third Friday after settlement.
- Monthly repayments on loans settled before the 15th of the month - the first repayment is due on the first business day of the next month. Monthly repayments on loans settled after the 15th of the month - the first repayment is due on the first business day of the second month after settlement.
Fortnightly repayments work out to be 50% of your monthly contractual repayment. By making fortnightly repayments, you can actually save a decent amount of cash and really cut the term of your loan down to size.
The way it works is that over the course of one year, you’re in effect making an extra monthly repayment, which brings down your balance and reduces the interest payable.
Use our online calculators to see what you could save.
- Direct debit from your preferred bank account (fortnightly repayments happen on Fridays).
- Pay it straight from your salary.
- Electronic transfer from your preferred banking account.
- Transfer from your offset account (variable home loans only).
To find out more or change the way you’re making home loan repayments, give us a call on
You can pay an additional 5% per year on the balance initially fixed. If you go over this amount, note that you may incur break costs.
Give us a call on
- If you're a joint borrower it can be in the other person's name.
- If you're an individual borrower it must be in your name only.
- If it's a company borrower the account to be debited may be in the director's name.
You can pay any amount off a variable rate home loan, and a maximum of 5% of the original fixed amount each year for a fixed rate home loan.
Looking after or changing your home loan
- At ATMs, the maximum is $1,000.
- Using EFTPOS (including cash out), it’s $2,000.
Rates – fixing, splitting and more
If you are thinking about fixed rates, remember that if you fix the entire loan you may have to sacrifice flexible features like the free offset, extra repayments and redraw.
With a variable rate you are affected by the Reserve Bank and market changes, so your rate could go up...but it could also come down.
With a variable rate you get to use more home loan features like the offset account, make interest-only repayments, take a repayment holiday if you need and more.
To figure out what best suits your needs and circumstances, talk to a financial advisor.
So for example you fix a portion of your home loan so that you've got some certainty about your repayments, and have another portion in a variable home loan account with an offset that your salary gets paid into (which would let you drive down a portion of your interest by putting your salary to use before you spend it).
Plus you can choose between principal & interest and interest-only repayment options.
With a Virgin Money Home Loan you can have up to five separate home loan sub-accounts (only two at pre-settlement, but you can sort the rest out as soon as you settle your Virgin Money Home Loan).
Feedback and complaints
- email email@example.com
- write to Virgin Money Home Loans, GPO Box 4294, SYDNEY, NSW 2001