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FAQs
Find out more about Virgin Money Home Loan's features.

Existing Virgin Money Customers FAQs

Features

Repayments

Managing home loans

Rates

Feedback

About a few home loan features


Q. How can I use my deposit card? A. You can use it at any Australia Post outlet to put money in your home loan account. If depositing a cheque, it must be made payable to one or all borrowers. On the back of the card you’ll find your loan account’s BPAY® details – which you can use to transfer money to your loan account from any participating bank, building society or credit union.

Q. What's an offset and why would I use it? A.

It's an everyday transaction account connected to your home loan. How it works is that every cent you have in an offset reduces the daily balance upon which interest is calculated. Some people put their whole salary in the offset, and withdraw it when needed.

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.

Q. Does an offset work like a normal bank account? A. Yes. You can do all the usual things like pay by EFTPOS, get money out of an ATM, pay bills or write cheques. The bonus is simply that it's linked to your home loan and helps you drive down interest payable (i.e. save money!).

Repayments, extra repayments and lump sums


Q. When is my first repayment due? A.

It depends on the repayment frequency you’ve chosen, and with monthly repayments, the day of the month you settle.

- 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.

Q. How do I figure out my monthly repayment figure? A. If you know your rate, our repayment calculator can be used as a rough guide.

Q. Should I pay monthly or fortnightly? A.

It's up to you, but you can only have this flexibility if you're paying off the principal and interest.

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.

Q. How do I make repayments? A. You've got a few options to choose from:

- 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 1300 948 000 - 8.30am-6pm ESDT Mon-Fri.

Q. I have a fixed rate loan and want to know more about extra repayments. A. You can pay an additional 5% per year on the balance initially fixed. The year is measured from the date you pay in some extra cash and not from the date you fixed the loan. Make sure you don’t go over that 5%, as you may incur break costs.

Q. How do I put extra money into a fixed rate loan? A.

You can pay extra into your fixed loan by tacking on the extra $$ to your current direct debit repayment, call us on 1300 948 000 8.30am-6pm ESDT Mon-Fri and we can arrange it for you.

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.

Q. Can I do a direct debit on a non-scheduled day? A.

If making principal and interest repayments, yes. But we can only do this for you on a Friday.

Give us a call on 1300 948 000 between 8.30am – 6pm ESDT Monday to Friday and we can arrange the extra payment over the phone.

Q. Can I set up a direct debit from an account not in my name? A.
- 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.

Q. What if I want to pay a lump sum off my home loan? A.

If you come into some extra cash you can pay a lump sum off the variable rate portion of your Virgin Money Home Loan. This lets you reduce the original amount borrowed (principle) so you pay less interest over the long haul.

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.

Q. What happens if I miss a home loan repayment? A. Let us know straight away by calling 1300 948 000 between 8.30am – 6pm ESDT Monday to Friday. And if you're worried you might have trouble making ongoing payments, it's important that we work together to help you meet the obligations under your home loan contract as you may also incur penalty fees (so please don't be a stranger).

Q. What if I need a short-term break from repayments? A. You can take a repayment holiday if you have a variable or split rate home loan. To find out more or apply for a repayment holiday, call us on 1300 948 000 between 8.30am – 6pm ESDT Monday to Friday.

Looking after or changing your home loan


Q. I want to fix my loan. What do I do? A. You'll need to complete a fixed rate request form, so give us a call on 1300 948 000 between 8.30am – 6pm ESDT Monday to Friday and we’ll send or fax you one. Then just fax the completed request form back to Customer Care on 1800 707 321 (or if you are outside Australia +61 2 9395 5564). Please call the team on 1300 948 000 to make sure your request has been received (as we’d like to ensure your loan is updated ASAP).

Q. Am I able to apply for additional deposit cards? A. Yes. Call us on 1300 948 000 between 8.30am – 6pm ESDT Monday to Friday.

Q. Is there a daily limit on my debit card? A. Yes. The total daily withdrawal limit for all debit cards for your loan is $3,000:

  • At ATMs, the maximum is $1,000.
  • Using EFTPOS (including cash out), it’s $2,000.

Q. What number do I call to activate my debit card? A. Call us on 1300 948 000 - 8.30am-6pm ESDT Mon-Fri.

Q. Can I link my debit card to more than one account? A. Yes, providing the account is under the same facility.  The debit card is automatically linked to the offset account. This will be the ‘savings option’ at the ATM and EFTPOS terminal. You will need to select ‘cheque option’ to access funds from the home loan account if redraw funds are available.

Q. What are General Consent Fees? A. This is incurred if you ask for the lender's OK to make some changes to your home loan contract – like a top up on what you borrow, a second mortgage, or you may want to sub divide your block of land.

Q. How often can I redraw? A. You can redraw as often as you like, as long as you have the money in the home loan, the lender agrees and you still pay off your loan in the agreed time through regular repayments.

Rates – fixing, splitting and more


Q. What's a fixed rate? A.

That's where the interest rate is locked in for three or five years. It means you can sleep at night because you know exactly what your repayments are, but your rate could be higher (at least initially) than the variable rates on offer.

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.

Q. What's a comparison rate? A. The interest you pay on the home loan is just part of the cost. A comparison rate gives you the true picture once all the known ongoing, up-front and other fees are factored in (including those honeymoon rates and hidden costs some lenders sneak in). The intention is to provide you with a fair figure so you can compare apples with apples between home loans.

Q. What's better, a fixed or variable interest rate? A.

It really depends on what suits you best. Fixed rates give you certainty so you know exactly what your repayments are going to be during the fixed period, but the rate is a little higher than the variable rate.

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.

Q. What's the point of multiple or split home loan accounts? A.

Multiple (or split) home loan accounts help you structure your home loan in the way that suits you best.

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


Q. How do I give feedback or make a complaint? A. If you're unhappy or you have something else to say, please get in touch with our Customer Care Team ASAP:

  • call 1300 948 000 between 8.30am – 6pm ESDT Monday to Friday
  • email expert@virginhomeloans.com.au
  • write to Virgin Money Home Loans, GPO Box 4294, SYDNEY, NSW 2001

 

Existing Virgin Money Home Loans are managed & serviced by Macquarie Bank Limited ABN 46 008 583 542 & Macquarie Securitisation Limited ABN 16 003 297 336.