Home Loans
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Interest rates
View our latest interest rates in PDF format.
FAQs
Find out more about Virgin Money Home Loan's features.
Existing Virgin Money Customers FAQs.
| Repayments, extra repayments and lump sums. | Rates – fixing, splitting and more. |
| Looking after or changing your home loan. | About a few home loan features. |
| Feedback and complaints. |
|
Rates – fixing, splitting and more.
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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.
- 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.
-
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.
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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.
- 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.
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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).
- A. Multiple (or split) home loan accounts help you structure your home loan in the way that
suits you best.
