Virgin Money is offering double Velocity Frequent Flyer Points on settlement for eligible new home loans.

Customers who apply for a Virgin Money Reward Me Home Loan with an LVR of 90% or below will now earn 20,000 Velocity Points for every $100,000 borrowed at settlement, if they apply between 5 March and 31 May 2018 and settle by 31 August 2018.

This means a customer borrowing $500,000 will receive 100,000 Velocity Points after settlement, enough Points for a return economy flight from Sydney to Los Angeles+.

Virgin Money’s Reward Me Home Loans are the only home loans in the market to offer Velocity Points on settlement, every month and on regular anniversaries, together with an exclusive combination of offers from other Virgin businesses in Australia.

Virgin Money offers ongoing rewards for customers, including 1,000 Points per month for each loan split, plus 30,000 bonus Points every three years.

On a $500,000 mortgage, borrowers could earn 250,000 Points over 5 years, 430,000 Points over 10 years^ – and even more if they take up other products from Virgin Money including;

• a rewards credit card, which earns Velocity Points on eligible card spend;
• life and income protection insurances, each of which currently offer 25,000 additional Points for new eligible policies;
• home & contents insurance, currently offering 10,000 additional Points for new eligible policies.

In addition to frequent flyer points, Virgin Money offers competitive interest rates, with variable rates from 3.64% p.a.* for owner-occupiers paying principal and interest (comparison rate 3.78% p.a.^^). Variable rates for investors paying principal and interest start from 3.89% p.a.** (comparison rate 4.03% p.a.^^).

Virgin Money’s General Manager, Lending, Cards & Deposits, Johnny Lockwood, said: “Buying a home or investment property is a huge financial commitment. Our Reward Me Home Loans offer competitive interest rates to help borrowers save on interest and own their properties sooner – a primary goal for many Australians.”

“We’re also ensuring our customers can still have some fun along the road to home ownership, with the bonus of Velocity Points that they can turn into amazing family adventures. Our home loans are as competitive as you’d expect, with that Virgin ‘bit more’ that really counts.”

Virgin Money’s home loans are currently offered by over 4,000 mortgage brokers in partnerships with PLAN, FAST, Connective, Aussie and Choice. The lender also takes applications over the phone for borrowers who prefer to deal with Virgin Money directly.