Virgin Money today announced its latest home lending Spring Campaign, offering customers competitive interest rates, such as a three year fixed interest rate of 2.99% p.a. (3.42% comparison rate) as well as increasing their ability to earn bonus Velocity Frequent Flyer Points when they take out a new home loan.
The Spring Campaign entitles new customers to either 100,000 or 200,000 bonus Velocity Frequent Flyer Points on settlement of an eligible new Reward Me Home Loan (terms and conditions apply):
- New customers who borrow between $300,000 - $999,999 will receive 100,000 bonus Velocity Points after settlement; and
- New customers who borrow $1 million or more will receive 200,000 bonus Velocity Points after settlement
These bonus Points are in addition to the rewards Points accrued on settlement, monthly and at regular anniversaries throughout the life of a customer’s Reward Me Home Loan.
Applications must be received between Monday, 2 September and Friday, 29 November 2019 (inclusive) and settle by Friday, 28 February 2020.
The best part about Virgin Money’s latest offer is that customers don’t have to compromise, they can earn big on Points while enjoying a competitive home loan interest rate.
Virgin Money’s home loans are currently offered through over 3,500 mortgage broker partnerships. Virgin Money also takes applications over the phone for borrowers who prefer to deal with the Virgin Money team directly.
Virgin Money is part of the BOQ Group and operates under its banking license.
Example Points calculation
If an Owner Occupier customer making Principal and Interest repayments took out a Virgin Money Reward Me Home Loan for $500,000 (with an LVR of less than 90 per cent), they could lock in a three year fixed interest rate of 2.99 per cent, per annum.
Over the same three year period, that customer would receive 252,000 Velocity Frequent Flyer Points, which is enough Points for two return tickets from Sydney to LA, flying on an Economy Rewards Seat (plus taxes, fees and carrier charges).