Virgin Money has announced a new partnership with AFG, one of the largest mortgage broking groups in the country.
The partnership will see Virgin Money’s home loans added to AFG’s panel of 45 lenders and is expected to significantly enhance Virgin Money’s growth.
Greg Boyle, Chief Executive of Virgin Money, said: “We’re excited to be partnering with AFG, an icon in Australian mortgage broking.”
“Every month, AFG brokers help close to 10,000 Australians find the right home loan. We’re very confident our Reward Me Home Loans will offer AFG’s customers greater choice and a more rewarding borrowing experience.”
Virgin Money’s Reward Me Home Loans are the only ones in the market to offer Velocity Frequent Flyer Points on settlement, every month and on regular anniversaries, together with an exclusive combination of offers and experiences from other Virgin businesses in Australia.
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.)^.
Since its launch just under two years ago, Virgin Money’s home loan portfolio has reached $1.2 billion in settlements via a national distribution network of more than 4,000 accredited mortgage brokers in partnerships with five major aggregators.
Recent enhancements contributing to the strong growth of the Virgin Money business include policy expansions to enable construction, guarantor and self-employed borrowing, the introduction of dedicated case managers and credit coaches, and streamlining turnaround times.
While providing face-to-face service for customers via mortgage brokers remains Virgin Money’s priority, last month it launched a direct sales unit for borrowers who prefer to deal with the lender directly and is now also taking applications over the phone.
Mr Boyle said: “Buying a home is one of the most important decisions in people’s lives. We launched the home loan business to provide greater choice and better value for Australian home owners.”
“We’re committed to helping our customers achieve their home ownership goals and ensuring they feel valued and rewarded for choosing us – not just when they settle, but every day. We’re delighted to see our proposition resonating so well with borrowers across the country.”
AFG General Manager – Broker & Residential Mark Hewitt welcomed the addition of Virgin Money to the company’s panel. “The delivery of choice by mortgage brokers to Australian borrowers is central to a competitive and fair lending landscape.
“AFG’s 2,900 brokers are focused every day on helping Australians navigate their lending options by providing value, choice and competitive lending alternatives. Virgin Money is just such an alternative and AFG is very pleased to have them on board.”
Virgin Money (Australia) Pty Limited ABN 75 103 478 897 promotes and distributes the Reward Me Home Loan as the authorised credit representative of the credit provider, Bank of Queensland Limited ABN 32 009 656 740, Australian Credit Licence 244 616 (the ‘Lender’). The Lender’s standard credit assessment criteria apply. Fees and charges are payable.
* Available for new owner occupied principal and interest loans with minimum 20% deposit and balances of $750,000 or more. See the Virgin Home Loans website for all home loan interest rates.
** Available for new investment principal and interest loans with minimum 20% deposit and balances of $750,000 or more. See virginmoney.com.au for all home loan interest rates.
^ Comparison rate calculated on a loan amount of $150,000 for a term of 25 years and is for secured lending only. For fixed rates, the comparison rate is also based on an LVR of 80% or less. WARNING: This comparison rate applies only to the example given. Different amounts and terms will result in different comparison rates. Costs such as fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.