Home Loans

LVR

LVR is the Loan to Valuation Ratio of your loan. So if you borrow $500,000 and your property value is $700,000, the LVR is 71.4%.

It’s important to know that we will calculate your LVR based on our valuation of the property/s to be used as security for your loan, so the LVR may change based on what you paid for the property or your estimate of the property value.

Principal & Interest Vs Interest-Only

• Principal & interest means you're repaying both the original amount borrowed (principal) and the interest charged.
• Interest-only means that you're only repaying the interest but not repaying any of the principal. You usually agree interest-only with your lender for a period of time before you then switch to 'principal & interest' repayments for the remainder of the loan term.

Visit our Rates & Fees page for more information.

Offset facility 

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

For example: Say you have a $300,000 variable rate home loan linked to an offset facility, 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.

Learn about our Home Loan Companion Account

Rate Lock

Fixed rates can change at any time before you settle your loan (or before your new fixed rate period starts to apply). We offer the ability to 'rate lock' your fixed rate to manage this risk.

Rate lock protects you against any rise in the fixed rate for up to 100 days from the date of your request. A rate lock fee of 0.15% of the loan value) applies. If you are fixing more than one loan, and you request rate lock, a rate lock fee will be charged for each loan.

Fixed rate

A fixed rate is where the interest rate on your loan is locked in for a period of one to five years. This means that for that period you're applicable interest rate will not change (up or down) and allows you can sleep at night because you know exactly what your repayments are. Fixed rates 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 your offset facility and redraw.

If you would like to fix your loan give us a call on 13 81 51 and our Customer Care Team will help you out.

Visit our Rates & Fees page for more information.

Variable rate

A variable rate home loan is a home loan with an interest rate that may fluctuate, varying up and down over time. It means your home loan interest rate can rise or fall over the term of your loan

If you choose a variable rate home loan, you may be able to take advantage of any interest rate reduction over your loan’s term. Conversely, if your home loan interest rate goes up during your loan term, you could subsequently pay a higher interest rate and regular repayment amounts than at the start of your loan term.

This can make budgeting for your interest payments more difficult because you have to take into account potential rate rises during your loan term.

Visit our Rates & Fees page for more information.

Fixed Rate Vs Variable Interest Rate

Choosing between fixed or variable interest rate 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, the rate may be 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...and it could also come down.

With a variable rate you get to use more home loan features like the offset facility, unlimited extra repayments and redraw if you need.

Visit our Rates & Fees page for more information.

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 facility 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 (conditions apply). Important to know that if you split your home loan into two or more separate accounts, each will be charged the monthly account fee.

Learn more about splitting a home loan

Request variations

You can request these types of variations to your home loan via our Customer Care Team on 13 81 51.

• Product switches
• Limit reductions
• Partial discharges 
• Security swaps

Where a customer retains their current account number, trail will continue to be paid to the originating broker on the ongoing loan amount. 

Mortage discharge

If you’re thinking of refinancing your home loan or selling your property, mortgage discharge might be on your radar. It’s the legal process where you close a home loan and a mortgage discharge needs to be registered to legally release your current lender from mortgage obligations.

Visit our mortage discharge page to learn about things to consider first before making your decision.

Missed Home Loan repayment

Let us know straight away by calling 1800 312 115 between 8.30am – 5pm AEST 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).

Find out what options are available to you

Repayment frequency

You can pay monthly, fortnightly or even weekly if you're making principal and interest repayments, you can choose the frequency. If you are making interest only repayments they can only be monthly.

Fortnightly repayments work out to be 50% (weekly 25%) of your monthly contractual repayment. By making fortnightly repayments, you can save a lot in interest charges 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.

Find out more about making repayments

If you have more questions call our Customer Care Team on 13 81 51.

Fixed Loan - Extra repayments

You can pay extra into your fixed loan by electronically transferring funds into your account using your BSB and account number or increase your regular repayments.

You can pay an additional $10,000 per year. If you go over this amount, you may incur break costs.

Find out more about making repayments

If you have more questions call our Customer Care Team on 13 81 51.

Lump Sum repayment

If you come into some extra money you can pay a lump sum into your Virgin Money Home Loan. You can pay any amount off a variable rate home loan, and a maximum of $10,000 each year for a fixed rate home loan. This lets you reduce the original amount borrowed (principal) so you pay less interest over the long haul.

Use our online calculators to see what you could save.

Pay Anyone payment

Pay Anyone payments is a facility within the Hub which allows payments to be made to accounts at Virgin Money or to accounts at most other financial institutions, such as Banks, Building Societies or Credit Unions throughout Australia.

Please note: Pay Anyone payments cannot be made to a Virgin Money credit card.

Accounts into which funds are to be paid must be identified by a BSB and Account Number. Instead, you may make payments to your Virgin Money credit card via BPAY, using Biller Code 49551 and your credit card number as the Customer Reference Number.

Find out more about using your Online Account 

Pay Anyone cut off times

For a Pay Anyone payment request the cut off time is 5.00 p.m. (AEST) on a business day.

* A business day is defined as any day on which the lender is open for business that is also a day on which banks in Melbourne or Sydney are able to effect settlement through the Reserve Bank of Australia.

Payment limits

When you register for the Hub you will be offered a number of Daily Limits Packages to choose from. These will define the daily transaction amount limit for Pay Anyone and BPAY transactions via the Hub.

The daily limits are reset at midnight AEST each day. 

The Daily Limits Package can be set as part of the initial registration, and be effective immediately. You can also choose or change your limits package online. Any increase that is requested online will automatically be applied after 2 calendar days, limit reductions take effect immediately.

The table below shows the limit packages available:

These Pay Anyone and BPAY daily limits are pre-set pairs as outlined above. Pay Anyone and BPAY limits can not be selected separately. For example, $2,500 Pay Anyone and $50,000 BPAY limit is not a valid limit combination. 

Change your limit

The Daily Limits Package can be set as part of your initial registration, and be effective immediately. You can also choose your limits package online using the Hub.

A decrease to your limits package requested online will be effective immediately. An increase requested online will be applied automatically after 2 calendar days. This two day delay is for security reasons. In this two day period we will contact you via the registered email account for your profile to advise that a limit change has been requested.

Users should note that increases to their daily limits package may result in the need for additional authentication using the Virgin Money Token.

If your new Daily Limits Package requires additional authentication, you must call us to have a Virgin Money Token assigned to you if you do not already have one.  

BPay payments to Virgin Money credit cards

Virgin Money credit cards is a BPAY Biller. The Biller Code is 49551 and customers should use their credit card number as the Customer Reference Number when making payments to their Virgin Money credit card.

Find out more about using your Online Account

BPay Cut-off times

For a BPAY payment request the cut off time is 5:00 pm (AEST) on a business day. 

If a bill payment is made before the cut off time (ie. 5 pm) on a business day, the Biller will usually receive the payment on the next business day. If a bill payment is made after this time or on a weekend, the Biller will usually receive the payment on the second business day after the payment was requested.

Please note: A business day is defined as any day on which the lender is open for business that is also a day on which banks in Melbourne or Sydney are able to effect settlement through Reserve Bank of Australia.

Find out more about using your Online Account

Scheduled payments

Monthly scheduled payments that are due to be processed on the 29th, 30th or 31st of a month but the date does not exist in the current month.

Any payment which is scheduled to be processed monthly on the 29th, 30th or 31st will be processed on the last day of the month if the scheduled date does not exist for the current month. For example if a monthly payment is set up to be processed on the 29th of every month, it will be paid on the 28th of February (except in a leap year) as this is the last day of the month. If a payment is scheduled to be paid on the 31st of the month it will be processed on the 30th day of all months which do not have 31 days. This will only occur for monthly scheduled payments.  

Session summary

When you logout of the Hub the session summary may say that you have deleted a payment when all you did was modify it.

When you modify a future dated Pay Anyone or BPAY, the Hub internally deletes the payment and creates a new payment with the same details including the modification. This is the reason why your change is displayed as a deletion and creation.

Find out more about using your Online Account

Transaction history running balance

There is a known issue where if you specify a custom date range the running balance is calculated from zero when it should be calculated from the opening balance for the (from) day. The actual transactions are correct, if you select one of the standard options such as last week, last fortnight etc. the balance will be correct. A fix for this issue will be in place very soon. We apologise for any inconvenience.

Export balance & transaction history

After you complete a Transaction History search in the Hub you will be presented with the option to Export All or Viewed Transaction History. This function allows transaction information to be exported in external file formats for import into all major personal financial management applications.

Please note: You may be required to click 'open' twice when exporting a transaction history. This is controlled by the browser and not the Hub. The settings required vary based on individual customer circumstances - such as your browser settings, security settings or the version and patch level of your browser and operating system.

Find out more about using your Online Account

If you have more questions call our Customer Care Team on 13 81 51.

Statement requested via the Hub

Why does my regular statement include the same transactions as the statement I previously requested via the Hub?

The statement requested via the Hub is a 'snapshot statement'. It includes all transactions carried out since the previous regular statement was issued up to the date of the Hub request.

The 'snapshot statement' will not have any effect on the transactions that appear on the regular statement. The regular statement will include all transactions carried out since the previous regular statement was issued.

Export selected date range

Irrespective of the date range you select, you must first view all of the specified transaction history on the screen before the transactions will be included in your export. To view all your selected transactions continue to click on the 'Next Page' button until the button is disabled (greyed out) or change the list size using the options to the top-right of the search results.

Switch to eStatements

You will automatically have access to eStatements through the Hub and we will send the primary account holder an email whenever a new statement is available. To turn the paper statements off, please log into the Hub click on the eStatement promotion and follow the prompts to manage paper statements. If you have a joint account, each account holder will need to do this before the paper statement is stopped.

Find out more about using your Online Account

If you have more questions call our Customer Care Team on 13 81 51.