Making changes to your account

For most changes to your home loan just give us a call and we'll discuss your options with you and should you wish to proceed we'll send you out a few bits and pieces that you'll need to read, sign and send to us before we can make things official.

Important: Information contained on this page relates to the Virgin Money Reward Me Home Loan and Companion Account only. For assistance with any other loan please see our FAQs

  • Changing to a fixed rate loan

    Fixed rate loans give you certainty on what your repayments will be for the time you select by allowing you to lock in a rate for a period of 1 to 5 years. You can opt to then convert to a new fixed rate period at that time (we'll notify you 5 weeks before expiry) or your loan will automatically revert to the variable rate applicable at that time.

    A negative is that you cannot change the loan in any way during that fixed rate period or you may have to pay break costs and these can be substantial.

    You will also lose access to any redraw you have available and your offset facility is only available for 1 year fixed rates.

    You may want to consider hedging your bets and splitting your loan into two or more separate loans so you leave an amount variable where you will have access to redraw and offset. We can’t give you any advice here and you’ll need to consider your current circumstances when making your decision.

    You can convert any variable rate loan to a fixed rate loan at any time. A switching fee does apply. If you would like to change your loan or have any general questions our team will be happy to assist so give them a call.

    Locking in your Fixed rate

    Fixed rates can change at any time. The rate you apply for either as a new loan or to switch from a variable to a fixed rate is not guaranteed, if you do not lock in the rate at application you’ll receive the fixed rate applicable on the date your loan settles or is converted to a fixed rate.

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

  • Splitting your loan

    When you applied for your home loan you may have chosen to split it into two separate accounts to take advantage of different kinds of features, like fixed and variable interest.

    How it works

    Here’s one way you could split, based on a $450,000 home loan for an investment property (this is an example only, and we’re not suggesting this as the preferred way to manage your home loan – it’s up to you to decide what you want and where you want it):

    • $200,000 in a fixed account for five years where you’re paying interest-only (to help in those early years of the home loan).
    • $100,000 in a fixed account for three years (so you’ve got repayment certainty).
    • $150,000 in a variable account attached to your 100% offset facility (and with your tenant’s rent paid directly into the offset, the daily interest payable on the variable split of the home loan goes down – which could spell big savings over the life of the loan).

    Important: If when you settled you chose a fixed interest rate for 100% of your home loan, you can change it to have a variable rate loan at anytime, however you may pay a break fee. Break fee costs can be substantial so it's important that you understand them fully before you make a decision to change your loan.

  • Increasing your original home loan amount

    Need some extra cash to fund renovations, consolidate debts or buy that new car?

    If this sounds like you, you can request a loan increase on your Virgin Money Reward Me Home Loan

    How it works

    • Generally your home loan must be for less than 80% of your property's value,
    • Any request for extra funds will require a full credit assessment
    • We may need to organise a new property valuation (which means we'll pass on the valuer's fee to you).
    • Depending on the state you live in, you may need to pay Mortgage Stamp Duty on the increase amount.
    • If you're requesting an increase within the first 12 months of your home loan, a full application will be required.

    What to do

    Talk to your broker to get the ball rolling. Once they have submitted your application and we've confirmed all is as it should be we'll send you a few things which you'll need to sign and send back to us before we can make it official.