Managing your account

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

  • Using your Offset Facility

    Your Home Loan Companion Account is your offset facility and can be linked to a variable rate home loan or a 1 year fixed rate loan.

    You can use it to drive down the daily interest you pay on your home loan and shave time off its term. Transfer any extra funds you have into this account, you can access the extra funds at any time via the Hub, our online service to manage your accounts.

    Over time, being smart about using your offset facility could add up to big savings: Say for example you have a variable rate home loan for $400,000 and on pay day you have $30,000 in your Companion Account. On that day, the interest you pay is only calculated on $370,000. The longer you leave that $30,000 in your Companion Account (or any amount really) the more you could save in interest over the life of your home loan.

    You can have a separate offset facility for each variable or 1 year fixed rate loan you have a balance on. For example, if there is more than one borrower on the home loan you could split into separate loans and open a Home Loan Companion Account for each borrower so they can take advantage of the 100% offset facility should they wish to pay separately.

    Important: If there is more than one borrower and the loan is split into separate loans all borrowers remain responsible for the overall debt.

    If you are in a fixed rate period (excluding the 1 year rate), you won't be able to offset until the end of that fixed rate period when your loan reverts to a variable rate. However, you can still use our Home Loan Companion Account to make your home loan repayments.

    How to access the account

    To access funds held in your Companion Account you will need to set up your Hub service so you can manage the account online and you can then transfer funds just like any other transaction account.

    Important: always make sure you have enough funds in the account to cover your loan repayments and any other transfers you’ve set up.

  • Redraws and withdrawals from variable rate accounts

    You can withdraw money from your Companion account whenever you like and also redraw any extra funds you have available in your variable rate home loan (which means if you’ve put more than your minimum repayments into your home loan account that bit of extra cash is yours to play with whenever you like).

    You can’t redraw funds from a fixed rate home loan account. To find out what your available redraw balance is log into the Hub.

    To access your available redraw or to withdraw funds from your Companion Account, you will need to log into the Hub, withdrawals are not available via our Customer Care Team.

  • Your statement

    We send everyone (unless you're a joint account holder and you've nominated one person on the loan to receive all correspondence) a home loan statement every 6 months and a Companion Account statement every 3 months.

    The 3 and 6 month period is counted from when your account is open.

    Your statement includes what you might expect from a transactional type statement, including a repayment record, balance, current interest rate, available redraw amount and so on.

    If you've split your loan or have a Companion Account, you'll receive separate statements for each account (so you can easily see what's what).

    Switch to eStatements

    eStatements are here. Now you can easily view and download your statements instantly and securely within the Hub. We’ll send the primary account holder an email alert to notify you when your new statement is ready and then you can login to the Hub to view, print or save your statement.

    To help save on paper, we’d love your permission to turn off your paper statements now that you’ll automatically receive eStatements. Simply login to the Hub today, click on the eStatement tile and change your statement preference to turn off paper statements.

    Need a copy of your statement?

    Give us a call on 13 81 51 and we’ll be happy to send you a copy of your last statement. You can also check your account online anytime by logging into the Hub.

  • Updating your personal details

    It's really important to keep us up to date with your contact details, especially your mobile number and email address should we need to contact you regarding your account including any security issues we may identify. To update your details give our Customer Care Team a call on 13 81 51.

    If you need to change your name, we need you to:

    • Provide a signed written request - please specify your account number and the changes to your name. Request should bear both your old signature and new signature.
    • Provide evidence of your name change – such as marriage certificate, divorce papers or deed poll, change of name certificate issued by the State’s Registry Office of Births, Deaths and Marriages, passport or driver’s licence (please do not send the original – a certified true copy is adequate).

    Evidence must be stamped and signed by Justice of the Peace who is registered on the Justice of the Peace website.

    Post this detail to us at Virgin Money, GPO Box 898, Brisbane QLD 4001.

  • Adding or changing your Velocity Membership Number

    If you need to let us know your Velocity Membership Number or notify us of a change, you can do so by logging into the Hub and sending us a secure email or by giving our Customer Care Team a call on 13 81 51.

    If you need to make a change to your Velocity Membership details, you'll need to go to the Velocity Frequent Flyer website at velocityfrequentflyer.com and log into your Velocity Account with your Velocity Membership Number or give them a call on 13 18 75. If you haven't joined Velocity, don't worry it's not too late. Head to velocityfrequentflyer.com fill in the application form, then let us know your new Velocity Membership Number. It’s important to know that points do not accrue past the first 90 days after settlement, so if you haven't advised us of your number any points earned will be forfeited.

  • Tips to help you save

    Make fortnightly repayments if you can

    Paying fortnightly means you'll effectively be making an extra payment each year, and slowly but surely shaving dollars off your loan balance and time off your loan term.

    If you have spare cash make an extra repayment or ten

    As little windfalls come your way, why not put them to good use and drive down your balance? On variable rate loans, you can access extra repayments via redraw if you need the funds at a later time, meanwhile they are saving you on interest (fixed rate loans can't pay more than $10,000 in extra repayments per year).

    Use your Companion Account – it's your 100% offset facility

    If your home loan's a variable or 1 year fixed rate, consider depositing your salary into your Companion Account and only access the funds when you really need it. As this account is your offset facility, every cent you keep there, counts towards your outstanding home loan balance, and reduces the daily total on which interest is calculated (which means you could save up big over the life of your home loan).