When was the last time your bank thanked you?
At Virgin Money, we’re all for giving you something back.
So we’re very excited to announce the upcoming launch of our new Reward Me Home Loans – designed to deliver customers a more rewarding borrowing experience.
Update: Virgin Money Reward Me Home Loans are now available!
In response to consumer research, which told us borrowers often feel under-valued, unappreciated and disempowered in their relationships with lenders, our competitively-priced variable and fixed rate home loans will reward customers with frequent flyer points and exclusive Virgin-branded benefits.
Virgin home loan rewards
In an Australian first, we’ll reward our customers with Velocity Frequent Flyer Points on settlement, each month and on specific anniversaries – together with exclusive benefits on related Virgin Money products and offers from other Virgin businesses including Virgin Australia, Virgin Mobile, Virgin Wines and Virgin Active.
Customers will earn 10,000 Velocity Points for every $100,000 borrowed on settlement, 1,000 Points per month for each loan split, plus 30,000 bonus Points every 3 years.
On a $400,000 mortgage, you could earn 244,000 Points over 6 years, 370,000 Points over 10 years* – or more if you choose to take one of our rewards credit cards (which earn Velocity Points on card spend) or our home & contents, life and income protection insurances (each of which offer 10,000 additional Points).
Our CEO, Greg Boyle, said: “Australians are well aware of the value their mortgages deliver to lenders. But they don’t believe this is always reflected in the service they receive. So we’re doing something about it. Virgin Money’s Reward Me Home Loan will be as competitive as you’d expect – with some very Virgin points of difference that reward our customers upfront and throughout the life of their loan.”
We’re also going to offer discounted variable interest rates based on the size of a customer’s borrowings and their loan-to-value ratio. We’ll publish our interest rates and the discounts available on our website.
Greg Boyle said: “Not everyone knows that home loan interest rates are often negotiable. Others might not be comfortable to ask. Some lenders take advantage of that. We’re all about transparency and recognising value. Simply by visiting our website, customers will know exactly what rate discount they’ll be entitled to, based on their borrowings. We’re rewarding customers for not only bringing us more business but also for the level of savings they have made for their deposit.”
We’re taking a stand against jargon, hidden charges and broken promises too. Instead, we promise to be straight up and keep it simple. Now that all makes perfect sense.
Our home loans will initially be sold through mortgage brokers. Once we launch, you’ll be able to find your nearest, accredited broker on our website, using our online Find-a-Broker tool.
We’re planning to start taking applications in May 2016. Our website will be updated with all the details then too.
Velocity Frequent Flyer General Manager Commercial Partnerships, Jeroen van Son, said: “Velocity has a global network of more than 600 destinations and we look forward to opening up travel to Virgin Money customers taking out a home loan. Velocity has been continually recognised for its exceptional reward seat availability and is always committed to bringing genuine and unique rewards to its members.
We hope you’ll check back with us then so that we can show how rewarding a home loan should be.