You can use this account to make your loan repayments and any funds in this account will be used to offset interest costs against your nominated variable or 1 year fixed Reward Me Home Loan to help you save on interest. We will also use this account to manage the payment of fees and charges related to your home loan. As long as you have a positive balance in this account, we will not charge you any ongoing fees for maintaining it.

Features of our Home Loan Companion Account

Our Home Loan Companion Account is a simple account designed primarily for offsetting against your home loan balance but also to assist with settlement of your loan:

  • no ongoing fees
  • no minimum monthly balance
  • free funds transfer and BPAY
  • free Pay Anyone payments
  • free Direct Credits to the account
  • free Direct Debits
  • ability to offset interest costs against your nominated variable rate or 1 year fixed rate loan

This account currently does not have card access – but we hope to make this feature available to you in the near future.

If you need any further information, you can find it in our Terms and Conditions or call our Customer Care team on 13 81 51.

Mortgage Offset

One of the benefits of choosing our Reward Me Variable Rate or 1 year Fixed Rate Home Loan is that you can make every dollar count by offsetting funds against interest costs on your home loan. Every dollar that you keep in your Home Loan Companion Account reduces the amount of interest you'll have to pay on your linked home loan and will help you pay it off sooner. Now, that makes sense!

Here's how it works

  • The daily interest on any positive balance in your Home Loan Companion Account will be calculated using the annual percentage rate applying to your loan that is linked to the Companion Account
  • The daily interest earned on any positive balance in your Home Loan Companion Account will then be offset against the daily interest charges on your loan that is linked to the Companion Account

The benefit:

  • You will reduce the amount of interest you pay on your home loan and may also pay your loan off sooner.

You don't need a minimum balance in your account however the more you have in your account the greater the amount that will be offset against your linked home loan.

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 and we will use the account to debit any fees and charges that apply across your loans.

Fees and Charges

There are no ongoing fees and charges as long as you maintain a positive balance on your Home Loan Companion Account. You can find all the fees that could be charged on the Home Loan Companion Account here.

Interest Rates

Interest is not charged on our Home Loan Companion Account. If using the account for interest offset, we will calculate interest on the balance in your offset account at same interest rate as your linked Reward Me Home Loan and then offset this amount against the interest we charge on that home loan.

If your Home Loan Companion Account is overdrawn, an interest rate of 17.70% pa applies on the amount overdrawn. We will calculate interest daily and charge monthly on unauthorised drawings to the Home Loan Companion Account.

Financial Claims Scheme (Government Guarantee)

Under the Financial Claims Scheme (FCS) the Australian Government guarantees certain deposits up to $250 000 held with an authorised deposit-taking institution (ADI). Virgin Money Australia is a division of Bank of Queensland Limited, and as such, qualifying deposits placed with Virgin Money Australia are covered under the government guarantee provided to Bank of Queensland Limited (the ADI).

The FCS limit applies to the sum of an account-holder’s deposits under the one banking license.

To find out more information about the Financial Claims Scheme please click here.

Bundle your home loan with even more benefits

At Virgin Money we love creating great deals! Enjoy exclusive rewards as a home loan customer across a selection of our insurance and credit card products. Find out how your Velocity Points can add up even more.

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Virgin Money Home Loans - Download our Product Essentials Guide

Product Essentials Guide

Download our little features and benefits guide and have it handy when you meet with a broker to discuss your home loan needs

Download Reward Me Home Loan (Variable) Product Essentials

Download Reward Me Home Loan (Fixed) Product Essentials

Download Construction Loan Product Essentials

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Learn more about home loans

Why Virgin Money Home Loans?

We thought it was time Virgin Money shook up the home loan market. So we created a home loan that works hard for you in many ways:

At last, a home loan that rewards me

When was the last time your bank thanked you? Our Reward Me Home Loan is all about giving our customers something back. Rewarding our customers for their loyalty with Velocity Points along the way, exclusive Virgin Money bundle offers just for home loan customers and as part of the Virgin family you'll also have access to other great benefits across the Virgin group as well.

We recognise your value

We like to recognise the value of our customers, that’s why we offer discounted variable interest rates based on loan size and loan-to-value ratio.

We'll tell it like it is

We're taking a stand against jargon, hidden charges and broken promises. So we're not going to bamboozle you with information. Instead we promise to be straight up and keep it simple.

We're small enough to be different with a bank by our side

We're a well-known & trusted brand established to shake up the market and provide a real alternative to the Big 4 Banks. By teaming up with Bank of Queensland, one of Australia’s leading regional banks, we offer stability and solidity, along with Virgin’s renowned ability to do things differently and better.

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If you’re ready to apply for a Reward Me Home Loan please call us on 13 81 51
We’re available Monday to Friday 8am – 6pm (AEST) excluding public holidays.

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