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.

Why Virgin Money Home Loans?

Whether you’re in the market for your first home, upgrading to a bigger one, or looking to save interest on your existing home loan, keeping more money in your back pocket is as important as ever.

You could be financially better off – now, and in the future. Meaning more for you and more for your home.

You’ll experience:
  • An award winning home loan with some of the lowest interest rates we’ve ever had
  • Transparency & simplicity about our rates so you don’t feel like you’re missing out on a better deal. It’s simple: the bigger your deposit and/or loan, the bigger discount you’ll receive. We call it the value exchange
  • The ability to redraw additional repayments from your variable loan at any time (minimum redraw amount $100)
  • A companion account on variable rate and 1 year fixed rate loans that’ll help to offset your loan balance and reduce your interest
  • Discounts on a range of Virgin Money products and exclusive offers from our Virgin Group pals (yep, that means wine, workouts and more)
You might be keen to know that:
  • You can talk to your broker, or us – whatever works for you
  • You’ll get the same awesome service every time you need to pick up the phone, with our Customer Care Team located right here in Australia
  • We’re 100% owned by Bank of Queensland, one of Australia’s leading regional banks, so you can feel confident that we’re here to support you for the long-term
Get started today

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.

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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.