Variable rate home loan

Variable Rates from
2.50% p.a.
Comparison rate#
2.67% p.a.

Available for new owner occupied principal and interest loans with minimum 40% deposit and balances of $500,000 or more.

  • Rate discounts based on LVR and loans size for loans with an LVR of 90% or under
  • 100% interest offset
  • Redraw - minimum $100
  • Unlimited additional repayments

Our latest offer

$3,000 cashback offer

Get a little something back with $3,000 cashback38 when you refinance with us. T&Cs apply.

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Property & suburb reports

In the market for your first home, a new home or looking to sell your existing one? We’re here to help. Request your reports online today to get information on what a property is worth and relevant suburb insights.

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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

Features and Benefits

Competitive interest rates

We recognise and reward the value of our customers with discounted variable interest rates based on loan size and loan-to-value ratio.


If you're ahead of your minimum repayments, you can redraw those funds online at any time (minimum redraw amount $100) with no extra charges.

Split borrowings

You can split your borrowings and lock in a portion of your loan with a fixed rate to get repayment certainty over a fixed period. That way you'll have some protection if rates rise during that period, but maintain some flexibility with the variable portion of your loan to make extra repayments or access funds through redraw if things change.

Read more about our Fixed Rate Home Loan

Make every dollar count with mortgage offset

Our Reward Me Home Loan comes with a Home Loan Companion Account that we'll open for you. Every dollar that you keep in this account offsets the interest costs on your variable rate loan, so it reduces the amount of interest you'll have to pay on your home loan and will help you pay it off sooner. Now, that makes perfect sense!

As long as you have a positive balance in this account, you won't be charged any ongoing fees for maintaining it. We'll use this account to debit ongoing fees and charges across your loans and you can use it to make the repayments on your loan.

Read more about our Home Loan Companion Account

Who we lend to

Our Reward Me Home Loan is available for the following purposes:

  • Individual and joint personal applicants, no companies or trusts
  • Multiple applicants and guarantors
  • Applicants with PAYG income
  • Purchase or refinance of residential property
  • Construction of residential property
  • Purchase of vacant land & construction (home & land package)
  • Property improvements (including renovations)
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.

Get ready to apply

Download our checklist to ensure that you have everything ready to make applying for a home loan as easy and quick as possible.

Rates, fees & charges

Interest rates are an important factor in most people's home loan decisions, but often it’s tricky to understand what rate you'll be able to get. Some lenders take a one size fits all approach – meaning you may not get the best fit for you. Others advertise one rate and have a few more hidden in their back pocket....if you know how to ask.

We like to keep it simple and tell it like it is. We also like to recognise and reward your value to us, with discounted variable interest rates based on loan size and loan-to-value ratio. To find out what rate is applicable for you check out our rates and fees summary.

Below is an outline of some key fees applicable to our Reward Me Home Loan.

Key Upfront fees
Application Fee $300
Payable for processing application of your loans. Charged at settlement
Settlement Fee $150
Payable for completing settlement of your loans
Valuation Fee First Valuation – Free
Any further valuation will be charged for. The amount of the fee, will be the fee charged by the appointed Valuer and will vary depending on the location and value of the property.
Ongoing fees after settlement of your loan
Home Loan Fee $10
Charged to each loan account on every repayment date (monthly)

For a full list of all fees and charges that could apply refer to our Lending and Deposits Guide to Fees and Charges.

Download the key fact sheet

Talk to us

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Call us

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.