Making repayments

Here you’ll find information on your regular repayment options; what to do if you'd like to pay more than your minimum monthly repayments; info on redraws, withdrawals and how we calculate interest plus how we may be able to assist you in times of financial need.

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


Making your home loan repayments

You can make your repayments a number of ways and you can let us do the work and debit or transfer your repayments or you may choose to transfer them yourself from an account of your choice. Here you’ll find the options available.

  • Direct Debit

    This is where you authorise us to deduct the repayment amount automatically from your nominated account held with another Australian financial institution, you just need to complete our Direct Debit form and return it to us if it's not already set up or if you'd like to make a change.

    For principal and interest repayments you can choose to make repayments weekly, fortnightly or monthly. You can choose to pay the minimum amount required or you can elect to pay extra if you'd like to pay your loan off sooner (fixed rate loans can't pay more than $10,000 in extra repayments per year).

    For interest only loans, repayments must be monthly.

    Important: To avoid any Dishonour Fees from your other financial institution, make sure you have enough money in your nominated bank account when repayments are due.

  • Funds Transfer from your Companion Account

    If you're using your Companion Account as an offset facility to lower your interest charges, you can arrange for an automatic funds transfer from your companion account to your home loan. (offset facility unavailable with 2-5 year fixed rate loans).

    For principal and interest repayments you can choose to make repayments weekly, fortnightly or monthly. You can choose to pay the minimum amount required or you can elect to pay extra each payment.

    For interest only loans, repayments must be monthly.

    To manage transfers between your Virgin Money accounts, log into the Hub.

    To deposit funds into your Companion Account you can arrange a regular direct debit or electronically transfer funds into the account.

  • Electronic Transfer from your preferred banking account (not available on Interest Only or Fixed Rate loans)

    You can transfer funds from another account you hold with another Australian financial institution to cover your monthly repayment, just use our home loan BSB 122-771 and account number noted on your home loan statement or log into the Hub. Important to note, 122-771 will show as a Bank of Queensland BSB.

    If you set up an automated transfer from an external account it's important to know that should your repayments increase due to a rate rise or an increase in borrowings, you will need to adjust the repayment amount.

    Important: If you can’t cover your minimum repayments? Give us a call (before you miss a repayment) on 1800 312 115 so we can try to work together to meet your obligations under your home loan contract.

  • Making extra repayments

    Making extra repayments can really help you pay off your loan sooner and save on interest. Here's a few ways that you can get ahead of your repayments when you have the ability to do so.

  • Pay weekly or fortnightly

    For principal and interest loans consider making your repayments fortnightly or weekly. We calculate fortnightly repayments by dividing your monthly repayment by two and weekly repayments are your monthly repayment divided by four. So each year you are making an extra monthly repayment and this can save you in interest and cut years of your loan.

  • Increase your regular repayment

    Increasing your regular repayments by even a small amount can save you in the long run in the interest you need to pay and the length of the loan term.

  • Make ad hoc payments

    Put spare cash to good use by making ad hoc home loan repayments whenever you can, you can redraw extra funds should you need them at a later date. If you are a variable rate or 1 year fixed rate customer, you can also make extra deposits whenever you like into your offset facility or home loan to lower your interest charges.

    Use our repayment calculators to see what difference extra repayments can make to your loan

    Important: There's no limit to the amount of extra repayments you can make with a variable rate loan (plus you can redraw if you need the money for something else). If you have a fixed rate loan you can make extra repayments up to $10,000 each year (you do not have access to redraw and please be aware that a fee applies if you go over the $10,000 yearly limit).

Repayment options

  • Principal & Interest

    Your repayments include paying off the home loan amount (the principal), an interest amount plus any monthly fees that are also payable. The payment amount ensures you will repay the full amount borrowed within the agreed loan term.

  • Interest-only

    Your repayments only cover the interest on your home loan excluding the original loan amount borrowed. This option is available for the first five years (10 years for investors) of your home loan, after which time you'll automatically change to ‘principal & interest’ repayments.

    If you have taken out a construction loan, we only require interest only payments during the construction period. Once you have made your final draw down you will automatically be switched to the variable rate loan that you specified in your home loan application.

    Why interest-only: It reduces your repayment amount, making the earlier years of your home loan a bit easier on the wallet.

    Why not interest-only: In the long run, it will cost you more. At the end of the interest only period, you'll still owe the same amount as when you took out your home loan.

Interest charges

Interest charges

We calculate interest daily and charge it monthly to your loan on your billing date.

Interest is calculated on the outstanding balance of your loan at the end of each business day. We then multiply it by the interest rate applicable to your loan and then divide that by 365 days. This figure is then multiplied by the number of days in the month and that amount is charged to your loan.

This is why you may notice the interest amount changing each month, especially if you’re on interest only repayments. As the days in the month change, so does the interest charges.

Hardship Assistance

Hardship Assistance

If you are concerned about your financial position and feel that you are struggling or may struggle to meet your financial commitments, we may be able to assist you.

Find out more