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.

Companion Account funds transfer

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.

Transfer from your preferred bank

You can transfer funds (not available on Interest Only or Fixed Rate loans) 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.

Weekly or fortnightly payments

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 payments

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).


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