$2000 Cashback for New Owner Occupied Principal & Interest Refinance Loans (Minimum $300,000) @ Virgin Money

20

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Store RepPeter MortgageBroker @ Get A Better Rate on 23/04/2020 - 12:49 virginmoney.com.au (214 clicks)
Last edited 15/05/2020 - 10:55 by 2 other users

For a limited time, customers can switch to Virgin Money and receive $2,000 cashback¹ on eligible loans. Here's how its works:

• The $2,000 cashback¹ offer is for new Owner Occupied Principal and Interest Refinance loans

• Applications must be received between 20 April 2020 and 31 July 2020, and settle by 30 October 2020

• $300,000 minimum loan amount and up to 90% LVR (inclusive of LMI)

• For new borrowings only

• Customers will need to open a companion account alongside their loan. The $2,000 cashback¹ payment will be credited to the companion account.

¹ Special limited time $2,000 cashback offer available for new refinance applications received between 20 April 2020 and 31 July 2020 (inclusive) and that settle by 30 October 2020. Offer available on the Virgin Money Reward Me Home Loan for Owner Occupiers with Principal and Interest repayments. Minimum total lending of $300,000. Maximum loan-to-value ratio (LVR) of 90% (inclusive of LMI cap). Not available for the refinance or restructure of existing Virgin Money home loans. Offer can be amended and/or removed at any time without notice. Limited to one $2,000 payment per primary borrower, provided the total amount drawn at settlement across all loans is $300,000. Customers will need to open a Reward Me Home Loan Companion account alongside their Virgin Money Reward Me Home Loan. The $2,000 cashback payment will be credited to the customer’s Reward Me Home Loan Companion account within 60 days of settlement.

#getabetterrate Compare Cashback Offers

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• 

  ShinK0 on 23/04/2020 - 13:13

  Does Virgin Australia going into administration affect this?

  • 

    Store RepPeter MortgageBroker @ Get A Better Rate on 23/04/2020 - 13:15

    @ShinK0 - I have shared some information below directly from Virgin Money.

    AN UPDATE ON VIRGIN AUSTRALIA & THE VELOCITY FREQUENT FLYER PROGRAM

    No doubt you’ve heard that Virgin Australia has entered voluntary administration. We appreciate you might be concerned about what this means for Virgin Money – but you don’t need to be. It’s business as usual for us. Whilst we’re proudly part of the Virgin brand and family, we’re 100% owned by Bank of Queensland. Our business is strong and we’re well-positioned to continue supporting you and our customers.

    • 

      GG57 on 23/04/2020 - 13:21

      Likelihood of being re-branded soon? (not that this would affect this deal)

      • 

        Store RepPeter MortgageBroker @ Get A Better Rate on 23/04/2020 - 13:24

        No idea but this ownership structure has been in place for sometime so I assume unlikely anytime soon.

  • 

    [Deactivated] on 23/04/2020 - 13:16

    Virgin Money (Australia) Pty Limited ABN 75 103 478 897 promotes and distributes the companion account and the home loans as the authorised representative and credit representative of the issuer and credit provider, Bank of Queensland Limited ABN 32 009 656 740, Australian Credit Licence/AFSL 244 616 (the 'Lender').

• 

  JuryWheel on 23/04/2020 - 13:22

  +3

  So what's the rate?

  • 

    Store RepPeter MortgageBroker @ Get A Better Rate on 23/04/2020 - 13:27

    -2

    @cjb rates vary depending on your loan amount and borrowing ratio. All current interest rates are on my website based on your bespoke requirement, alternatively message me what you are looking at and happy to provide the rate which would apply to you.

    • 

      ravzter on 23/04/2020 - 13:56

      Owner Occupied Products Rate Comparision
      Reward Me Variable 4.32% 4.47%
      Reward Me Fixed 2.79% 3.47%

      • 

        cyrax83 on 23/04/2020 - 14:20

        +4

        That seems super high for a variable?

• 

  burningrage on 23/04/2020 - 14:27

  +2

  I would advise avoiding this mob.

  In the last 4-5 interest rates changes, they were the ones who passed the least reduction.

  As an example, there were 2 rate cuts declared in March 2020 (one early March and one mid March), the first one was passed a month later in full (4 April) and the second one was NOT passed at all. The previous cut was passed 22 basis points and the one before this, was 15 basis points.

  The other reason is this lender has a slow response rate. When I asked for renegotiation, the response days were up to 2 weeks. To be fair, they have improved since to 3-4 days which is quite frankly, still slow.

  The account is not PAYID enabled but strangely enough if someone sends you money in the morning, it will be in your bank account by 5pm most of the time.

  It also has one of most onerous daily limit even for BPAY. Not a big problem but when I was paying for a car, I had to do it in installments. Not an easy interface to increase temporary transfer limit.

  According to my previous broker, it is also easy to reject application but I am finding my renegotiation application not that bad other than slow response days.

  • 

    Cupa Bundy Drinker on 23/04/2020 - 14:49

    the first one was passed a month later in full (4 April) and the second one was NOT passed at all
    Our favourite UBank did the same.

  • 

    harry2008 on 23/04/2020 - 15:39

    I am with them and I agree that they are super slow. Expect several weeks for your initial approval (that was pre-covid19). Their risk tolerance is also extremely low so be prepared for a very intensive check and control over your bank accounts and expenses. Their call centre and customer support, however has been good whenever I've tried to contact them.

• 

  L4zz4 on 30/05/2020 - 20:27

  I had a very negative experience from this home loan provider. After a long series of unpleasant and rude responses from their manager called Stephen Porter, I was finally able to move my loan to a proper financial institution.

  • 

    NZ OZ Sam on 05/06/2020 - 19:13

    Referring to this broker or Virgin Money?

• 

  NZ OZ Sam on 05/06/2020 - 19:12

  Is that a broker deal on top of the $2500 cashback virgin money is offering directly? If yes, count me in and would love to know more details please

• 

  El-Rhi on 06/06/2020 - 08:51

  It’s a Virgin Money deal not a broker deal