Virgin Money Reward Me Home Loan Will No Longer Be Eligible to Earn Velocity Points

• 

  WoodYouLikeSomeCash on 04/10/2024 - 11:36

  Would that be legal? Part of the reason I signed up to the Virgin Money Reward Me Home Loan was for the collection of points so it is very disappointing to hear that I'll no longer receive the benefits that I thought was promised for the life of my loan.

  As long as they provide notice, it is perfectly legal and in line with their terms and conditions to withdraw an offer at anytime (in the same way banks can adjust features or change interest rates by giving notice).

  For an alternative you could look at a Qantas home loan which offers Qantas points every year. It is important to note however you will likely be paying more by having your home loan with Qantas/Virgin as generally the interest rate or fees are higher compared to comparable banks to compensate for the points they’re giving you.

  ---

  Customers who have an existing Reward Me Home Loan or who applied before 25 May 2020 and settle by 31 August 2020 earn:

  Did you apply and settle your loan prior to 31st August 2020?

  • 

    Magicmagic on 04/10/2024 - 11:47

    Thanks. I might have to look at changing banks if that is the case. I'll consider Qantas and hopefully there are some good deals out there.

    Yes - had my loan settled before 25 May 2020

    • 

      WoodYouLikeSomeCash on 04/10/2024 - 12:05

      Virgin Money has removed Velocity Points on all new home loans.

      If you applied prior to 25 May 2020 and your home loan settles by 31 August 2020, you will still earn Velocity Points1 upfront, ongoing and on anniversaries. Existing Reward Me Home Loan customers are not impacted and will continue to earn Velocity Points1.

      You shouldn’t be impacted by the change then.

      Provided you do not:

      make a material change to you loan including a restructure and/or opening a new loan account on or after 25 May 2020

      • 

        SmiTTy on 05/10/2024 - 07:37

        OP was eligible and has been receiving it since then. Now they're changing the offer

• 

  KangaDrew on 04/10/2024 - 12:22

  +2

  Typical bait and switch. Vote with your feet and move your home loan elsewhere.

• 

  jv on 04/10/2024 - 12:33

  Virgin Money Reward Me Home Loan Will No Longer Be Eligible to Earn Velocity Points

  So ironically, Virgin Money customers are being screwed….

• 

  soan papdi on 05/10/2024 - 16:25

  What's the interest rate you have now? That's literally the only thing that matters.