Sir Richard Branson announced a major giveaway when he met with brokers in Sydney yesterday to celebrate of the formal re-launch of Virgin Money Australia (VMA) home loans.
Speaking at the intimate event attended by PLAN brokers — who are VMAs launch partners — the founder of the Virgin Group announced a one million Velocity Points giveaway in celebration.
All customers who apply for a Virgin Money Home Loan between 1 June & 31 July, and are approved by 31 August, will have the chance to win a share of one million points.
Branson also unveiled details of the Reward Me Home Loans’ unique rewards program.
“We are delighted to launch Virgin Money’s new Reward Me Home Loan, the first of its kind in Australia,” he said.
“The Virgin Money Home Loan will reward customers with Velocity Frequent Flyer Points on settlement, each month and on regular anniversaries – together with exclusive offers on related Virgin Money products and offers from the other Virgin businesses in Australia.”
Under the program, Reward Me Home Loans customers will earn 10,000 Velocity Points for every $100,000 borrowed at settlement, 1,000 points per month for each loan split, plus 30,000 bonus Points every 3 years.
When it comes to interest rates, the product has a headline rate of 3.99% for owner-occupiers (comparison rate 4.12%) and will offer discounted variable interest rates based on the size of a customer’s borrowings and loan-to-value ratio.
“Australians are well aware of the value their mortgages deliver to lenders. But they do not believe this is always reflected in the service they receive,” VMA CEO Greg Boyle said.
“So we’re doing something about that. Virgin Money’s Reward Me Home Loan will be as competitive as you’d expect – with some very Virgin points of difference that will reward our customers upfront and throughout the life of their loan.”