Virgin Money today announced it is offering Triple Velocity Frequent Flyer Points for eligible new home loans.
Customers who apply for a Virgin Money Reward Me Home Loan paying principal and interest, with an LVR of 90% or under, between 21 August and 31 October 2017 and settle by 31 January 2018 will now earn 30,000 Velocity Points for every $100,000 borrowed at settlement. For a customer borrowing $500,000, that means they will receive 150,000 Velocity Points after settlement, enough Points for a return flight from Sydney to Amsterdam.
In addition to Points on settlement, the Reward Me Home Loan also offers ongoin rewards for its customers with 1,000 Points per month for each loan split plus 30,000 bonus Points every three years.
This means that on a $500,000 mortgage, borrowers could earn 354,000 Points over six years or 480,000 Points over 10 years. Borrowers can get even more with a Virgin Money rewards credit card and/or the firm's home and contents, life and income protection insurance coverage.
"When we launched our Reward Me Home Loan in May 2016, it was with a strong commitment to ensure our customers felt valued and rewarded for choosing us," said Virgin Money general manager of lending, cards & deposits Johnny Lockwood.
Virgin Money home loans also come with competitive interest rates with variable rates from 3.79% p.a. for owner occupiers paying principal and interest (comparison rate 3.92% p.a.). The 3-year fixed rate if 3.79% p.a. for owner occupiers borrowing $300,000 of more with an LVR of 90% and under paying principal and interest (comparison rate 4.00% p.a.).
"We know that interest rates are one of the biggest consdierations for borrowers in choosing a new home loan. Our Reward Me Home Loan rates are designed to be competitive, which means our customers pay down their loans faster, with the added bonus of receiving Velocity Points which they can turn into amazing life experiences," Lockwood said.
The Reward Me Home Loan is currently sold exclusively through mortgage brokers. Virgin Money has established a national distribution footprint through partnerships with five major aggregators – PLAN, FAST
, Aussie and Choice.