Virgin Money enters Australia’s home loan market

Font size :
In addition to credit cards, insurance, and superannuation, Virgin Money Australia has now started offering home loans through mortgage brokers in the hopes of expanding its services in the country.

“Deposits and broader home loan products are on the road map in the near term,” said Greg Boyle, chief executive of Virgin Money Australia.

The Bank of Queensland subsidiary first started in Australia in 2003 but lost around $14.2 million as it tried expanding in 2011 and 2012. But this time, the lender is taking a page from its tremendous success in the United Kingdom in order to make their home loans profitable.

“The mortgages there (in the UK) have worked really well,” said Virgin founder Sir Richard Branson. “Learning from that and asking lots of questions in Australia, the team has launched this product in Australia.”

The bank’s new home loan offers Velocity frequent flyer reward points to customers on an ongoing basis. Though it might be reminiscent of National Australia Bank’s reward points, Boyle is quick to point out that Virgin’s is different.

“The key point is that it’s an enduring component of our product, not a one-off marketing campaign, which is why we offer points upfront, points on a monthly basis, and points on anniversaries,” he said.

Boyle also believes that Virgin Money can eventually become a major player in Australia’s lending space.

“Customer feedback is very clear. They want Virgin to be a major player in this space, and if we can replicate the success of the Virgin Money UK business, which continues to significantly outgrow the market, then it’s an exciting time for the Virgin Money business,” he concluded.

Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker

Mortgage News and Articles

How to tell when a housing market is cooling How to tell when a housing market is cooling

You need to check clearance rates, listings, and the price gap, among other factors Read more

Growing demand for green apartments in Sydney Growing demand for green apartments in Sydney Both owner-occupiers and investors favour eco-friendly buildings for their energy-saving features and reduced environmental footprint ... Read more

Are property investors as rich as they appear? Are property investors as rich as they appear? A multi-property portfolio doesn’t guarantee easy millions ... Read more

Be proactive about getting a better mortgage deal Be proactive about getting a better mortgage deal Apathy could be costing you a considerable amount of money over the lifespan of your loan ... Read more

More mortgage news and articles

Sponsored Links

Wednesday, Sep 20, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords