Virgin Money has recently revealed its new mortgage product called Reward Me Home Loan, which will reward customers with Velocity Frequent Flyer Points and exclusive Virgin-branded benefits.
Customers will earn 10,000 Velocity Points for every $100,000 borrowed at settlement. They will also receive 1,000 points per month for each loan split and 30,000 bonus points every three years. Points will also be awarded on specific anniversaries, together with exclusive benefits on related Virgin Money products. Customers will also receive offers from other Virgin businesses like Virgin Australia, Virgin Mobile, Virgin Active, and Virgin Wines.
"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," said Virgin Money CEO Greg Boyle.
The brand will also offer discounted variable interest rates based on the size of a customer's loan and loan-to-value ratio.
"Not everyone knows that home loan interest rates are often negotiable. Others are not comfortable to ask. Some lenders take advantage of that," Boyle said.
"We're all about transparency and recognising value. Simply by visiting our website, customers will know exactly what rate discount they'll be entitled to, based on their borrowings. We're rewarding customers for not only bringing us more business but also for the level of savings they have made for the deposit."
The home loans will be sold through mortgage brokers. Virgin Money will also announce its mortgage interest rates in May on its website.
It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan