- Virgin Money suits borrowers who prefer managing their loan digitally, want flexible features like offset and redraw, and appreciate being rewarded for good repayment habits.
- Top 3 reasons to choose Virgin Money:
– Earn Virgin Money Points for on‑time repayments
– Flexible loan features like offset and redraw on select loans
– No setup or ongoing fees on Lite and Loaded variable home loans - Key drawbacks to consider:
– Offset is only available on specific products
– Entirely online – no branch access
– Legacy Reward Me loans no longer open to new customers
Who Is Virgin Money?
Virgin Money Australia is a digital-first lender owned by Bank of Queensland. While it doesn’t operate physical branches, it provides home loans nationwide through an online platform supported by mobile lending specialists.
Virgin Money combines competitive rates with borrower-friendly features, including redraw, offset accounts, loan splitting, and a points-based reward system for eligible customers. It’s designed for people who want flexibility and a modern, no-fuss application experience.
Virgin Money Home Loan Customer Reviews
I liked that Virgin Money had no fluff—just a clean, online process and competitive loan options. Their offset account works well and the app gives you all the info you need without being complicated.
Mabel Keegan
While the interest rate and online tools were great, the application took a bit longer than I’d hoped. I had to chase a couple of updates. That said, once approved, the experience improved and everything’s been solid since.
Alfie Romano
The experience with Virgin was mostly smooth, though I did have to follow up a couple of times during the document stage. Once approved, the rest went quickly and the rate we got was excellent. Would still recommend.
Rowan Barrett
We chose Virgin Money for our investment loan and it was a smart move. The loan features were simple, and we’ve already made use of the redraw function. Their digital platform is very user-friendly too.
Fred Delaney
What stood out most was the ease of the process. Virgin Money made it very convenient, especially as someone juggling full-time work and kids. Their customer support team was responsive and knew their stuff.
Jasper Quinn
Very happy with our home loan through Virgin Money. They helped us refinance smoothly, and the app makes it easy to track our balance and repayments. Their interest rates were better than the big four when we compared.
Isabella Rennie
Great digital experience with Virgin Money. Everything from uploading documents to signing forms was done online, which made life so much easier. Approval did take a bit longer than we expected, but it wasn’t a dealbreaker.
Darren Webb
Virgin Money offered one of the best fixed-rate packages we could find. The setup was efficient, and we didn’t need to step foot in a branch. It’s a smooth, modern experience and we’ve had zero complaints since switching.
Nina Caldwell
As a first-time buyer, I really appreciated how straightforward Virgin Money made everything. Their portal was easy to use and I always got clear answers when I called. The entire loan settled without any issues. Highly recommend.
Caleb Fraser
I recently switched to Virgin Money for my home loan and was genuinely impressed. The online process was fast, intuitive, and perfect for someone who prefers digital banking. The rate was great and the support team was easy to reach.
Grace Langdon
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Types of Virgin Money Home Loans
Virgin Money offers a small but flexible range of home loans to suit different borrower needs, including basic low-fee options, feature-packed variable loans with offset, and fixed rate options. Whether you're after simplicity or flexibility, there’s likely a product that aligns with your goals.
Lite Home Loan
- Offers fixed and variable rate options
- No application or ongoing fees
- Unlimited redraw on variable loans
- Earns reward points for consistent on-time repayments
Loaded Home Loan
- Full-featured variable or fixed loan
- Includes a 100% offset account with up to 10 linked accounts
- Split and interest-only options available
- Earns more reward points, including a one-off settlement bonus
Fixed Rate Home Loan
- Available under both Lite and Loaded products
- Lock in rates for 1–5 years
- Loaded option includes offset and points; Lite is a simpler version with fewer features
Reward Me Home Loan
- Older variable product with offset and rewards
- No longer available for new applications
- Existing customers continue to benefit from monthly points and offset access
Virgin Money Interest Rates & Fees
Virgin Money offers competitive interest rates, particularly for borrowers with strong deposits and consistent repayment history.
- Lite loans come with no ongoing fees
- Loaded loans offer more features but may include a small annual fee
- Fixed and variable rates are competitive with market averages
- No redraw, application, or offset access fees on eligible loans
For the latest Virgin Money interest rates and fees for your personal circumstances, speak to a mortgage broker for FREE guidance. They can also help you compare Virgin Money's home loans with over 70+ other banks and lenders to ensure you are getting the best deal.
Key Features of Virgin Money Home Loans
Virgin Money's home loans come with a solid set of features:
- Offset Accounts – Available with Loaded and Reward Me variable loans; up to 10 offset accounts can be linked
- Unlimited Redraw – Access your extra repayments anytime on variable products
- Virgin Money Points – Earn monthly rewards and settlement bonuses for good repayment behaviour
- Split Loans – Combine fixed and variable portions to manage risk and flexibility
- Digital Banking Tools – Manage your loan entirely online with support from mobile lenders
- Flexible Repayment Options – Choose between principal & interest or interest-only (where eligible)
Pros & Cons of Virgin Money Home Loans
Pros:
✅ Rewards program for consistent repayments
✅ Offset and redraw available on eligible loans
✅ No application or monthly account fees on most loans
✅ Backed by Bank of Queensland
✅ Fast and convenient digital application process
Cons:
❌ Offset not available on Lite or fixed-only options
❌ No in-person service or branches
❌ Reward Me loans closed to new customers
Is Virgin Money a Good Lender?
Virgin Money is a great choice for tech-savvy borrowers who value flexibility and want to be rewarded for managing their loan well. It’s especially suited for:
- Borrowers looking for low-fee loans with strong features
- Customers who prefer online applications and mobile support
- Homeowners wanting to use offset or redraw to save on interest
- People who enjoy loyalty-based rewards systems
However, it may not suit those who want face-to-face service or need offset on the most basic loan tiers.
How to Apply for a Virgin Money Home Loan
You can apply directly through Virgin Money’s website or app, supported by a team of mobile lenders.
What You'll Need:
- ID documents
- Recent payslips or tax returns
- Bank statements and existing debt info
- Evidence of deposit or savings
- Contract of sale (if purchasing)
Application process:
- Gather your documents: ID, income, savings, liabilities
- Submit your application online or via the Virgin Money app
- Receive conditional pre-approval within a few business days
- Property valuation and final assessment are completed
- Sign the loan contract and proceed to settlement
Need Help Comparing Virgin Money to Other Lenders?
Let Eden Emerald Mortgages help you compare Virgin Money home loans with hundreds of other products. Whether you’re refinancing, buying your first home, or looking for flexible features, we’ll guide you to the right loan and negotiate on your behalf.
Our services are 100% free for you, (we are paid a commission by the lender), so there is no downside to working with us.
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