The Virgin Home Loan is another fabulous offering from Virgin Money; the financial services arm of the global Virgin Group. If you can look past Virgin's tackier than usual advertising campaign, the interest rates and added features offer savings and present a clear differentiation from the major banks as well as other boutique lending competitors.
So just what do Virgin customers get? Well, according to their website, the Virgin Money Home Loan offers customers a significantly lower comparison rate to the major banks, currently 7.50% p.a. Although this stacks up well against the market standard of 8.32%, rates in the high sevens are not that uncommon. Virgin is here to give you a fair go, which means no application or ongoing management fees to pay; ever! Other benefits include an Annual Check-up, which is a free report to see how your loan stacks up against the big banks, and how well you and your home loan are working together. This is particularly handy, because it holds Virgin to making sure their rates stay good value for the life of the loan, not just the period of the marketing campaign!
In line with the spirit of a long-term relationship, Virgin offers a Loyalty Discount, which is a reduction to your already low variable rate of 0.10% p.a. after three years, and then the same again after five years. Assuming no change in the margins, after five years with virgin you would be paying more than 1% p.a. less than the standard home loan rate. Imagine the savings on your monthly repayments! The Repayment Holiday is a flexibility concept, where Virgin offers you a break from repayments of up to three months. This is particularly handy if you change jobs, want to take a long holiday, or if you can't afford repayments because you need the money for other life stuff.
As well as those three unique benefits, Virgin also offers the standard bonuses like extra repayments, redraw and 100% offset through a linked transaction account with ATM's, EFTPOS, cheque book and all the rest! Virgin can also take care of your legal documents for as little as $490.
The Virgin Home Loan also provides access to the 'Mates Rates Instant Rewards' program does away with confusing points-based rewards programs by instead offering customers discounts on the spot through a variety of affiliated companies. These include deals on holidays, hire cars, hotels, window repairs, TV's, and a host of other offerings.
So if you are a first-timer, re-financing or investing, the Virgin Home Loan can provide savings and simplicity as well as the flexibility that you need!