Advertiser disclosure
Virgin Money
Virgin Money is a financial services company that was founded in 2003 by the Virgin Group and Macquarie Bank. The company was bought by the Bank of Queensland in 2013.
Virgin Money has a head office in Sydney and offers a range of financial products and services, including credit cards, superannuation, home loans, insurance and savings account.
Virgin Money Home Loan Calculator
Interested in an Virgin Money home loan? RateCity has a suite of calculators that can show you what your repayments would be and how Virgin Money compares to its competitors. Simply plug in your borrowing amount below.
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Virgin Money home loan repayment calculator
Your estimated mortgage repayments
at interest rate 2.04%
Total interest payable
$0
Total loan repayments
$0
Pros and cons
- Low rates.
- Flexible repayment options.
- Discounted rates for large deposits and loan sizes.
- Limited loan options.
- No branch access.
- Monthly fee.
Virgin Money home loans rates
Advertised Rate 2.04% Fixed - 3 years | Total estimated upfront fees | Comparison Rate* 2.73% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.29% Fixed - 5 years | Total estimated upfront fees | Comparison Rate* 2.73% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.29% Fixed - 4 years | Total estimated upfront fees | Comparison Rate* 2.76% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.59% Variable | Total estimated upfront fees | Comparison Rate* 2.76% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.04% Fixed - 2 years | Total estimated upfront fees | Comparison Rate* 2.79% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.59% Fixed - 4 years | Total estimated upfront fees | Comparison Rate* 2.86% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.59% Fixed - 2 years | Total estimated upfront fees | Comparison Rate* 2.88% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.39% Fixed - 3 years | Total estimated upfront fees | Comparison Rate* 2.89% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.49% Fixed - 1 year | Total estimated upfront fees | Comparison Rate* 2.89% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.69% Fixed - 5 years | Total estimated upfront fees | Comparison Rate* 2.89% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.74% Variable | Total estimated upfront fees | Comparison Rate* 2.91% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.74% Variable | Total estimated upfront fees | Comparison Rate* 2.91% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.39% Fixed - 2 years | Total estimated upfront fees | Comparison Rate* 2.93% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.84% Fixed - 3 years | Total estimated upfront fees | Comparison Rate* 2.93% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.69% Fixed - 5 years | Total estimated upfront fees | Comparison Rate* 2.95% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.69% Fixed - 4 years | Total estimated upfront fees | Comparison Rate* 2.96% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.70% Fixed - 2 years | Total estimated upfront fees | Comparison Rate* 2.98% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.69% Fixed - 1 year | Total estimated upfront fees | Comparison Rate* 2.99% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.84% Variable | Total estimated upfront fees | Comparison Rate* 3.01% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.84% Fixed - 3 years | Total estimated upfront fees | Comparison Rate* 3.01% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.69% Fixed - 5 years | Total estimated upfront fees | Comparison Rate* 3.04% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.59% Fixed - 3 years | Total estimated upfront fees | Comparison Rate* 3.06% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.69% Fixed - 4 years | Total estimated upfront fees | Comparison Rate* 3.06% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.59% Fixed - 2 years | Total estimated upfront fees | Comparison Rate* 3.09% | Ongoing fee | Go to site | More details | |
Advertised Rate 3.09% Variable | Total estimated upfront fees | Comparison Rate* 3.13% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.89% Fixed - 1 year | Total estimated upfront fees | Comparison Rate* 3.15% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.94% Fixed - 2 years | Total estimated upfront fees | Comparison Rate* 3.15% | Ongoing fee | Go to site | More details | |
Advertised Rate 3.09% Fixed - 3 years | Total estimated upfront fees | Comparison Rate* 3.18% | Ongoing fee | Go to site | More details | |
Advertised Rate 3.19% Variable | Total estimated upfront fees | Comparison Rate* 3.23% | Ongoing fee | Go to site | More details | |
Advertised Rate 3.14% Variable | Total estimated upfront fees | Comparison Rate* 3.30% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.59% Fixed - 2 years | Total estimated upfront fees | Comparison Rate* 3.40% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.49% Fixed - 1 year | Total estimated upfront fees | Comparison Rate* 3.45% | Ongoing fee | Go to site | More details | |
Advertised Rate 3.29% Variable | Total estimated upfront fees | Comparison Rate* 3.45% | Ongoing fee | Go to site | More details | |
Advertised Rate 3.49% Variable | Total estimated upfront fees | Comparison Rate* 3.53% | Ongoing fee | Go to site | More details | |
Advertised Rate 3.57% Variable | Total estimated upfront fees | Comparison Rate* 3.61% | Ongoing fee | Go to site | More details | |
Advertised Rate 3.69% Fixed - 3 years | Total estimated upfront fees | Comparison Rate* 3.61% | Ongoing fee | Go to site | More details | |
Advertised Rate 3.62% Variable | Total estimated upfront fees | Comparison Rate* 3.66% | Ongoing fee | Go to site | More details | |
Advertised Rate 3.79% Fixed - 4 years | Total estimated upfront fees | Comparison Rate* 3.67% | Ongoing fee | Go to site | More details | |
Advertised Rate 3.89% Fixed - 5 years | Total estimated upfront fees | Comparison Rate* 3.74% | Ongoing fee | Go to site | More details | |
Advertised Rate 3.19% Fixed - 5 years | Total estimated upfront fees | Comparison Rate* 4.19% | Ongoing fee | Go to site | More details | |
Advertised Rate 3.09% Fixed - 4 years | Total estimated upfront fees | Comparison Rate* 4.26% | Ongoing fee | Go to site | More details | |
Advertised Rate 4.12% Variable | Total estimated upfront fees | Comparison Rate* 4.28% | Ongoing fee | Go to site | More details | |
Advertised Rate 4.32% Variable | Total estimated upfront fees | Comparison Rate* 4.36% | Ongoing fee | Go to site | More details | |
Advertised Rate 3.54% Fixed - 3 years | Total estimated upfront fees | Comparison Rate* 4.49% | Ongoing fee | Go to site | More details | |
Advertised Rate 4.34% Variable | Total estimated upfront fees | Comparison Rate* 4.49% | Ongoing fee | Go to site | More details | |
Advertised Rate 3.29% Fixed - 2 years | Total estimated upfront fees | Comparison Rate* 4.53% | Ongoing fee | Go to site | More details | |
Advertised Rate 4.54% Variable | Total estimated upfront fees | Comparison Rate* 4.58% | Ongoing fee | Go to site | More details | |
Advertised Rate 2.99% Fixed - 1 year | Total estimated upfront fees | Comparison Rate* 4.62% | Ongoing fee | Go to site | More details | |
Advertised Rate 4.62% Variable | Total estimated upfront fees | Comparison Rate* 4.77% | Ongoing fee | Go to site | More details |
Virgin Money customer service
Virgin Money’s home loan customers can contact the lender via a number of specialised customer phone lines; there’s one for loans and general customer assistance, as well other lines for financial hardship and overdue accounts. Customers can also contact the bank via email or online.
- Customer service centre (phone)
- Mobile app
- Online banking
How to Apply
Virgin Money allows customers to apply for a home loan via a network of affiliated mortgage brokers. Appointments can be made at the Virgin Money website and customers will then be contacted by a broker via phone or email at a selected time. Customers can also make enquiries via the Virgin Money phone line. Before applying for a home loan it is advisable to think about how much money you could conceivably borrow given your financial situation and income. You will also need to provide documentation when applying for a home loan. This will include:
- Personal identification documents.
- Proof of income and earnings.
- Details on employment type and status.
- Information on current debts, liabilities and assets.
- Personal insurance documents.
If you are a refinancer, you will also have to provide past home loan statements and a current payout quote for the loan you wish to refinance.
Virgin Money top home loans products
Learn more about home loans
How do you qualify for a CBA home loan with casual employment?
Qualifying for a home loan without a full-time job may be challenging, but it can be done. The first step is to understand how a CBA home loan is assessed when you have casual employment.
Most lenders will assess your expenses and savings while checking your loan eligibility, checking on factors crucial to home loan approval, such as if your bills are paid on time and what your credit score presently looks like.
Your income can be one of the most critical factors to determine your final approved home loan amount. As such, you’ll need to provide payslip copies to lenders to assist them in assessing your income during the loan tenure, regardless of your employment status, full-time, part-time, or otherwise.
Casual employees will want to be casually employed for at least 12 months to be eligible for a home loan. Alternatively, you want to have worked as a permanent casual worker (working for a fixed number of hours per week) for at least one month, or you should have been in your current job for a minimum of three months (if the hours are irregular) to be eligible for the loan.
Why should I get an ING home loan pre-approval?
When you apply for an ING home loan pre-approval, you might be required to provide proof of employment and income, savings, as well as details on any on-going debts. The lender could also make a credit enquiry against your name. If you’re pre-approved, you will know how much money ING is willing to lend you.
Please note, however, that a pre-approval is nothing more than an idea of your ability to borrow funds and is not the final approval. You should receive the home loan approval only after finalising the property and submitting a formal loan application to the lender, ING. Additionally, a pre-approval does not stay valid indefinitely, since your financial circumstances and the home loan market could change overnight.
Does UBank offer home loan pre-approvals?
If you’re applying for a home loan with UBank, you can first get an approval in principle. You’ll need to provide information about your job and earnings, your household expenses, the assets you own and the debts you owe.
UBank will assign a home loan specialist to discuss these details over a phone call, which can take about 30 minutes.
The bank will then confirm if you’ve received in-principle approval for your home loan. Depending on how you submit your documents, this could take a few days or a few weeks. If successful, the approval will be valid for 60 days.
How do I get a Suncorp home loan pre-approval?
Getting home loan pre-approval helps you work out a budget to help you search for a suitable property and make an offer with confidence. Once you put in an application, you should get your pre-approval outcome within two business days. To help get a fast turnaround time of your pre-approval application, ensure all the information and documentation that Suncorp requires. This includes proof of identification, recent payslips, bank account and credit card statements.
You can submit the home loan pre-approval application online. You’ll be asked for information about your income, expenses, assets, and debts. It should take you about 10 minutes to fill out the application, and you can do it free of charge. A Suncorp lending specialist will review your application and contact you within 24 hours or the next working day. Suncorp will not run a credit check until you have heard from this lending specialist.
Once you get Suncorp home loan pre-approval, it’s valid for 90 days. If you don’t find a property you wish to buy in this time you may be able to apply for an extension, speak to your Suncorp lending specialist about this.
How can I apply for a first home buyers loan with Commonwealth Bank?
Getting a home loan requires planning and research. If you are considering a home loan with the Commonwealth Bank, you can find the information you need in the buying your first home section of the bank’s website.
You can see the steps you should take before applying for the loan and use the calculators to work out how much you can borrow, what your monthly repayments would be and the upfront costs you’d likely pay.
You can also book a time with a Commonwealth first home loan specialist by calling 13 2221.
CommBank publishes a property report that may help you understand the real estate market. The bank has also created a CommBank Property App that you can use to search for property. The link to download this app is available on the same webpage.
If you are eligible for the First Home Loan Deposit Scheme, CommBank will help you process your application. The scheme helps first home buyers to purchase a home with a low deposit. You can read details about this scheme here and speak with a CommBank home lending specialist to understand your options.
What is the average length of a home loan?
Most Aussie lenders offer home loans with a 30-year term, meaning that you should pay back the full loan amount and the interest you owe on the amount in 30 years.
However, home loans can also have a shorter or longer term. They may be as low as ten years or up to 45 years, depending on the product and lender.
It’s worth remembering that a longer loan term usually means you’ll end up paying a lot more interest in total, but your scheduled repayments may be more manageable. In contrast, you could opt for a shorter loan term if you are comfortable making large repayments in exchange for paying less interest over the term of the loan.
What are the NAB term deposit interest rates for businesses?
If you’re looking to lock in a return on your business savings, one option is a business term deposit with NAB. The big four bank provides competitive interest rates while giving you the flexibility to choose the term. NAB offers business term deposit interest rates for investments of between $5,000 to $499,999.
NAB doesn’t charge any monthly account or application fees. The interest is calculated daily and for the 90-day term and six months term, you will get paid when the deposit matures. For the 12 months term, you can either choose to get paid monthly, quarterly, half-yearly or annually.
If you wish to withdraw your funds before the deposit matures, you need to give NAB 31 days notice. However, they do make exceptions if you’re experiencing hardship and need the funds immediately. Either way, you may have to bear the prepayment cost, which you can learn more about in the Terms and Conditions.
How can I get ANZ home loan pre-approval?
Shopping for a new home is an exciting experience and getting a pre-approval on the loan may give you the peace of mind that you are looking at properties within your budget.
At the time of applying for the ANZ Bank home loan pre-approval, you will be required to provide proof of employment and income, along with records of your savings and debts.
An ANZ home loan pre-approval time frame is usually up to three months. However, being pre-approved doesn’t necessarily mean you will get your home loan. Other factors could lead to your home loan application being rejected, even with a prior pre-approval. Some factors include the property evaluation not meeting the bank’s criteria or a change in your financial circumstances.
You can make an application for ANZ home loan pre-approval online or call on 1800100641 Mon-Fri 8.00 am to 8.00 pm (AEST).
How do I apply for a home improvement loan?
When you want to renovate your home, you may need to take out a loan to cover the costs. You could apply for a home improvement loan, which is a personal loan that you use to cover the costs of your home renovations. There is no difference between applying for this type of home improvement loan and applying for a standard personal loan. It would be best to check and compare the features, fees and details of the loan before applying.
Besides taking out a home improvement loan, you could also:
- Use the equity in your house: Equity is the difference between your property’s value and the amount you still owe on your home loan. You may be able to access this equity by refinancing your home loan and then using it to finance your home improvement. Speak with your lender or a mortgage broker about accessing your equity.
- Utilise the redraw facility of your home loan: Check whether the existing home loan has a redraw facility. A redraw facility allows you to access additional funds you’ve repaid into your home loan. Some lenders offer this on variable rate home loans but not on fixed. If this option is available to you, contact your lender to discuss how to access it.
- Apply for a construction loan: A construction loan is typically used when constructing a new property but can also be used as a home renovation loan. You may find that a construction loan is a suitable option as it enables you to draw funds as your renovation project progresses. You can compare construction home loans online or speak to a mortgage broker about taking out such a loan.
- Look into government grants: Check whether there are any government grants offered when you need the funds and whether you qualify. Initiatives like the HomeBuilder Grant were offered by the Federal Government for a limited period until April 2021. They could help fund your renovations either in full or just partially.
Can I take a personal loan after a home loan?
Are you struggling to pay the deposit for your dream home? A personal loan can help you pay the deposit. The question that may arise in your mind is can I take a home loan after a personal loan, or can you take a personal loan at the same time as a home loan, as it is. The answer is that, yes, provided you can meet the general eligibility criteria for both a personal loan and a home loan, your application should be approved. Those eligibility criteria may include:
- Higher-income to show repayment capability for both the loans
- Clear credit history with no delays in bill payments or defaults on debts
- Zero or minimal current outstanding debt
- Some amount of savings
- Proven rent history will be positively perceived by the lenders
A personal loan after or during a home loan may impact serviceability, however, as the numbers can seriously add up. Every loan you avail of increases your monthly installments and the amount you use to repay the personal loan will be considered to lower the money available for the repayment of your home loan.
As to whether you can get a personal loan after your home loan, the answer is a very likely "yes", though it does come with a caveat: as long as you can show sufficient income to repay both the loans on time, you should be able to get that personal loan approved. A personal loan can also help to improve your credit score showing financial discipline and responsibility, which may benefit you with more favorable terms for your home loan.
How do I apply for Westpac’s first home buyer loan?
If you’re a first home buyer looking to apply for a home loan with Westpac, they offer an online home loan application. They suggest the application can be completed in about 20 minutes. Based on the information you provide, Westpac will advise you the amount you can borrow and the costs associated with any possible home loan.
You can use Westpac’s online mortgage calculators to estimate your borrowing power. You can also work out the time it might take to save up for the deposit, and the size of your home loan repayments.
When applying for a home loan with Westpac, you’re assigned a home finance manager who can address your concerns and provide information. The manager will also offer guidance on any government grants you may be eligible for.
Remaining loan term
The length of time it will take to pay off your current home loan, based on the currently-entered mortgage balance, monthly repayment and interest rate.
How do you determine which home loan rates/products I’m shown?
When you check your home loan rate, you’ll supply some basic information about your current loan, including the amount owing on your mortgage and your current interest rate.
We’ll compare this information to the home loan options in the RateCity database and show you which home loan products you may be eligible to apply for.
Can I get a home renovation loan with bad credit?
If you're looking for funds to pay for repairs or renovations to your home, but you have a low credit score, you need to carefully consider your options. If you already have a mortgage, a good starting point is to check whether you can redraw money from that. You could also consider applying for a new home loan.
Before taking out a new loan, it’s good to note that lenders are likely to charge higher interest rates on home repair loans for bad credit customers. Alternatively, they may be willing to lend you a smaller amount than a standard loan. You may also face some challenges with getting your home renovation loan application approved. If you do run into trouble, you can speak to your lender and ask whether they would be willing to approve your application if you have a guarantor or co-signer. You should also explain the reasons behind your bad credit rating and the steps that you’re taking to improve it.
Consulting a financial advisor or mortgage broker can help you understand your options and make the right choice.
Can first home buyers apply for an ING home loan?
First home buyers can apply for an ING home loan, but first, they need to select the most suitable home loan product and calculate the initial deposit on their home loan.
First-time buyers can also use ING’s online tool to estimate the amount they can borrow. ING offers home loan applicants a free property report to look up property value estimates.
First home loan applicants struggling to understand the terms used may consider looking up ING’s first home buyer guide. Once the home buyer is ready to apply for the loan, they can complete an online application or call ING at 1800 100 258 during regular business hours.