Virgin Money woos home loan customers with free flights

Virgin Money is offering borrowers tens of thousands of Velocity Points if they take out a Reward Me home loan.

Reward Me borrowers will receive 2,000 Velocity Points for every $10,000 drawn at settlement. That equates to 80,000 Velocity Points for a $400,000 mortgage.

Virgin Money’s special offer includes these conditions:

• Applications must be received by 30 November 2018
• Settlements must be completed by 28 February 2019
• Home loans must have a maximum loan-to-value ratio (LVR) of 90 per cent
• The offer applies only to new customers

Borrowers who submit their applications by 31 October 2018 will also go into a draw to win one million Velocity Points, which Virgin Money has valued at approximately $37,000.

Virgin Money charges the following interest rates for owner-occupied, principal-and-interest Reward Me mortgages with a maximum LVR of 80 per cent:

• Loan value up to $500,000 = 3.73 per cent (comparison rate 3.87 per cent)
• $500,000 to $749,999 = 3.68 per cent (comparison rate 3.82 per cent)
• $750,000 and above = 3.64 per cent (comparison rate 3.78 per cent)

Virgin Money also offers loyalty bonuses for ongoing Reward Me customers:

• 1,000 Velocity Points per month
• 30,000 Velocity Points anniversary bonus every three years provided total borrowings are greater than $50,000

Velocity Points can be used for flights, accommodation, car hire, petrol and more.

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