Virgin Money Home Loan Review 2026

Our break-cost guide explains what to check before leaving a fixed loan early.

Virgin Money is part of Bank of Queensland, which also owns ME Bank. They share an owner, but their home loans, rates and ways to apply differ.

Virgin Money stopped accepting new customers through brokers in September 2023. Existing borrowers can still get help with their loans.

For a BOQ Group loan available through brokers, our ME Bank review is the more useful starting point. Our BOQ review explains the separate position of the BOQ brand.

Monthly points depend on making repayments on time and meeting the rewards rules. Settlement points have separate eligibility conditions, so don’t assume a top-up or an internal refinance earns the advertised bonus.

If you have an older Reward Me loan, use the documents for that loan. The Lite and Loaded pages don’t automatically describe your existing account. The lender’s product information separates the documents you need.

That depends on how much money you’ll keep in it. A full offset reduces the loan balance used to calculate interest while keeping your money in a separate transaction account.

For example, a $500k loan with $40k in a full offset is charged interest on $460k. What matters is the total money you keep in the offset, even if you split it across several accounts.

Loaded’s offset is for variable loans. It doesn’t offset the fixed part of a split loan. Lite has redraw instead: that gives you access to eligible extra repayments you’ve already paid into the loan.

For other offset options, compare our ING review, ubank review and Macquarie review. Check the exact product in each range; an offset isn’t included with every loan those banks offer.

If you specifically want a full offset while fixing your rate, our Bendigo Bank review explains its Flex option. The rate and fees still need comparing.

Check what you would redeem the points for and put a dollar value on it. Points from different rewards programs aren’t necessarily worth the same amount.

Loaded offers more points than Lite, alongside its offset and annual fee. The question is whether that package works out better for you after the rate and costs are included.

Ask for pricing that matches your loan amount, deposit, property use and repayment type. A headline rate for a homeowner with plenty of equity isn’t a useful comparison for every investor or low-deposit buyer.

Lite has no annual fee. Loaded costs $295 a year, with one annual fee for loans held by the same borrowers. Allow for the other charges below when comparing the total cost.

Virgin Money covers up to $300 of the initial valuation cost. Government charges, fixed-rate break costs and fees for later changes can also apply. Check the current rates and upfront fees alongside its fees guide.

I’d compare the total cost over the time you expect to keep the loan. Our mortgage calculator helps with repayments, while our refinancing guide explains the other costs to include.

Ask which loan your deposit qualifies for and how much cash you’ll need after buying costs and any lenders mortgage insurance. A low advertised rate may require a larger deposit than you have.

If avoiding LMI is a priority, compare loans that offer an LMI waiver for your occupation. Ask Virgin Money to confirm any waiver or promotion in your written offer before including it in your budget.

If your job qualifies elsewhere, compare our LMI waiver guide and the relevant options in our Westpac, ANZ and NAB reviews. For eligible first homebuyers, the 5% Deposit Scheme is another option to compare at participating lenders.

If you’re self-employed or work casually, how the lender counts your income can make a big difference to what you can borrow. We’ll look at your earnings history and existing commitments before comparing alternatives.

Our self-employed home loan guide explains what to prepare and the alternatives when tax returns don’t show the full picture.

We can compare how much the lenders we work with may lend you. That helps you weigh up a Virgin Money offer against the other options available to you.

Ask Virgin Money how long it expects your application to take before agreeing to a finance deadline.

Allow time for the lender to check your income and property and ask for any missing documents. Our pre-approval guide explains what conditional approval does and what still needs checking.

Virgin Money still supports existing borrowers. For account changes, repayment help or a fixed rate ending, use the contact details for your particular loan.

If you want to compare a refinance, we can help. Bring your current rate, balance, remaining term and any fixed-rate end date. I’d compare your existing deal before assuming a new-customer offer is available on your current loan.

Read our ME Bank, ING, ubank, Macquarie and BOQ reviews for the detail. We’ll check which of these options fits your income, deposit and buying plans.