Virgin Money Australia is an Australian financial services company owned by Bank of Queensland, and has 150,000 customers. In 2003, Virgin Money was launched in Australia with the launch of Virgin Money credit cards. In 2013 Virgin Money Australia was bought by Bank of Queensland for $40 million.
Who are they?
Part of the global Virgin brand.
Credit Cards, Insurance, Superannuation and recently Home Loans.
Who owns them?
Subsidiary of Bank of Queensland.
What are they good at?
- Low deposit home loans & first home buyers
- Velocity reward points
- No frills credit cards
A new lender with a fresh approach to home loans, First Home Buyer Friendly. Credit policy is slightly restrictive i.e. will not accept any self-employed applicants and they do restrict the postcodes they lend in however the credit managers are experienced and genuinely do engage with the broker to find ways to get the loan approved. Velocity reward points program is market leading and credit card options are good. Offset is available but not designed to be client’s main transactional bank. Home loan rates and pricing are extremely competitive which can sometimes lead to delays. Virgin Money are not an option for self-employed or credit impaired clients or those wanting to construct.
- First home buyers ★★★★★
- Upgraders ★★★★☆
- Investors ★★★★☆
- ★★★★★Definitely put them on the shopping list.
- ★★★★☆Worth comparing with other options.
- ★★★☆☆Not bad but not great. Similar to everyone else.
- ★★☆☆☆Consider other options first.
- ★☆☆☆☆Last resort option.
- ☆☆☆☆☆Not even an option.