Virgin Money home loan repayment calculator

Thinking about taking out a home loan with Virgin Money? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Virgin Money home loans compare with other options.

I am an

With a repayment type

Borrow amount

$

Deposit amount %

Loan term

Your estimated repayments

at interest rate 2.89 %

Total interest payable

$0

Total amount payable

$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

Product
Advertised Rate
Total estimated upfront fees
Comparison Rate*
Ongoing fee
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Company

2.89%

Fixed - 3 years

$150

3.29%

$10 monthly
Virgin Money
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2.89%

Fixed - 2 years

$150

3.31%

$10 monthly
Virgin Money
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3.39%

Fixed - 5 years

$150

3.44%

$10 monthly
Virgin Money
More details

3.99%

Fixed - 1 year

$150

3.44%

$10 monthly
Virgin Money
More details

3.33%

Variable

$150

3.47%

$10 monthly
Virgin Money
More details

3.38%

Variable

$150

3.52%

$10 monthly
Virgin Money
More details

3.44%

Fixed - 2 years

$150

3.53%

$10 monthly
Virgin Money
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4.24%

Fixed - 1 year

$150

3.60%

$10 monthly
Virgin Money
More details

3.79%

Fixed - 3 years

$150

3.63%

$10 monthly
Virgin Money
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3.99%

Fixed - 2 years

$150

3.63%

$10 monthly
Virgin Money
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3.99%

Fixed - 4 years

$150

3.72%

$10 monthly
Virgin Money
More details

3.64%

Variable

$150

3.78%

$10 monthly
Virgin Money
More details

3.69%

Fixed - 3 years

$150

3.83%

$10 monthly
Virgin Money
More details

3.69%

Fixed - 3 years

$150

3.83%

$10 monthly
Virgin Money
More details

3.69%

Variable

$150

3.83%

$10 monthly
Virgin Money
More details

3.69%

Variable

$150

3.83%

$10 monthly
Virgin Money
More details

3.74%

Fixed - 2 years

$150

3.84%

$10 monthly
Virgin Money
More details

3.74%

Fixed - 2 years

$150

3.84%

$10 monthly
Virgin Money
More details

4.34%

Fixed - 4 years

$150

3.84%

$10 monthly
Virgin Money
More details

4.39%

Fixed - 1 year

$150

3.85%

$10 monthly
Virgin Money
More details

4.09%

Fixed - 2 years

$150

3.86%

$10 monthly
Virgin Money
More details

3.89%

Variable

$150

3.88%

$10 monthly
Virgin Money
More details

4.05%

Fixed - 2 years

$150

3.89%

$10 monthly
Virgin Money
More details

4.34%

Fixed - 1 year

$150

3.89%

$10 monthly
Virgin Money
More details

3.94%

Fixed - 2 years

$150

3.91%

$10 monthly
Virgin Money
More details

3.89%

Fixed - 3 years

$150

3.92%

$10 monthly
Virgin Money
More details

4.19%

Fixed - 3 years

$150

3.92%

$10 monthly
Virgin Money
More details

3.79%

Variable

$150

3.93%

$10 monthly
Virgin Money
More details

4.39%

Fixed - 1 year

$150

3.94%

$10 monthly
Virgin Money
More details

4.14%

Fixed - 3 years

$150

3.95%

$10 monthly
Virgin Money
More details

4.09%

Fixed - 4 years

$150

3.96%

$10 monthly
Virgin Money
More details

4.19%

Fixed - 4 years

$150

3.96%

$10 monthly
Virgin Money
More details

4.49%

Fixed - 5 years

$150

3.97%

$10 monthly
Virgin Money
More details

3.99%

Variable

$150

3.98%

$10 monthly
Virgin Money
More details

4.19%

Fixed - 5 years

$150

4.03%

$10 monthly
Virgin Money
More details

4.29%

Fixed - 5 years

$150

4.04%

$10 monthly
Virgin Money
More details

4.39%

Fixed - 4 years

$150

4.10%

$10 monthly
Virgin Money
More details

4.19%

Variable

$150

4.18%

$10 monthly
Virgin Money
More details

4.49%

Fixed - 5 years

$150

4.19%

$10 monthly
Virgin Money
More details

4.19%

Fixed - 3 years

$150

4.65%

$10 monthly
Virgin Money
More details

4.59%

Variable

$150

4.71%

$10 monthly
Virgin Money
More details

4.39%

Fixed - 2 years

$150

4.73%

$10 monthly
Virgin Money
More details

4.54%

Fixed - 4 years

$150

4.74%

$10 monthly
Virgin Money
More details

4.44%

Fixed - 1 year

$150

4.75%

$10 monthly
Virgin Money
More details

4.64%

Variable

$150

4.77%

$10 monthly
Virgin Money
More details

4.69%

Fixed - 5 years

$150

4.79%

$10 monthly
Virgin Money
More details

4.84%

Variable

$150

4.83%

$10 monthly
Virgin Money
More details

4.89%

Variable

$150

5.02%

$10 monthly
Virgin Money
More details

5.14%

Variable

$150

5.13%

$10 monthly
Virgin Money
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
  • Email

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. 

How much money can I borrow for a home loan?

How do I refinance my home loan?

Refinancing your home loan can involve a bit of paperwork but if you are moving on to a lower rate, it can save you thousands of dollars in the long-run. The first step is finding another loan on the market that you think will save you money over time or offer features that your current loan does not have. Once you have selected a couple of loans you are interested in, compare them with your current loan to see if you will save money in the long term on interest rates and fees. Remember to factor in any break fees and set up fees when assessing the cost of switching.

Once you have decided on a new loan it is simply a matter of contacting your existing and future lender to get the new loan set up. Beware that some lenders will revert your loan back to a 25 or 30 year term when you refinance which may mean initial lower repayments but may cost you more in the long run.

How much money can I borrow for a home loan?

Tip: You can use RateCity how much can I borrow calculator to get a quick answer.

How much money you can borrow for a home loan will depend on a number of factors including your employment status, your income (and your partner’s income if you are taking out a joint loan), the size of your deposit, your living expenses and any other debt you might hold, including credit cards. 

A good place to start is to work out how much you can afford to make in monthly repayments, factoring in a buffer of at least 2 – 3 per cent to allow for interest rate rises along the way. You’ll also need to factor in additional costs that come with purchasing a property such as stamp duty, legal fees, building inspections, strata or council fees.

If you are planning on renting the property, you can factor in the expected rental income to help offset the mortgage, but again it’s prudent to add a significant buffer to allow for rental management fees, maintenance costs and short periods of no rental income when tenants move out. It’s also wise to factor in changes in personal circumstances – the typical home loan lasts for around 30 years and a lot can happen between now and then.

What is a draw down?

The transfer of money from a lending institution to a borrower. In a typical home loan, the funds are drawn down all at once in order to buy the property. In a construction loan, the money is drawn down in several stages to pay the builders as they progress through each phase of the project. In a line of credit loan, you can draw down money up to a limit based on your loan’s available equity.

You couldn’t beat my current rate – how do I claim my reward?

If we can’t beat your current home loan rate, you can claim your $100 gift card by confirming your home loan details with us.*

To do this, on your results page you’ll need to securely upload a bank statement or similar home loan document that can be used to confirm the home loan details you provided. We’ll keep your information private and confidential and only use your document to confirm your entry.

Who has the best home loan?

Determining who has the ‘best’ home loan really does depend on your own personal circumstances and requirements. It may be tempting to judge a loan merely on the interest rate but there can be added value in the extras on offer, such as offset and redraw facilities, that aren’t available with all low rate loans.

To determine which loan is the best for you, think about whether you would prefer the consistency of a fixed loan or the flexibility and potential benefits of a variable loan. Then determine which features will be necessary throughout the life of your loan. Thirdly, consider how much you are willing to pay in fees for the loan you want. Once you find the perfect combination of these three elements you are on your way to determining the best loan for you. 

The fine print – what are the eligibility criteria?

This competition is only available to Australian residents who are over 18 and check their home loan interest rate at RateCity. However, you are not required to refinance your home loan or apply for any financial products.

You can still enter if you don’t have a home loan yet – enter how much you plan to borrow and the details of the property you’re considering, and we’ll compare mortgage offers that may suit your needs and estimate how much you could save compared to a loan with an average interest rate. 

Switch & Save help desk

What are extra repayments?

Additional payments to your home loan above the minimum monthly instalments, which can help to reduce the loan’s term and remaining payable interest.

What is mortgage stress?

Mortgage stress is when you don’t have enough income to comfortably meet your monthly mortgage repayments and maintain your lifestyle. Many experts believe that mortgage stress starts when you are spending 30 per cent or more of your pre-tax income on mortgage repayments.

Mortgage stress can lead to people defaulting on their loans which can have serious long term repercussions.

The best way to avoid mortgage stress is to include at least a 2 – 3 per cent buffer in your estimated monthly repayments. If you could still make your monthly repayments comfortably at a rate of up to 8 or 9 per cent then you should be in good position to meet your obligations. If you think that a rate rise would leave you at a risk of defaulting on your loan, consider borrowing less money.

If you do find yourself in mortgage stress, talk to your bank about ways to potentially reduce your mortgage burden. Contacting a financial counsellor can also be a good idea. You can locate a free counselling service in your state by calling the national hotline: 1800 007 007 or visiting www.financialcounsellingaustralia.org.au.

Why do I need to enter my contact details?

We ask for your contact details so we can get in touch with you if you are our winner!

We may also use your information to keep you up to date on future RateCity initiatives and news, if you select this option. You can opt out at any time.

If, after checking how much you could save on a lower home loan rate, you choose to get more help from a home lender or mortgage broker, you can choose to let us pass your contact details directly on to this lender or broker so they can contact you.

What is the ratings scale?

The ratings are between 0 and 5, shown to one decimal point, with 5.0 as the best. The ratings should be used as an easy guide rather than the only thing you consider. For example, a product with a rating of 4.7 may or may not be better suited to your needs than one with a rating of 4.5, but both are probably much better than one with a rating of 1.2.

Interest Rate

Your current home loan interest rate. To accurately calculate how much you could save, an accurate interest figure is required. If you are not certain, check your bank statement or log into your mortgage account.

What is breach of contract?

A failure to follow all or part of a contract or breaking the conditions of a contract without any legal excuse. A breach of contract can be material, minor, actual or anticipatory, depending on the severity of the breaches and their material impact.

How does a redraw facility work?

A redraw facility attached to your loan allows you to borrow back any additional repayments that you have already paid on your loan. This can be a beneficial feature because, by paying down the principal with additional repayments, you will be charged less interest. However you will still be able to access the extra money when needed.