InfoChoice Review of Virgin Money
History of Virgin Money in Australia
Virgin Money is an Australian financial services business now owned 100 per cent by Bank of Queensland.
The Virgin brand first appeared in Australia as the Queensland-based Virgin Blue airline launched with just two aircraft in 2000. The launch was trademark Richard Branson, the founder and owner of Virgin Group UK. All brash, cheeky showmanship.
As luck would have it, the collapse of Ansett airlines in September 2001 suddenly made Virgin Blue Australia’s second biggest airline. The business grew rapidly and Virgin Money Australia was launched in May 2003.
Virgin Money launched Australia’s first no-annual fee card and marketing suggested it was Australia’s cheapest – with up to 55 days interest free and a low interest rate of 12.99 per cent pa (in 2007).
Within three years more than 600,000 Virgin credit cards had been issued and Virgin had very quickly captured more than 4 per cent of the card market.
In 2008, following the global financial crisis, Virgin stopped issuing cards and home loans. Existing Virgin cardholders were gradually transitioned to Westpac Ignite credit cards.
The business continued and in 2009, Virgin added car insurance and, in partnership with Citi, re-entered the card market in 2010 with the Velocity Rewards Visa and a No-Annual Fee Visa.
In 2013, Virgin Money was bought by Bank of Queensland from Virgin Group UK for 40 years for $40 million.
Now Virgin has about 150,000 customers and is still closely associated with the Velocity Frequent Flyer program, offering cards with excellent earn rates for VFF points.
Is Virgin Money a bank?
No Virgin Money is not a bank but it is owned by a bank. Virgin Money is a brand name for a financial services business offering home loans and credit cards in the Australian market. In 2013, Virgin Money was purchased outright by the Bank of Queensland. Virgin Money Australia operates as a lender under the license of the Bank of Queensland.
Is Virgin Money a good lender?
Virgin Money offers home loans and credit cards to Australian consumers and is owned by the Bank of Queensland. Virgin Money is bound by responsible lending laws and is a member of the Australian Financial Complaints Authority.
Virgin Money’s home loan product range starts with the low-rate Reward Me Home Loan (Owner Occupier). Right now, rates on this loan begin at 3.09 per cent pa (comparison rate 3.23 per cent pa) on LVRs of up to 60 per cent.
During summer 2019/20, Virgin Money is promoting two big home loan discount offers.
SPECIAL LOW-RATE FIXED OFFER:
The Reward Me Home Loan has a special offer for new fixed rate borrowings over $300,000, up to 80% LVR. Reward me has two and three-year fixed rates currently set at 2.79 per cent pa (comparison rates up to 3.30 per cent pa).
Check out all of Virgin Money’s home loan and credit card products or compare Virgin Money’s products with other home loans and other credit cards.
The products compared in this article are chosen from a range of offers available to us and are not representative of all the products available in the market and influenced by a range of factors including interest rates, product costs and commercial and sponsorship arrangements
InfoChoice compares financial products from 145 banks, credit unions and other financial institutions in Australia. InfoChoice does not compare every product in the market. Some institutions may have a commercial partnership with InfoChoice. Rates are provided by partners and taken from financial institutions websites. We believe all information to be accurate on the date published. InfoChoice strives to update and keep information as accurate as possible.
The information contained on this web site is general in nature and does not take into account your personal situation. Do not interpret the listing order as an endorsement or recommendation from us. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. If you or someone you know is in financial stress, contact the National Debt Helpline on 1800 007 007.