Virgin Launch Home Loan

Virgin Money today announced the launch of their latest product Virgin Home Loans. Offering a variable rate of 6.59 per cent and promising no annual or bank style fees, Virgin has their sites set on 5 per cent (or $30 Billion) of the Australian Mortgage Market within three years. Initial distribution will be through a direct channel focusing primarily on telephone and internet based applications with scale to introduce Virgin mobile lenders in the short term subject to consumer demand. Virgin aim to be able to provide conditional approval within 15 mins and full approval in just 48 hours and will pay for the first valuation fee for any settled loan.