What is redraw?

Redraw gives you access to any extra repayments you've made on your home loan. By making additional repayments, you reduce your loan balance, which means paying less interest over time. And if you have a variable rate home loan and need to dip into those funds later and, they’re there when you need them.

How do variable interest rates work?

A variable interest rate is a rate that could move up and down at any time. The variable interest rate a bank offers could be affected by a number of factors, including the official cash rate set by the Reserve Bank of Australia (RBA) as well as higher or lower funding costs for the lender.

You can use a Mortgage Repayment Calculator to estimate repayments and interest charges over the life of a loan.

Should I choose a variable or fixed rate?

To fix or not to fix: that is the question. The decision can make a big difference to the life of your home loan. Find out more on whether a fixed rate home loan is right for you.

What is Virgin Money Rewards?

Virgin Money Rewards is our loyalty program designed with you in mind. Our goal is to recognise and reward you for who you are, and to help you create better money habits. It’s about giving you a rewarding banking experience every day, not just someday.

Find out more about Virgin Money Rewards

How do I access my account?

You can access your account on the Virgin Money app.

Download the Virgin Money app, or join online, and sign up in minutes. Literally.
(Have your favourite type of Australian ID handy.)

How do I request a key fact sheet?

How does the Lite Home Loan compare when it comes to home loan interest rates in Australia?

The Virgin Money Lite Home Loan offers a competitive option for those comparing home loan interest rates in Australia, with low variable and fixed rate options designed for borrowers who don’t need extra bells and whistles. There are no application, monthly, or annual home loan fees, and you can borrow from $150,000 up to a maximum 80% loan-to-value ratio (LVR). Variable rate customers can make unlimited additional repayments and access a free redraw facility, while fixed rate loans allow up to $10,000 in extra repayments per year, though redraw is not available during the fixed term. Interest rates may include a discount or margin and are subject to change, so always check the latest rates online.

Important information

Virgin Money Australia, a division of Bank of Queensland Limited ABN 32 009 656 740, AFSL and Australian Credit Licence 244 616 is the credit provider for the Lite and Loaded Home Loans.

Virgin Money (Australia) Pty Limited ABN 75 103 478 897 (“Virgin Money Australia”) promotes and distributes the Reward Me home loans as an authorised credit representative of BOQ. Virgin Money Australia is a wholly-owned but non-guaranteed subsidiary of BOQ.

+Interest rates are current as at  29 May 2025 and are subject to change. The variable interest rate may include a discount or margin that is applied to the product’s variable base rate. Variable interest rates may include a discount or margin that is applied to the product’s variable base rate. Discounts are offered to new home loan applications only. The discount cannot be used with any other rate promotion. Existing applications, internal refinances, top ups, additional advances or variations of existing home loans are not eligible. We may change or withdraw any discount or margin at any time.

*Home Loan comparison rates are based on a loan of $150,000 for a term of 25 years, repaid monthly. For variable loans with interest only repayments, the comparison rates are based on an initial 5 year interest only period. WARNING: These comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in different comparison rates. The comparison rates for fixed loans with interest only repayments are based on the interest- only period being equal to the fixed rate term.

Terms, conditions, fees and charges apply. Applications are subject to credit approval.

View Virgin Money home loan key facts sheet

Things you need to know

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1. Available for new Virgin Money Lite owner occupier, principal and interest loans, Minimum loan size $150K. max 80% LVR^. The variable interest rate may include a discount or margin that is applied to the product’s variable base rate. Variable interest rates may include a discount or margin that is applied to the product’s variable base rate. Discounts are offered to new home loan applications only. The discount cannot be used with any other rate promotion. Existing applications, internal refinances, top ups, additional advances or variations of existing home loans are not eligible. We may change or withdraw any discount or margin at any time.

1. Available for new Virgin Money Lite 2 year fixed owner occupier, principal and interest loans, min loan $20k, max 80% LVR.

1. Loan to Value Ratio (LVR) is the loan amount divided by the value of your property (determined by Virgin Money at assessment), multiplied by 100. The LVR value compares the amount you have owning on your home loan against the actual value of your property. For example, if your property was valued at $400,000 and your loan amount was $340,000, your LVR would be 85%.

1. Additional repayments made into a fixed rate home loan are limited to $10,000 per year and are not available for redraw during the fixed period.

1. Participation in the Virgin Money Rewards Program is subject to Virgin Money Rewards Terms and Conditions. Each Virgin Money Lite Home Loan borrower can earn 1000 monthly Bonus Points for a calendar month if the Lite Home Loan has an outstanding balance on the last day of the calendar month and the borrower is not in default on the last day of the calendar month under any home loan contract with us (including those relating to other home loans).