Lender launches frequent flyer offer for home loan customers

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A non-major lender is offering 20,000 frequent flyer points for every $100,000 drawn to customers who apply for a home loan between 14 March and 14 June, and settle by 15 September.

After its double points campaign of 2016, Virgin Money is again offering double Velocity Frequent Flyer Points for new home loan customers on settlement.

According to the lender, all customers who apply for a Virgin Money Reward Me Home Loan between 14 March 2017 and 14 June 2017, and settle by 15 September 2017, will now earn 20,000 Velocity Points for every $100,000 drawn at settlement.

General manager of lending, cards and deposits Johnny Lockwood explained that the rationale behind the offer is to “provide mortgage brokers with an option for customers who would prefer to balance their home ownership goals with other aspects of their lifestyle”.

In addition to Velocity Points on settlement, the Reward Me Home Loan offers its customers 1,000 points per month for each loan account, as well as 30,000 bonus points every three years.

Virgin Money’s variable rate is 3.79 per cent per annum for owner-occupiers (comparison rate 3.92 per cent per annum).

The Reward Me Home Loan is sold exclusively through the mortgage broking channel, and Virgin Money has established a national distribution footprint through partnerships with aggregators Plan, FAST, Connective and Aussie.

[Related: Leading aggregator partners with Virgin Money]

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