The lender has formed a new partnership with Vow Financial which will allow the aggregator’s brokers access to its home loan product.
Virgin Money has been added to Vow Financial’s supplier panel, which will provide Vow’s team of 1,250 brokers across Australia access to the lender’s Reward Me Home Loans.
Vow Financial chief customer officer Sean Preece welcomed Virgin Money to the aggregator panel, and said: “Despite the phenomenal progress of the mortgage industry, there continue to be large sections of the market that are underserved.”
“At Vow, we are committed to making mortgage solutions more inclusive and meeting these unfulfilled needs of borrowers no matter how different their circumstances. I am confident that our partnership with Virgin Money will contribute immensely to this endeavour.”
Commenting on the partnership, Virgin Money CEO Greg Boyle said: “We’re delighted to be partnering with Vow to offer their customers greater choice and a rewarding borrowing experience, thanks to Virgin Money’s new-look Reward Me Home Loan and accompanying cashback offer.”
Virgin Money’s home loan portfolio has grown to in excess of $3 billion via a national distribution network of over 4,000 mortgage brokers.
The lender recently announced that it has dropped its lender’s mortgage insurance (LMI) cost to $0 for borrowers with a 15 per cent deposit who apply for a Reward Me Home Loan until 29 November, inclusive.
According to Virgin Money, while the LMI will still apply to these loans, there will be no cost to the borrower. The lender will cover the cost of LMI.
It also announced that customers who are eligible for the LMI offer and who are successfully approved for a loan will also receive rate discounts on fixed or variable rate home loans within stipulated time frames.
The lender recently began accepting digital home loan documents, and a mobile-friendly broker portal.
In May, the lender increased its cashback offer to $2,500 on new eligible refinance loans made before 28 August.
Malavika Santhebennur is the features editor on the mortgages titles at Momentum Media.
Before joining the team in 2019, Malavika held roles with Money Management and Benchmark Media. She has been writing about financial services for the past six years.
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