Virgin Money Home Loan Review for Australian Expats

Virgin Money Home Loan Options

Virgin Money offers the following home loan products. Please note that these may not be available for borrowers from overseas. Speak with us to discuss your best options.

A variable rate loan has an interest rate that can fluctuate based on market conditions. This means that your monthly repayments could go up or down depending on the interest rate. Variable rate loans are typically lower than fixed rate loans, but they come with more risk.

A fixed rate home loan has an interest rate that is fixed for a set period of time, typically one to five years. This means that your monthly repayments will stay the same regardless of market conditions. Fixed rate loans can provide peace of mind and help you budget more easily, but they may have higher interest rates than variable rate loans.

First home buyer loans are specifically designed for people who are buying their first home. They may offer lower interest rates, government assistance, and other features to make homeownership more affordable.

Virgin Money Home Loan Review

Here are the pros and cons of choosing Virgin Money to buy property in Australia.

Pros Cons
Flexible lending criteria
No physical branches
Dedicated expat support team
Limited product range
No upfront fees
Stricter credit score requirements
Online application process

Allow us to find you the perfect home loan.

Apply online to get expert recommendations with real interest rates and repayments.

Features of Virgin Money Home Loans

Virgin Money can help you get the following home loan features.

Feature Details
Redraw Facilities
Allows you to make additional repayments on your home loan and then withdraw those funds at a later date. This can be useful if you have unexpected expenses or want to use the money for other purposes, such as renovations or a new car.
Additional Repayments
Allows you to make additional repayments at any time, and there are no penalties for doing so. This can help you reduce the amount of interest you pay and pay off your loan sooner.
Interest Only Home Loans
Allows you to make repayments that only cover the interest on your loan, not the principal. This can be a good option if you are short on cash in the short term, but it will mean that you will pay more interest overall.
Offset Account Home Loan
This linked savings account can help you reduce the amount of interest you pay on your home loan. The balance of your offset account is deducted from your home loan balance, so you only pay interest on the remaining amount. This can save you a significant amount of money over the life of your loan.

Facts About Virgin Money

Virgin Money's story began in 1995 with the launch of Virgin Direct, a personal finance company offering savings accounts, mortgages, and personal loans. The company quickly gained popularity due to its competitive rates, customer-friendly approach, and distinctive red branding.

In 2000, Virgin Direct merged with Northern Rock, a building society with a history dating back to 1865. This merger transformed Virgin Money into a full-service bank with a strong presence in the UK mortgage market.

Over the years, the lender has expanded its portfolio of products and services to include current accounts, credit cards, insurance, and wealth management. The company has also grown its international presence, acquiring Australian bank Alliance Bank in 2012.

How Do I Apply for an Expat Mortgage with Virgin Money?

Australian expats, permanent residents, or foreign investors living overseas can apply for an Australian expat home loan with Virgin Money through the following steps.

  • Check Your Eligibility: Ensure you meet the eligibility criteria for Virgin Money’s expat home loans. This typically includes being at least 18 years old, having a valid Australian passport or proof of permanent residency, and having a good credit history.
  • Gather Your Documents: Collect the necessary documents to support your application, such as your passport, visa, overseas income statements, overseas asset statements, and employment verification documents.
  • Choose a Loan Option: Explore the different home loan options available, considering factors like interest rates, fees, and features.
  • Apply for Your Mortgage: Initiate the online application process or take the help of a specialist mortgage broker. Provide accurate and complete information about your personal details, financial situation, and property details.
  • Upload Supporting Documents: Attach the required supporting documents securely within the online application portal.
  • Submit Your Application: Once you’ve completed the application and uploaded all necessary documents, review the information carefully and submit the application form.
  • Contact the Expat Support Team: Reach out to the lender’s dedicated expat support team for any assistance or clarifications during the application process. They can guide you through the process and answer any questions you may have. Your mortgage broker can do all this for you.
  • Attend a Virtual Meeting (if required): Depending on your circumstances, the lender may need to conduct a virtual meeting to discuss your application further. Be prepared to share additional information or provide clarifications as needed.
  • Receive a Loan Decision: The lender will assess your application and provide a decision within a reasonable timeframe. If approved, they will outline the loan terms and conditions.
  • Complete Final Steps: Upon accepting the loan offer, you will need to complete the final steps, such as providing final documentation and arranging for necessary valuations or property inspections.

Once the final steps are completed, your expat home loan will be finalised, and you can proceed with purchasing your property in Australia. Odin Mortgage can help you from before applying through to settlement and beyond.

Who is Eligible?

Eligibility for a home loan with Virgin Money in Australia is based on several factors, including nationality, residency status, employment, income, and creditworthiness. Australian citizens or permanent residents, regardless of whether they live in Australia or overseas, are eligible to apply for a home loan with Virgin Money.

Australian expats and Aussie permanent residents living overseas can apply for a home loan with Virgin Money, provided they meet specific eligibility criteria. This may include:

  • Having a valid Australian passport or proof of permanent residency
  • Demonstrating sufficient income from overseas employment
  • Maintaining a good credit history
  • Providing documentation of overseas assets

Foreign investors living overseas may also be eligible for a home loan with Virgin Money, subject to additional eligibility requirements. These may include:

  • Holding a valid visa that allows property ownership in Australia
  • Providing evidence of overseas income and assets
  • Meeting stricter creditworthiness criteria

In general, the lender is more flexible in considering overseas income and assets for Australian expats and permanent residents compared to foreign investors. However, foreign investors with strong financial profiles may still qualify for a home loan.

If you are unsure about your eligibility for an overseas home loan, it’s best to contact a specialist mortgage broker like Odin Mortgage. We can assess your individual circumstances and provide information on the specific requirements and documentation needed for your application.

What Documents Do I Require?

Virgin Money Australia requires a comprehensive set of documents to support a home loan application from overseas. The specific documentation required may vary depending on your individual circumstances, but the general categories include the following.

Personal Information and Identity Documents

This includes documents such as a copy of your valid passport or proof of permanent residency, which confirms your nationality and residency status.

Evidence of Address

This includes documents such as a recent utility bill, bank statement, or rental agreement to verify your current address.

Tax File Number (TFN) or Individual Taxpayer Identification Number (ITIN)

This is required for tax purposes and to identify you as a taxpayer.

Employment and Income Documentation

This includes documents such as overseas employment verification, overseas income statements, and bank statements.

Asset Documentation

This includes documents such as overseas asset statements and the valuation of overseas assets.

Property Details and Purchase Documentation

This includes documents such as the contract of sale, property valuation, council rates notice, and the strata certificate (if applicable).

Additional Documentation (if applicable)

This includes documents such as your marriage certificate or de-facto declaration, divorce decree or separation agreement, and dependency proof.

Remember, this is a general overview, and the specific documentation required may vary depending on your individual circumstances. Contact Virgin Money’s dedicated expat support team for personalised guidance and a detailed list of necessary documents based on your application.

Other Related Products from Virgin Money

Construction Loan

A construction loan is designed to finance the construction of a new home or the renovation of an existing property. These loans typically have a draw-down facility, which allows you to borrow funds as needed throughout the construction process.

Investment Loan

Investment loans are designed for people who are buying a property to rent out. They may offer lower interest rates and tax benefits compared to owner-occupier loans.

Package Home Loan

A package home loan combines your home loan with other Virgin Money products, such as a savings account or credit card. This may entitle you to discounted interest rates and other benefits.

Need a Mortgage With Virgin Money?

Virgin Money has established itself as a leading banking and financial services brand with a reputation for innovation, customer focus, and challenging the traditional banking landscape. The company’s commitment to providing a positive customer experience and its strong ethical stance make it a good option for your Australian home loan from overseas.

Odin Mortgage specialises in home loans for Australian expats, permanent residents and foreign investors living overseas looking to buy property in Australia. Speak with us today to discuss your needs and unique situation so you can find the best deals!

Other Australian Lender Reviews

Allow us to find you the perfect home loan.

Apply online to get expert recommendations with real interest rates and repayments.

FAQs About Virgin Money

Yes, Australian expats living overseas are eligible for home loans from Virgin Money Australia. However, there may be additional eligibility requirements, such as providing evidence of overseas income and assets.

The best type of home loan for you will depend on your individual circumstances and needs. Consider factors such as your income, expenses, deposit amount, risk tolerance, and financial goals. Virgin Money offers a range of home loan options, including variable rate loans, fixed rate loans, first home buyer loans, construction loans, investment loans, and package home loans.

There are a number of fees and charges associated with taking out a home loan, including application fees, valuation fees, and lenders mortgage insurance (LMI). Virgin Money has a transparent fee structure, and you can get an estimate of your fees before you apply for a loan.

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