Virgin Money Home Loan Lending Policy 2026

Virgin home loans need a product and channel check first: Virgin Money’s current retail range is Lite and Loaded, while its legacy broker origination platform is closed. As at October 2026, brokers can still support existing Virgin Money customers, but must distinguish that route from a new retail application. Bank of Queensland Limited is the legal lender, and the selected product determines which documents apply.

Lender and Policy Ownership

Virgin Money Australia’s current Lite and Loaded Home Loans are provided by its division of Bank of Queensland Limited (BOQ), Australian credit licence 244616. Virgin Money’s current legal disclosure, as at October 2026, identifies that credit provider. It separately describes the legacy Reward Me distribution arrangement.

The broker portal notice says the former origination platform is decommissioned and its products are unavailable in ApplyOnline. Existing-customer maintenance, variations and top-ups remain supported through 13 81 51, with broker enquiries at broker@virginmoney.com.au. The channel’s earlier notice dates the pause in new broker acquisitions to 1 September 2023.

The retail website now advertises Lite and Loaded loans through its lending specialists. Reward Me is closed to new applications. A retail offer therefore doesn’t establish that a broker can lodge the same product through the old platform.

Start with the product name on the proposed offer or existing loan schedule. Match it to the official product documents, then record the version and channel. An old Reward Me checklist or another BOQ brand’s policy must not become a Loaded policy rule by association.

For the relevant access and support destinations, use the Virgin Money broker portal guide. The lender-policy guide covers comparisons between lenders on the same scenario.

Borrower, Income and Funds

Virgin Money’s Loaded Home Loan target market determination dated 5 June 2026 requires adult applicants borrowing in personal names with acceptable credit history. It includes regular pay as you go (PAYG) or self-employed income. Residency eligibility covers citizens, permanent residents and specified other residents, with separate criteria for eligible temporary residents.

Record the exact residency status, visa where relevant, employment basis and income sources before selecting the evidence path. Show existing debt balances and credit limits beside repayments and living expenses. Serviceability is the lender’s assessment of whether those commitments leave enough income for the proposed loan repayments.

Prepare the funding reconciliation below for the lending specialist or existing-customer support team. Treat it as file preparation, with the selected product’s written evidence request controlling what must be supplied.

Funding question	Records to prepare	What the records must explain
Savings contribution	Account statements and transfer history	Who owns the money and where larger deposits came from
Gift or sale proceeds	Gift details or sale and settlement records	Whether money is repayable and when it becomes available
Refinance or top-up	Current loan statement and proposed use of additional funds	Existing debt to repay and the extra borrowing purpose
Funds to complete	Purchase contract, deposit receipts and settlement-cost estimate	Purchase balance and costs after deducting loan proceeds

Separate base salary from overtime or commissions so the income request identifies each component. For a self-employed applicant, record the business structure and trading history with the financial records. Have the Virgin Money lending specialist specify the product’s required income and deposit evidence for that enquiry before treating the file as complete.

Security Assessment

Virgin Money’s Loaded target market determination dated 5 June 2026 requires suitable residential security for a purchase, renovation or refinance. Its target market includes owner-occupiers and investors. It excludes vacant-land purchases, construction, business-purpose loans and guarantees, among other structures.

Record the property’s address, type and intended use, then compare the requested debt with the lender’s accepted valuation. The loan-to-value ratio (LVR) is the loan amount divided by that value. A purchase price alone doesn’t settle the security value.

The determination excludes capitalising lenders mortgage insurance (LMI) above 95% LVR. LMI protects the lender against loss. This statement doesn’t promise approval at 95% for every borrower or property.

For a hypothetical $600,000 accepted valuation and $480,000 loan, the LVR is 80%. If the accepted valuation falls to $570,000, that same loan is about 84.2%. Recalculate the contribution and any LMI requirement using the accepted value.

A change from an established home to construction requires a separate product assessment. So does a change in ownership structure or proposed loan purpose. Describe an unusual property and its location explicitly in the enquiry rather than applying a standard-house assumption.

The home-loan security guide explains the property records that support those distinctions.

Policy Confirmation Record

Keep a dated, case-specific record of any Virgin Money policy interpretation or exception response. As at October 2026, the broker portal directs relationship enquiries to broker@virginmoney.com.au and existing customers to 13 81 51.

Send the product and channel with the scenario. Include the applicants’ income basis, requested borrowing, property use and valuation assumption. State which published clause needs interpretation and what departure you are asking the lender to consider.

Keep the reply with its case details.

• The response date, sender’s name and team, plus the enquiry reference.
• The product and policy document version considered.
• The material scenario facts supplied and any assumptions in the answer.
• The conditions, required evidence and limits of any approval to depart from policy.

A response about one applicant’s variable income must stay attached to those facts. If the employment, security or borrowing changes, the earlier response isn’t a general acceptance rule for the revised deal.

Offset Account Eligibility and Linkage

Virgin Money’s offset guidance, as at October 2026, allows offsets on variable Loaded and eligible variable Reward Me loans. Loaded can link up to 10 Go Accounts, while Reward Me uses its Companion Account. Lite and fixed-rate portions are ineligible.

Loaded has a full offset, with each offset account linked to one loan account at a time. The current Home Lending Terms and Conditions reduce the interest calculation by each linked account’s eligible balance. For a hypothetical $500,000 variable loan and $20,000 linked balance, interest is calculated on $480,000, subject to the contract’s daily calculation.

The June 2025 Lending Guide to Fees and Charges lists a $295 annual Loaded fee. One annual fee covers Loaded loans held by the same borrowers. Read the fee basis with the loan schedule rather than treating offset as a separate account’s automatic benefit.

For Loaded, open the Go Account before linking it. The account must belong to one or more loan borrowers and nobody else. In the Virgin Money app, follow these steps:

1. Open Wallet and select the eligible home loan.
2. Open the account menu, then Manage home loan account.
3. Choose Manage my offsets, then Link a transaction account.
4. Select the Go Account and save with Done.

Confirm that the account appears under the correct loan’s My offsets, then review the next statement’s offset benefit. For Reward Me linkage, call 13 81 51. Recheck linkage after a restructure or product switch.

Redraw accesses extra repayments already paid into the loan. Offset money stays in the linked deposit account. An ordinary account with a related bank doesn’t qualify merely because the banks share ownership.

Velocity Points and Home-Loan Features

Yes, an eligible current Loaded Home Loan can produce Velocity Points through conversion of Virgin Money Points. The Virgin Money + Velocity addendum effective 18 August 2026 governs this route. Velocity’s own home-loan page describes the same offer.

Under that addendum, settlement earns 4,000 Virgin Money Bonus Points per full $10,000 advanced, convertible to 2,000 Velocity Points. For the first three anniversaries, the award is calculated separately from each account’s net loan balance at that same rate. Linked offset balances reduce that net balance, and joint borrowers share settlement and anniversary points equally.

Each borrower can also earn 2,000 Virgin Money monthly points, convertible to 1,000 Velocity Points. The Rewards Terms effective 5 June 2026 require an outstanding balance at month-end and no default under any home-loan contract with Virgin Money. Lite’s monthly earn is 1,000 Virgin Money Points under those separate terms.

For the Loaded exclusive route, at least one borrower must enter through the Velocity-linked offer page and request the application through Virgin Money’s offer page. Borrowers must meet credit criteria, settle an eligible loan and qualify for Rewards. All loan accounts must stay open until points are credited.

The exclusive offer excludes proceeds used to refinance, restructure, switch or top up existing BOQ Group home loans. Anniversary earning ends after the first three anniversaries. Later splits and consolidation have specific account-level rules, and switching to Lite ends anniversary eligibility.

A valid Velocity membership number enables month-end automatic conversion of the whole Virgin Money Points balance. The conversion is two Virgin Money Points to one Velocity Point. Holding Velocity membership alone doesn’t enrol a mortgage in this offer.

The addendum allows changes, with 30 days’ advance notice for changes that might be unfavourable. Keep its effective version with the selected loan and application route before promising the benefit. A new retail Loaded offer must not be presented as an available application through the closed broker origination platform.

Legacy Reward Me has a separate loyalty program. Its June 2020 terms allocate points to the primary borrower and specify monthly points plus a three-year anniversary benefit subject to balance and eligibility conditions. Those terms don’t establish eligibility for a new Loaded loan.

For an existing Reward Me variation, retain the customer’s loan and reward documents with the proposed change. For a new Loaded enquiry, record the offer entry route and the applicable points terms alongside the credit assessment.