New home loan offers 370,000 frequent flyer points

Virgin Money has joined the likes of Qudos Bank and Macquarie to reward home loan customers with frequent flyer points.

With the Reward Me home loan, which is backed by Bank of Queensland, customers earn 10,000 Velocity points for every $100,000 borrowed at settlement, 1000 points a month for each loan split, plus 30,000 bonus points every three years.

Virgin Money says that on a $400,000 mortgage, borrowers could earn 244,000 points over six years or 370,000 points over 10 years. That could be two return-trips from Melbourne to London over the lifetime of your loan.

Advertised rates for owner-occupier loans start at 3.99%pa for $750,000 or more with a loan-to-valuation ratio (LVR) up to 80% and go up to 4.49%pa for less than $500,000 and an LVR of more than 90%. There are no application fees and the loan comes with free redraw and 100% offset. Fixed rates are available.

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