As a business not happy with the experience
We felt the application form a bit difficult to understand the financial information that was required . However we gave them full access to our accountant. This was even not enough as we were contacted by a foreign lady that we couldnt understand what additional information she wanted. We were turned down even though we have a very high credit rating. We wanted to do a transfer balance from our bank card to their card which overall was a lot lower interest . As a business we have never missed a payment of any sort . Not happy with the treatment
Lack customer focus, delays and no explanation
My wife and I recently applied for a balance transfer to take advantage of Virgin's 21 month interest free option and beat up a small credit card debt. We have not been declined for credit ever. They took more than 7 days to confirm receipt of our application, then requested supporting documentation, we provided this and they conditionally approved us. I called to see what was the next steps and the CSTM confirmed we where approved and should get a letter soon. The letter arrived by email 10 minutes after saying we where declined. After ringing them again I was given no explanation as to why and now I have a declined on my credit file with no explanation!!! Super upset and complaining to the financial services ombudsman.
There are much better options out there
Customer Service is good but they arent transparent with ROI. I signed up with them split loan in 2017. 3.99% fixed and 4.04 variable. 24 months into the term they increased 4.04 to 4.24 and this was when RBA was reducing interest rates. They didnt bother telling customers of the increased rates. I only found out when i looked at my half yearly statement thst ROI on variable went up by 0.20%
Feeling annoyed, i called up Ubank and Athena who did quick credit checks and confirmed that they could easily shave off 1.15% and put me in 3.09% which n...
No reward for loyalty
Been with them almost a year and had a rate increase within the first few months of settlement even without RBA rate changes. Took weeks for them to pass on rate reductions post RBA announcements. Velocity miles not worth the extra cost compared to other lenders. Customer service is decent but customer retention is non existent. Will be refinancing elsewhere.
Im coming to the end of my two year fixed loan with virgin and couldnt be happier.
After some bad experiences with the big 4 I've loved the no wait customer service with voice recognition and the crazy amount of travel i have done on points in the last two years. They gave us velocity points on the value of our loan so partner and I have been to the US plus FNQ a few times without paying for flights! Still have points left! Credit card has been problem free also with a great response when i didnt recognise a charge. If you are thinking about using them i wouldn't hesitate.
Just lifesavers! No complaints.
I am just so happy with this company!
I was approved for a home loan by them a few years ago - the only guys who would give me a chance.
Ever since then, I have received impeccable customer service and I am so thankful!
They make everything so simple and so easy!
I recommend them to everyone!
Interest Rate increased without notifying me. Interest rate cuts not passed on
I have my home loan with Virgin. I signed up at 3.69 and was not informed of a .2 rise in interest rates which effectively means I started my home loan (after the construction loan) on a rate that was higher than what I signed up for without even receiving a notification.
When I called the bank I was told that my rate was at 4. something which apparently was what it defaulted to after the construction loan. Nobody knew what was going on and I had to get my mortgage broker involved to get it sorted. The customer service just said that's what it...is, nothing they can do about it, absolutely useless. Now that the interest rates are being cut, ANZ is getting told off for only passing on 18/25 points, yet, Virgin Money hasn't said anything about it. This cut is mean to be passed on, if they don't, everybody will be better off moving to another bank as the saving will outweigh the exit fee by far! Pick up your game. Can't recommend them.
Just closed credit card account over the phone, due to little use. I then asked how my money in the account was going to be refunded to me. Virgin wants to wait 1 month then send a Cheque out..... I asked about just transferring to my savings account and they said its not possible.......
Be Careful Where You Work
wouldn’t proceed with our refinance loan because my husband works for one of the companies that their internal policies has black listed. If you work in the 2nd hand dealer sector, tattoo shop or something in the gaming world - don’t even waste your time because they won’t approve you.
If I could give a zero I would
Unsurprisingly my original complaint from March 7th 2019 still hasn’t been resolved. I was contacted by Virgin Moneys call centre last Friday who promised to call me in 3 working days - no call. It has been over a month since my dispute over an unapproved transaction on my credit card - still not resolved. My new cards pin was locked (4th replacement in a month due to Virgin incompetence) which has cost me more points, and finally the 2 thousand points that were promised as inconvenience money still haven’t been transferred. #yousuckvirgin
They took so long to give us an answer on if we were going to get the money for our home, they have exceeded the finance date, our application has been back to the assessor so many times its ridiculous. They've lied a couple of times saying that we will get an answer In "24 hours". They can only do one thing a day they cant do too much work. Have extended our finance date and still waiting on an answer....
Happy home loan owner ;)
The team made a complex process as easy as it can be, which is a challenge in itself. Well worth the effort once settlement hit, with timely full approval, documentation and time to spare before we did settle. Surprised about some of the reviews left by others, which could be influenced by the fact a home loan needs paperwork to get sorted. A little bit of work to get hundreds of thousands of dollars to help you buy a home is kind of expected. Good work overall Virgin Team!
Made me "jump through hoops" for a re-finance application. Documents, more documents, value of my property. Under valued it. Waited 3 months and requested an update to get a "you do not meet our credit requirement" reply.
If I hadn't traced it up with them, would they have replied at all??
REALLY TERRIBLE, A WASTE OF TIME
Need a - star option. Don't bother, only applied for a basic credit card. They wanted a ridiculous amount of documents, which i gave. I had to follow up regularly. With bad line connections and call centers in the back streets of India, it was hard to hear the operator. They are very slow and take forever to get back to you. 3 weeks of stuffing around for a credit card to only be rejected....when they could tell you in the initial stages. Don't waste your time.
Wish i could give no stars!!!!!
STAY AWAY FROM THESE GUYS THEY ARE USELESS
completely wasted our time, they are soooo slow at doing applications, request the most ridiculous pieces of information ... they must be as thick as their flight attendants
For someone who only needs to borrow 40% of the current value of the property and owns a company with a quarterly turn over of approx $100000.00 im really surprised , I wish i read these other reviews before i applied
COMPLETE WASTE OF TIME AND EFFORT ,DO YOURSELF A FAVOR AND AVOID THE STRESS OF THESE GUYS
Waste of time & effort - no star rated - only put 1 star as compulsory for review submission
Applied for a refinancing home loan through a mortgage broker, who had an initial conversation with Virgin Money about our situation. Been told they accepted our situation and proceeded with a house evaluation. Result came back and we agreed on the refinancing option as proposed by Virgin Money. We provided all supporting documents to VM and the process was very slow. The refinancing value is > $1M hence needs a level 2 credit officer review. They came back asking for more supporting documents, including credit cards that we closed off a while ...ago. We waited then been told that our application couldn't proceed. The reason was we both have very strong income however our credit card debts are too high. We advised VM about our situation from the beginning and VM team said they were ok to proceed with refinancing however turned around and said no after 2 months of asking for hundreds of supporting docs which we provided promptly and everything was accurate as what we said from the beginning. Not a creditable lender. Do not waste your time with them.
no ownership, no responsibility, no accountability, no communication very slooooow
I failed to read the review from Smiles and Cook Kid.I missed 2 properties because the conditional approval took nearly 2 months. I should have known and stop there. Unfortunately, I continue with the loan application due to the relatively good rates (what you pay is what you get).
I forwarded my contract of sale on the day i signed, that's 6 weeks till settlement. No updates/communication for 3 weeks, every time I call to follow up, the answer is you still got time.
FOUR work days before my settlement, I got my loan documents at lunch ...time. Which I quickly post back next day because they need to ‘original’ to continue with the process, though I have forward a scanned copy via email. Apparently, it’s protocol not to do anything until the original is received. The express post notification that the loan documents has been delivery. I called but unfortunately it’s still in the mail room and not on the loan officer desk so he can’t do anything! He said it’s not his fault that the loan documents sent out late and that he still haven’t received the return post!!! I question the business development manager and the loan officer who will be liable for the penalty of the delay in settlement and the respond is not Virgin!! It’s two days till settlement, the loan documents are in the mail room and not on the loan officer desk and one stress customer. Way to do business. The rates are relatively good but if I have to do it again. DEFINITELY not with Virgin.
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