Virgin Money Home Loans

If I could give them 0 I would. They do not know what they are doing. Just closed off my HomeLoan which was easy but when I had to close the companion account they could not give me a statement. They told me to go to BOQ branch in Mt Eliza and ask them to print the statements. I contacted BOQ and they said we cannot access Virgin Money. When I… Read more

rang Virgin Money I was just move around with no help. You would think that asking for a statement would be the easiest thing for them to do. DO NOT use Virgin Money for anything, it will save you a lot of time and hassle.

Beware: They seem to be making me jump thru hoops because I have decided to refinance with another bank. I've had my home loans (and had refinanced) with the likes of Bankwest, Westpac, ANZ in the past. All were professional and timely when it came time that I decided to refinance with another lender. The worst bank that I had problems leaving… Read more

was P&N (see my past review - 2.3K views so far), but even P&N (2 stars) seem to have a higher score on Productreview than Virgin Money (1.5 stars!)

My broker had contacted them with the forms which he knows are for the home loan discharge and they tell him that it's not the correct form? He's done it for other VM clients! Apparently now the Retention Team needs to be contacted for a unique coded form??? You mean the customer access number is not unique enough?? I then send them an email requesting for the form and it takes them one day to reply and ask me to supply some further information. After that, they call me at work - now some people may understand that I am not able to pick up personal calls at work during work hours - so I get a sms asking me to call them back for "some important information regarding your home loan" and to call during office hours only! I mean if this is not stalling, then I don't know what is!

So I told my manager that I needed to make an urgent call, but 20 mins later I'm still on hold and it really isn't a good look, so this is still not resolved yet. I discovered from other comments here that Virgin Money makes it very difficult for you when you try to leave them and unfortunately I can tell you that has been my experience so far as well. Difficult, plus unreasonable, expecting me to use office hours to call them back for some information which they could have easily asked me via email.

I have sent them a further email urging them to just send me the correct form so that I can move on with the home loan discharge. If their so called Retention Team's goal was to retain me as a customer, they have just lost me due to this experience. Who knows how long their discharge process will eventually take - once I get the correct form, that is!!!

I shall be updating this post with my further experience. I think it is important for people who may be busy/time poor like myself to be aware of what a regular person (who has not caused any issue during the time I've been with them/repayments always on time) is put through. The fight continues....

P.S. just to add - since the RBA reduced the interest rates, I still haven't been informed by Virgin Money that their variable home loan rates would be adjusted. In comparison, during the period when RBA was raising rates, I would get prompt letters each time that they were increasing their variable home loan rates.

Low rate but terrible customer service make it not worth it – Pros: good interest rate Cons: terrible customer service, long wait times on phone, no in person support, frustrating processes, no app, old systems, not user friendly I have waited on multiple occasions for over an hour to speak to someone and still could not resolve the issue. I have experienced some very rude staff and some who were supportive and friendly but overall the frustrations make me want to change banks.

Free travel! – 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… Read more

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! Show details

2023 latest review, please stay away for Heavens sake – hi all i was with virgin for 2 years on the suggestion by a finance consultant. it has been a bad experience. first of all , just because my loan settled 1 month after the settlement cutoff date, by cash back was not provided. second their online portal is pathetic, totally useless rates were slightly higher than the market. the customer service… Read more

staff are great, even mother teresa wouldnt be able to do any better, it was just an appalling experience due to the systems in place by virgin money. i would warn anyone to stay away from signing up to virgin mnoey, no matter what any finance consultant or strategy advisor would say.

4 months and waiting to switch to interest only – Commenced loan with Virgin through a broker, originally signed up investment loan - P&I, should of been Interest only but this is partially my fault. Virgin will.only deal.through broker I cannot request any changes myself. it has now been since start of July to switch to Interest only and I am still waiting for this to happen. this is causing unneeded stress and impacting mental health. not good enough. Show details

Terrible service – Refinanced home loan this year. Incredibly inconvenient to use the website, no mobile phone app, and poor customer service. Cannot wait to transfer my home loan next year after my 2 years contract is over to a different bank. I do not recommend this home loan service. Show details

Worst ever customer service – Nobody picks up calls even after 40 minutes of holding. They say they tried contacting you but no call reaches your mobile number (Technically they simply lie). They do not process setting up the necessary authorization transfer token to transfer out money from their offset account virtually preventing you from using your own money for days or even weeks. Show details

The worst ever! – I have refinanced my loan before and know of the initial hassles but never did I think it would be so bad that I'd want to leave a review for others to know how terrible my experience was. My loan rate was changed after all documents were signed and a Virgin representative confirmed my loan and repayment details to me 5 days post the settlement… Read more

to be as per the documents signed. Few weeks later I noticed my repayments were higher than what was stated on the loan documents. When queried, they said the rates changed 5 days prior to settlement and the Virgin representative wasn't aware of rate change as they had IT issues and the change didn't reflect in their system. They have bluntly refused to change my loan rate. Nearly 50 days after my loan settlement, I receive a post from Virgin with my loan details. Go to see my repayments are still higher than what is stated in their letter. So sick of daily calls and email exchanges with them. Absolute rubbish! Stuck with them now but would never recommend to anyone!

Truly the worst app/company in existence – An embarrassment of a financial institute. Everything is so difficult on their app, it barely works. Payments don't go through and are constantly rejected. Trying to reset your password online, very difficult. Have to enter your entire credit card information?? Then you submit and it errors out. Truly embarrassing. TO EVERYONE - try ANZ, they are awesome, easy to use app, payments always work.

Very difficult and unreasonable on closing account – They just introduce rules on the fly about waiting 30 days after another round of statements, even when the account is considered zero balance and they have a letter of closure issued. Very hard to contact them to get the open account listing removed off the credit score Show details

Terrible, wouldn't touch them if they had 0% interest rates – Would not let me withdraw money from my offset without jumping through weeks of paper work and their terrible system. After much pain I told them to leave my transfer limit at infinite, my reasoning was if I can't withdraw my own money, there is no way in hell anyone else will. Guess what, they set a new limit, causing me to have to sit in their… Read more

phone que once again when I needed to make a transfer.

We decided to refinance and leave the bank, filled out appropriate forms, they send through forms weeks later with an updated style guide citing the identical forms weren't enough. After filling in the new form, all was well until the refinance lawyers called saying virgin money weren't actioning the release. After waiting in their terrible phone que they basically said we don't accept the form because you included multiple properties to release in the section where it asks for all properties to be released. And they did not feel like communicating that with us.

Their variable rate loan structure is about as dishonest as it comes. Ask them to explain it to you, ask them why there is such a large and constant disparity between the interest you pay and the rate offered to new clients published on their website. They cant explain it, because it's a scam.

Overall, absolutely useless and incompetent. It doesn't help that they directly benefit from withholding money from customers, I'd venture a guess and say the dishonesty is baked into their system. I'd happily join a class action law suit, or support government bodies investigating this horrible excuse for a bank.

Steer clear or leave, this company is doing you harm.

Credit Reporting on Paid Accounts – If you value your credit rating stay away!!! 6 phone calls, 10 people, 2.5 hours, and still not resolved. Virgin/Citibank is very slow and inaccurate with its reporting. They have marked my account as not being paid despite the account being paid, I spoke to various representatives who told me that my account is showing as paid. Now they tell… Read more

me it will take 30 days to resolve despite the account being paid 30 days ago. The customer service staff are based overseas I could hear chickens/roosters in the background, poor quality phone lines with people who don't listen and speak over the top of you. Such a JOKE!!! NEVER EVER AGAIN!!!

The Virgins of the Stone Age!!!!!! – Whilst I wrote a nice review previously about this company and originally gave it a 5 star rating, it is amazing what they tell you in customer service that one interaction can influence a consumer’s behaviour or perception of the company. I had this experience just last week when I requested a copy of my past bank statements for one of my… Read more

accounts I had previously held with Virgin Money which I required urgently. I was told by both consultants/agents that they could not email these to me and they could only post them out. They said the turnaround was between 7 - 10 business days from interstate. No lender or finance company I have come across does not have the option to email correspondence to the customer. Virgin are stuck in the dinosaur age. I bet they use typewriters in their offices and don’t have computers and also have a plug in switchboard with wires to transfer calls.

Lift your game Virgin I am now giving you some demerits reducing your 5 star rating to 2.

Should you want me to change it back to 5 stars please get in touch and email me the statements as previously requested ASAP.

Below is my positive review I had given the company previously:

I am not sure of the name of the agent I spoke to but she delivered excellent customer service in spades. She went through everything with me on how my loan is going to repayments, redraw, etc. A perfect loan summary breakdown. I was calling for a rate check as was looking to see if I am on the best rate for my variable loan. She went through what the company is doing to help customers get a better deal. They are also assigning different agents to each customer to let them know about their loans. I like this as you don’t have to keep repeating things all the time. Even gave me some more recommendations or further ideas to consider. The cherry on the cake though was the happy birthday message and asking about my weekend, how things are going etc. This is good service because each customer needs to be made to feel the call was worth it or they got more in return than just basic assistance. Also I am excited about the launch of the app soon is I like access to information with easy convenience and felt this was an area they were lagging in. All in all big thumbs up to the agent who spoke to me today. It would be nice if you could pm me the agent’s name as I couldn’t remember so I can speak with her next time if I have any further queries.

not transparent, not comprehensive, walk away to avoid disappointment – i was not contacted or communicated. i don't recommend virgin money, i submitted the application, after a week, and got rejected without an explanation. everyone should walk away to avoid disappointments. their business modal must have issues. Show details

Incredibly uncompetitive rate – The rate is so uncompetitive, highly recommend refinancing. Rang and asked if they could offer a more competitive rate given what others offering in market. They refused. And they were rude. Show details

TERRIBLE SERVICE – Terrible service, offshore staff are hopeless with communication, you will get different information from each person everytime you call until you are upset with the 4th or the 5th one. I also think there is problem with their email systems as you never receive anything from them after requesting anything, and postage never happens too except… Read more

their bills. I requested for my name change by writing twice to them with sufficient information, for 4 months and nothing happened until I called after the 5th calls, or when I asked for a closure of the credit card it it took 2 months for them to pick up pieces and pieces. Read these reviews and I can not agree any more, be careful, they try to get us to stay and blame on other companies for direct credit from their card which they cant close our cards

Poor Customer Service, No Explanation – I moved over to Virgin Money recently for a home loan. It was a terrific rate so no complaints there. However, the first thing I noticed about dealing with them is just how poor their internet banking is. It's about as basic as you could get, almost like a kid did as part of a school's project. Tried applying for a credit card with them and was… Read more

initially accepted and then rejected with no explanation given four days later. I called them up - Customer Service said to reapply. I reapplied. The Credit Card people told me there was an automatic 3 month freeze out period and to talk to Customer Service. Customer Service told me to reapply. I gave up on the whole circus. I've got better things to do with my time and have no problem getting credit elsewhere. I don't think they've got their processes in good order there.

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… Read more

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… Read more

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.

Income protection money waste – Absolutely waste of time and money If you can choose someone else I would recommend that. They’re pretty good at customer service when you want to take on the new insurance

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… Read more

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.

sub par – 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. Show details

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… Read more

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

Terrible – 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… Read more

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!

Dont waste your time and energy – I wish I saw these reviews here before applying, they are extreme slow and demand every document under the sun. Been 3 weeks since start and still no reply what a waste of time. even 1 start is flattering