Virgin Money is intending to enter the Australian Mortgage Market with a competitive home loan product developed in conjunction with Citibank. Virgin is also making a comeback to Australian banking with two new credit cards and an online savings account.
The next logical step, according to Virgin Money’s chief executive in Australia, Matt Baxby, is to progress to transaction accounts as well as home loan products.
Mr Baxby has explained that the roll-out process will be a gradual one. Virgin Money are partnering up with Citibank on all of it’s financial products.
The Virgin Money credit card has “no annual fee ever” and charges 2.9% interest on balance transfers for the first six months and then 16.95%. The Virgin Flyer card allows users to collect frequent flyer points and offer two-for-one flights and a free flight when customers use the card before 15 October.
The Virgin Saver online account has an introductory variable interest rate of 6.75% per annum, which decreases after four months to 5.35%.
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