Login
ISCOVER
Sir Richard Branson attended a broker event in Sydney yesterday at which Virgin unveiled a new system that connects six million of its customers to mortgage brokers across the country.
Following the release of Virgin Money Australia’s new home loan product, which will be exclusively distributed through PLAN brokers, the global brand revealed a unique lead generation system that links its six million Velocity Point customers to brokers.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
Virgin Money Australia head of broker distribution Adrian Cunningham explained that in addition to the generous Velocity Points it offers its home loan customers, Virgin was eager to help PLAN brokers grow their businesses.
“We have access to six million Velocity customers,” Mr Cunningham said. “That’s a huge customer base. They are already attracted to the Virgin brand, they’re already attracted to Velocity points. So it makes sense that we can actually go out and promote this product to them directly,” he said.
“However, the only way they can get this home loan is to come back to an accredited broker, which is the value proposition we stand by. We want to make sure PLAN brokers can get access to these customers.”
Virgin's Velocity customers can now visit the company’s website and find a broker their local area.
“As a broker, you will get generated a lead that will be sent out to you. You will receive their details, you can get in contact with them and have a conversation about the product,” Mr Cunningham said.
“We are that confident about what we are offering that we are giving it out to you. We encourage you as brokers to get on there. Six million customers – they are attracted to this brand and need someone to write a home loan for them.”
Virgin Money’s local activities are built on a network of strategic partnerships, much like the group's new agreement with PLAN Australia. Through these partnerships the group has been able to distribute general insurance, life insurance, superannuation insurance and credit cards.
“Virgin Money has one of the fastest growing credit card portfolios in Australia,” Mr Cunningham said. "Not a lot of people know that."
Customers will earn 10,000 Velocity Points for every $100,000 borrowed at settlement, 1,000 points per month for each loan split, plus 30,000 bonus points every three years.
Mr Branson also made a surprise announcement at yesterday’s launch. All customers who apply for a Virgin Money Home Loan between 1 June and 31 July (and who are approved by 31 August) will have the chance to win a share of 1 million Velocity Points.
The new Reward Me Home Loan has a headline rate of 3.99 per cent for owner-occupiers (comparison rate 4.12 per cent).
[Related: PLAN to distribute Virgin Money mortgages]
