Virgin is Sir Richard Bransons famous brand which has become a household name around the world and in Australia is well known for it’s Virgin Blue airlines, Virgin Mobile and Virgin Money.
The brand has a great reputation for value for money, quality, innovation, fun and competitively challenging traditional markets with new ways of delivering products and services.
Their latest launch is Virgin Home Loans in Australia which looks to deliver a competitive range of home loan products to the market with a fast application process via customers applying online or via the phone.
Virgin Money also provides a low cost credit card, superannuation services and is looking to venture into general insurance, life insurance and personal loans. They are looking to create a large range of products via a virtual bank where customers conduct all their communications via email, post, phone and fax.
A lot of competitors are shrugging this approach off saying that borrowers were not ready to take out mortgages online preffering face to face contact when negotiating interest rates and fees for one of the biggest purchases many will ever make.
This may be true currently although if we look back at what businesses have succeeded in moving to an online service and how things will be done in the future they are probably pioneering an enibetiable path.
Virgin Money Director, David Baxby said, â€œWeâ€™ve shaken up the credit card market and captured over 4% market share in less than three years, and we have similar aspirations for the mortgage market. The major lenders should be worried.Australia is a nation of savvy property owners, and our research shows that consumers are ready for a direct mortgage offering from a trusted brand like Virgin. Our direct model takes all the hassle out of getting a home loan, with a fast and simple application process that lets customers apply in their own time, not the bankâ€™s time.
Weâ€™re also challenging the industry on customer service times. Over time we aim to provide conditional approval in 15 minutes and full approval in just 48 hours.â€
[tags]virgin home loans, mortgage, home loans, finance, australia[/tags]