Virgin Money has announced a number of rate decreases across its owner occupied and investment products.
Effective from 1 November, rates will drop on variable owner occupied principal and interest mortgages (for LVRs equal to or less than 80%) as well as variable investment interest only loans. This applies to new applications submitted in ApplyOnline.
Owner occupied – Principal and interest
| |
Current rate (p.a.) |
Change |
New rate (p.a.) |
| Borrowings $75,000 to $499,999 |
3.89% |
-0.21% |
3.68% |
| Borrowings $500,000 to $749,999 |
3.84% |
-0.16% |
3.68% |
| Borrowings $750,000 and above |
3.79% |
-0.15% |
3.64% |
Investment – Interest only
| |
Current rate (p.a.) |
Change |
New rate (p.a.) |
| Borrowings $75,000 to $499,999 |
4.69% |
-0.16% |
4.53% |
| Borrowings $500,000 to $749,999 |
4.64% |
-0.11% |
4.53% |
| Borrowings $750,000 and above |
4.59% |
-0.06% |
4.53% |
Virgin is also increasing the maximum LVR for owner occupied interest only loans to 80%, effective from 1 November.
