Virgin Money drops variable interest rates

by AB01 Nov 2017
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.

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