A non-major lender has announced rate changes across its fixed and variable rate home loans for owner-occupiers and investors.
Virgin Money has announced that effective Friday 6 January it will make changes to the interest rate of its Reward Me Home Loan.
Its 1 year fixed rate for owner-occupiers will fall by 16 basis points from 4.40 per cent to 4.24 per cent while its 2 year fixed rate will fall by 26 basis points to 3.99 per cent.
However, Virgin Money’s 3, 4 and 5 year fixed rates for owner occupiers will all increase by 20 basis points.
For investors, 1 year fixed rates will fall by 21 basis points to 4.34 per cent while 2 year fixed rates will fall by 30 basis points from 4.35 per cent to 4.05 per cent.
There is no change to Virgin Money’s 3.99 per cent 3 year fixed rate for investors. However, 4 and 5 year fixed rates will increase by 24 and 19 basis points, respectively.
Variable rates for owner-occupiers will increase by 10 basis points to 4.64 per cent. Investors will also be hit with a 10-basis point rate hike, lifting the variable rate from 4.84 per cent to 4.94 per cent.
[Related: Brokers divided on rate outlook]
James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.
He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.
He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.
James holds a BA (Hons) in English Literature and an MA in Journalism.
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