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Virgin Money cuts variable rates

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Staff Reporter 1 minute read

The non-major lender has reduced today a number of variable investment P&I rates for new mortgage applications.

The Virgin Money variable interest rate (P&I) for borrowings of $75,000 to $499,999 has been reduced by 10 basis points to 4.09 per cent on loans with an LVR less than or equal to 80 per cent.

Rates remain unchanged at 4.44 per cent on LVRs between 80.1 per cent and 90 per cent.

Borrrowings between $500,000 and $749,000 (LVR less than or equal to 80 per cent) have been reduced by 0.05 per cent to 4.09 per cent. Rates remain unchanged for loans with an LVR above 80.1 per cent.

On loans over $750,000, Virgin Money has reduced its rate to 3.99 per cent, a 10 basis point reduction, on deals with an LVR of 80 per cent or less.

All changes are effective from Monday, 25 September 2017.

Virgin Money cuts variable rates
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James Mitchell

James Mitchell

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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