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The Bank of Queensland-owned lender has this week reduced its variable rates for both owner-occupiers and investors and increased the maximum LVR for interest-only mortgages.
Effective from 1 November, Virgin Money will be decreasing variable owner-occupied principal and interest (P&I) and interest-only (IO) rates (for LVRs equal to or under 80 per cent) and variable IO rates for new applications submitted in ApplyOnline.
Also effective this week, the lender’s maximum LVR on owner-occupied IO loans has increased to 80 per cent. The rate changes are as follows:
Owner-occupied – principal and interest (P&I)
| 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 (IO)
| 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% |
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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