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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:
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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% |
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