Get notifications in real-time for staying up to date with content that matters to you.
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.
The CEO of Newcastle Permanent has said the lender will continue ...
The customer-owned bank has released a cashback offer for new and...
The central bank has delivered its rate decision for August as th...
Join Australia's most informed brokers
Do you know which lenders are providing brokers and their customers with the best service?
Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!
The number one magazine for mortgage brokers
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
What's the longest time you've been left on hold before getting through to a credit assessor?
