Another non-major lender has announced mortgage rate reductions, following several others repricing their mortgage products after the central bank cut rates in October.
BOQ subsidiary Virgin Money has announced new fixed rates across a range of its owner-occupied principal and interest loans and investment interest-only loans.
The changes, which came into effect on 31 October, are for new borrowings of $300,000 or more, up to 80 per cent loan-to-value ratios (LVR) and are applicable to applications received on or after 31 October.
Virgin Money has reduced rates across its fixed principal and interest owner-occupied loans up to 90 per cent LVR, as well as LVR over 90 per cent by 10 bps.
Interest rates for investment fixed interest-only loans up to 90 per cent LVR have been reduced by 20 bps.
The reductions apply to loan terms across two and three years new lending special offers, and two and three years carded rate for both new and existing borrowings.
The full interest rates table and interest rates flyers were updated and made available on the Virgin Money Partner Portal from 31 October.
Virgin Money reduced its variable mortgage rates by 15 basis points early October, a few days after the Reserve Bank of Australia announced it was cutting the cash rate to a record low of 0.75 per cent.
Several other non-major lenders repriced their mortgage products following the RBA’s announcement, including Macquarie, ING, Suncorp and MyState.
[Related: Auswide slashes floor rate]
Malavika Santhebennur is the features editor on the mortgages titles at Momentum Media.
Before joining the team in 2019, Malavika held roles with Money Management and Benchmark Media. She has been writing about financial services for the past six years.
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