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Virgin Money drops fixed rates

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Hannah Dowling 2 minute read

The non-bank lender has lowered fixed rates by 10 bps across owner-occupier principal and interest products.

Virgin Money has announced that it has cut fixed rates by 10 basis points across fixed rate products for owner-occupiers making principal and interest (P&I) repayments.

As of 29 November, both new and existing owner-occupiers taking out a P&I loan with a loan-to-value ratio (LVR) of up to 90 per cent on a fixed-term basis can now secure rates from 3.34 per cent over two years (comparison rate 3.39 per cent).

For those looking to secure the same loan over three years, a new carded rate of 3.59 per cent (comparison rate 3.47 per cent) applies.

New and existing borrowers with an LVR of more than 90 per cent will also see a reduction in rates of 10 bps.

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High-LVR borrowers can now secure a rate of 3.74 per cent for two years (comparison rate 4.49 per cent), or a rate of 3.99 per cent for three years (comparison rate 4.49 per cent).

Special offer

A special offer also applies for new borrowers with an LVR of up to 80 per cent, who can secure a special rate of 2.79 per cent, fixed for either two years (comparison rate 3.30 per cent) or three years (comparison rate 3.26 per cent).

The special rate for new borrowers is applicable for loans of over $300,000, for applications received on or after 29 November 2019.

The announcement follows on from recent fixed rate cuts by the non-bank lender, which saw cuts of up to 20 bps across owner-occupier and investment loans.

[Related: Demand stalls for fixed rates]

Virgin Money drops fixed rates
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Hannah Dowling

Hannah Dowling

Hannah Dowling is a journalist for The Adviser and Mortgage Business.

Prior to joining Momentum Media, Hannah worked as a content producer for a podcast catering to property investors. She also spent six years working in the real estate sector at a local agency. 

Email Hannah at: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

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