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Lender cuts rates by up to 45 basis points - Nov 2016

by James Mitchell7 minute read
The Adviser

A non-major lender has announced fresh changes to its fixed-rate home loans.

Virgin Money this week announced that it will be making a number of interest rate reductions to its Reward Me Home loan.

For owner-occupied borrowers the four-year fixed rate has been reduced by 45 basis points from 4.59 per cent to 4.14 per cent. The same product for investment purposes has been reduced by the same amount from 4.65 per cent to 4.20 per cent.

Virgin Money has also reduced its five-year fixed rates on the Reward Me Home Loans. Owner occupied borrowers will see a 30-basis point reduction from 4.59 per cent to 4.29 per cent, while investors will see rates fall from 4.70 per cent to 4.40 per cent.

The new rates became effective yesterday, 1 November 2016.

Last month Virgin Money announced that its had partnered with major aggregator Connective. Accredited brokers will be able to offer the Reward Me Home Loan products from this month.

Connective is the latest company to partner with Virgin Money, following on from Virgin’s partnerships with leading aggregators PLAN and FAST and its announcement that it intends to distribute widely through the third-party channel.

[Related: Virgin Money broadens distribution footprint]

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James Mitchell

AUTHOR

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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