Powered by MOMENTUM MEDIA
realestatebusiness logo

Subscribe to our newsletter

Virgin Money cuts fixed rates by up to 70bps

Virgin Money has decreased fixed rates on a number of mortgages by up to 70 basis points.

Virgin Money has announced new fixed rates across a range of its owner-occupied and investment home loan products.

Effective 16 August, the new reduced fixed rates on owner-occupied, principal and interest (P&I) loans of $300,000 or more, with a loan-to-value ratio of up to 90 per cent are:

  • 3.99 per cent p.a. for one year, down 25 basis points (3.58 per cent p.a. comparison)
  • 3.54 per cent p.a. for two years, down 45 basis points (3.55 per cent p.a. comparison)
  • 3.99 per cent p.a. for four years, down 35 basis points (3.72 per cent p.a. comparison)
  • 3.79 per cent p.a. for five years, down 70 basis points (3.69 per cent p.a. comparison)

Rate reductions have also been applied to fixed rates on owner-occupied, P&I loans with an LVR over 90 per cent. The new rates are:

  • 4.19 per cent p.a. for one year, down 25 basis points (4.73 per cent p.a. comparison)
  • 3.94 per cent p.a. for two years, down 45 basis points (4.64 per cent p.a. comparison)
  • 4.19 per cent p.a. for four years, down 35 basis points (4.62 per cent p.a. comparison)
  • 3.99 per cent p.a. for five years, down 70 basis points (4.51 per cent p.a. comparison)

The revised fixed rates on investment, P&I loans of $300,000 or more, with an LVR of up to 90 per cent are:

Advertisement
Advertisement
  • 3.99 per cent p.a. for one year, down 35 basis points (3.86 per cent p.a. comparison)
  • 3.70 per cent p.a. for two years, down 35 basis points (3.83 per cent p.a. comparison)
  • 3.84 per cent p.a. for three years, down 30 basis points (3.87 per cent p.a. comparison)
  • 3.59 per cent p.a. for five years, down 60 basis points (3.79 per cent p.a. comparison)

For interest-only investment loans with an LVR of up to 90 per cent, the new fixed rates are:

  • 3.99 per cent p.a. for one year, down 40 basis points (3.81 per cent p.a. comparison)
  • 3.94 per cent p.a. for two years, down 15 basis points (3.83 per cent p.a. comparison)
  • 4.09 per cent p.a. for three years, down 10 basis points (3.90 per cent p.a. comparison)
  • 3.79 per cent p.a. for five years, down 50 basis points (3.84 per cent p.a. comparison)

Virgin Money is among a long line of lenders to drop their rates after the Reserve Bank of Australia cut the official cash rate to the historic low of 1 per cent. 

[Related: ME Bank lowers fixed rates by 40 bps]

Virgin Money cuts fixed rates by up to 70bps
Virgin Money
mortgagebusiness

Latest News

Islamic Bank Australia has been granted a restricted banking licence from APRA. ...

In a move partly focused on guiding its approach towards diversity and inclusion, the non-bank has appointed Dr Jane Watts to its board. ...

The non-major bank has taken another leap towards the digital space, integrating its core platform to the cloud. ...

VIEW ALL

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!

Do you think the new NSW property tax will help or hinder first home buyers?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.