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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.
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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)
