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Virgin Money has slashed a number of interest rates for investors and owner-occupiers on one of its home loan products.
The non-bank lender’s Reward Me Home Loan has seen its three-year fixed rates for owner-occupiers and investors drop by 20 basis points to 3.79 per cent and 3.99 per cent respectively.
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Virgin’s variable rate for investors has been reduced by 15 basis points to 5.04 per cent, while variable-rate loans of $75,000 to $499,999 have also been cut by 15 basis points to 4.29 per cent with a maximum LVR of 80 per cent, and by 10 basis points to 4.54 per cent with an LVR of between 80.1 per cent and 90 per cent.
Variable investor loans of $500,000 to $749,000 have seen a 15-basis-point rate cut to 4.24 per cent with a maximum LVR of 80 per cent, and a 10-basis-point cut to 4.49 per cent with an LVR of between 80.1 per cent and 90 per cent.
Variable investor loans of $750,000 or more have seen a 15-basis-point rate cut to 4.19 per cent with a maximum LVR of 80 per cent, and a 10-basis-point cut to 4.44 per cent with an LVR of between 80.1 per cent and 90 per cent.
Meanwhile, Virgin’s owner-occupier variable rate has been reduced by 5 basis points to 4.79 per cent, while variable-rate loans of $75,000 to $499,999 have also dropped by 5 basis points to 4.04 per cent with a maximum LVR of 80 per cent, and to 4.24 per cent with an LVR of between 80.1 per cent and 90 per cent.
Variable owner-occupier loans of $500,000 to $749,000 have seen a 5-basis-point rate cut to 3.99 per cent with a maximum LVR of 80 per cent, and to 4.19 per cent with an LVR of between 80.1 per cent and 90 per cent.
Variable owner-occupier loans of $750,000 or more have seen a 5-basis-point rate cut to 3.94 per cent with a maximum LVR of 80 per cent, and to 4.14 per cent with an LVR of between 80.1 per cent and 90 per cent.
Virgin announced its return to the mortgage market in April with the introduction of its Reward Me Home Loan.
[Related: Virgin unveils major lead generation platform for brokers]
