Virgin Money will pass on the Reserve Bank’s full cash rate reduction, slashing all of its Reward Me owner-occupied variable home loan rates by 0.25 per cent.
Virgin Money’s lowest variable rate will fall to 3.69% p.a.* for owner-occupiers (comparison rate 3.83% p.a.)^.
Variable rates for investors will be cut by 0.20 per cent, with Virgin Money’s lowest variable rate for investors falling to 3.99% p.a#. (comparison rate 4.12% p.a.)^.
Virgin Money CEO, Greg Boyle, said: “We’re delighted to be passing on the RBA’s rate cut to our Reward Me Home Loan customers, ensuring our interest rates remain as competitive as you’d expect, with the additional opportunity to earn Velocity Frequent Flyer Points and turn your home loan into a holiday.”
Virgin Money’s variable rate cuts follow the reduction of its fixed home loan interest rates in July, now starting from 3.79% p.a (owner occupied) for three years (comparison rate 4.11%p.a.)^
The new rates will be effective for all new and existing Reward Me customers from Monday, 8 August, 2016.
About Virgin Money Reward Me Home Loans
Virgin Money launched its Reward Me Home Loans in May – designed to deliver customers a more rewarding borrowing experience. In an Australian first, Virgin Money is rewarding customers with Velocity Frequent Flyer Points on settlement, each month and on regular anniversaries – together with exclusive offers on related Virgin Money products and offers from the other Virgin businesses in Australia.
Virgin Money offers discounted variable interest rates based on the size of a customer’s borrowings and loan-to-value ratio. Responding to customer feedback, Virgin Money publishes its rates and the discounts available to customers on its website.
Reward Me Home Loan customers earn 10,000 Velocity Points for every $100,000 borrowed at settlement, 1,000 Points per month for each loan split, plus 30,000 bonus Points every 3 years.
On a $400,000 mortgage, borrowers could earn 244,000 Points over 6 years, 370,000 Points over 10 years** – or more if they take up Virgin Money’s rewards credit cards (which earn Velocity Points on card spend) or its home & contents, life and income protection insurances (each of which offer 10,000 additional Points).
Virgin Money (Australia) Pty Limited ABN 75 103 478 897 promotes and distributes the Reward Me Home Loan as the authorised credit representative of the credit provider, Bank of Queensland Limited ABN 32 009 656 740, Australian Credit Licence 244 616 (the ‘Lender’). The Lender’s standard credit assessment criteria apply. Fees and charges are payable.
* Available for new owner occupied loans with minimum 20% deposit and balances of $750,000 or more. #Available for new investment loans with minimum 20% deposit and balances of $750,000 or more. See virginmoney.com.au for all home loan interest rates – new rates will be reflected on our website on Friday 5 August.
^Comparison rate calculated on a loan amount of $150,000 for a term of 25 years and is for secured lending only. For fixed rates, the comparison rate is also based on an LVR of 80% or lessWARNING: This comparison rate applies only to the example given. Different amounts and terms will result in different comparison rates. Costs such as fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
** Velocity Points: Example assumes that borrowings are split across one variable and one fixed rate loan component, the borrower continues to meet our eligibility criteria and our Velocity Points earn rates do not change over the specified term; in relation to anniversary points, the borrower must maintain an overall home loan balance of greater than $50,000 (net of any balances held in a linked offset facility).