Virgin Money cuts fixed home loan rates ahead of RBA announcement
From today, new home loan customers will be able to lock in some of Virgin Money's lowest fixed rates yet.
New customers who apply for a 3-year fixed Owner Occupied Principal and Interest loan, will enjoy a seriously rewarding rate of 3.39% p.a (3.82% p.a. comparison rate^) – a 30bps reduction.
These new rates give customers the opportunity to lock in some of the lowest home loan interest rates currently in the market.
Virgin Money’s General Manager, Lending, Cards & Deposits, Johnny Lockwood, said: “The 3-year fixed rate is one of the lowest rates currently available and could help borrowers reach their home ownership aspirations sooner by securing their home loan repayments for the next three years. These rates follow softening funding costs in the fixed rate market, which has allowed us to adjust our rates to pass on the savings.
| Current Rate (p.a.) | New Rate (p.a.) | New Comparison Rate^ | Change | |
|---|---|---|---|---|
| FIXED PRINCIPAL AND INTEREST up to 90% LVR - OWNER OCCUPIED | ||||
2 years new lending special offer* |
3.75% |
3.44% |
3.86% |
-0.31% |
| 3 years new lending special offer* | 3.69% | 3.39% | 3.82% | -0.30% |
| FIXED INTEREST ONLY up to 80% LVR – OWNER OCCUPIED | ||||
2 years new lending special offer* |
4.19% |
3.94% |
4.24% |
-0.25% |
| 3 years new lending special offer* | 4.39% | 3.89% | 4.21% | -0.50% |
| FIXED PRINCIPAL AND INTEREST up to 90% LVR – INVESTMENT | ||||
2 years new lending special offer* |
3.95% |
3.74% |
4.16% |
-0.21% |
| 3 years new lending special offer* | 3.89% | 3.69% | 4.12% | -0.20% |
| FIXED INTEREST ONLY up to 90% LVR – INVESTMENT | ||||
2 years new lending special offer* |
3.99% |
3.74% |
4.12% |
-0.25% |
| 3 years new lending special offer* | 3.89% | 3.69% | 4.09% | -0.20% |
*For new applications received from 31 May 2019 with total borrowings of $300,000 or more.
The fixed rate Reward Me Home Loan is a fully-featured home loan that allows additional repayments up to $10,000 per annum and reverts to a discounted variable rate at the expiry of the fixed term (for loans with an LVR of 90% or below).
Important Stuff
^ 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 less. WARNING: 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.
