Virgin Money cuts variable home loan rates

Virgin Money today announced that it will cut its standard variable home loan rate by 0.15 per cent, per annum, effective Tuesday 23 July 2019.

The latest rate reduction means that a Virgin Money Owner Occupier customer who is making Principal and Interest repayments on a mortgage of $500,000, could see their minimum monthly repayment reduced by $45 each month.

Virgin Money’s General Manager, Lending, Cards & Deposits, Johnny Lockwood, said: “In making this decision, we have given careful consideration to a range of factors, including the current operating environment, as well as the economic trends identified by the RBA.”

Virgin Money’s Reward Me Home Loans continue to offer some of the lowest interest rates in the market, together with the opportunity for customers to earn Velocity Frequent Flyer Points on settlement, monthly and on regular anniversaries.

Virgin Money is part of the BOQ Group and operates under its banking license.