Virgin Money today announced it is cutting interest rates across all variable home loans for existing Owner Occupiers and Investors by 25 basis points (bps). These changes will take effect on Tuesday, 25 June 2019.

Virgin Money’s General Manager, Lending, Cards & Deposits, Johnny Lockwood, said: “We want our existing home lending customers to see the benefit of the reduced cost of funds quickly, and hope this will go some way towards easing the financial pressure of owning a home and, in some cases, create opportunities for our customers to own their homes sooner.”

“We’ve carefully considered a range of significant factors in making this decision, including our customers’ expectations, the funding and regulatory environments, our operating costs and the global economic outlook.”

“We are committed to ensuring Virgin Money’s Reward Me Home Loans continue to represent great value for our customers, combining some of the lowest existing customer rates in the market with the opportunity to earn Velocity Frequent Flyer Points upfront, every month and on regular anniversaries.”