Virgin Money Interest Rate Decision

Virgin Money Australia has today confirmed changes to interest rates for home loan customers following the Reserve Bank of Australia’s (RBA) decision to lift the cash rate by 0.25%.

From 13 May, Virgin Money Australia will lift variable home loan interest rates by 0.25% per annum.

In making this decision we carefully considered our customers, our business and the broader economic environment.

“Our customers have been carefully planning for this decision and are on average 15 months ahead on their loan repayments,” said Group Executive, Retail Banking, Martine Jager.

“Tightening the budget belt is never easy. It’s been over a decade since rates increased and many of our Virgin Money customers have never experienced a rate rise which is why we are here with tips, tools and advice to support our customers.

“Those who are struggling to make loan repayments are encouraged to get in touch with our Customer Assistance Team so we can work on a solution that’s right for them,” said Ms Jager.

For our existing home loan customers currently on a fixed rate, loan repayment amounts will not change for the duration of the fixed period of the loan.

Virgin Money Australia has advice and resources available to help customers with their interest rate change, including financial hardship assistance, if required.

Need more information?

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