Effective 8 August, Virgin Money will introduce multiple rate changes across a raft of mortgage products.
A new broker note released today listed these changes which include:
- Increasing the standard variable rates for owner occupied and investment interest only loans for new and existing customers
- Increasing the fixed interest only rates for both owner occupied and investment loans
- The lender no longer accepting Rate Lock requests for pre-approvals or for off-the-plan purchases
The standard variable interest only rates will be raised by 25 basis points for new and existing customers.
Reference Rate Rate (p.a.) Virgin Money variable interest only rate (owner occupied) 4.89% Virgin Money variable investment interest only rate (investment) 5.19% For new owner occupied interest only customers, the rates will be as follows:
Current rate (p.a.) New rate (p.a.) Change Borrowings $75,000 to $499,999 LVR less than or eual to 70% 4.14% 4.39% +0.25% Borrowings $500,000 to $749,999 LVR less than or eual to 70% 4.09% 4.34% +0.25% Borrowings $750,000 and above LVR less than or eual to 70% 4.04% 4.29% +0.25% For new investment interest only loans, the rates will be as follows:
Current rate (p.a.) New rate (p.a.) Change Borrowings $75,000 to $499,999 LVR less than or eual to 70% 4.14% 4.39% +0.25% Borrowings $500,000 to $749,999 LVR less than or eual to 70% 4.09% 4.34% +0.25% Borrowings $750,000 and above LVR less than or eual to 70% 4.04% 4.29% +0.25% Virgin Money will also be changing its fixed interest only rates as follows:
Owner occupied – LVR 70% and under Term Current rate (p.a.) New rate (p.a.) Change 1 year 4.24% 4.39% +0.15% 2 year 3.99% 4.39% +0.40% 3 year 3.99% 4.49% +0.50% 4 year 4.34% 4.69% +0.35% 5 year 4.49% 4.79% +0.30%
Investment – LVR 80% and under Term Current rate (p.a.) New rate (p.a.) Change 1 year 4.34% 4.49% +0.15% 2 year 4.05% 4.49% +0.44% 3 year 4.14% 4.49% +0.35% 4 year 4.44% 4.89% +0.45% 5 year 4.59% 4.99% +0.40% Finally, Virgin Money will not be accepting rate lock for pre-approval applications or for off-the-plan purchases. Once a property has been found for a pre-approval application, then rate lock can be requested however.
