Virgin Money

<html><body>
Home loan lender, Virgin Money has increased variable interest rates for all existing principal and interest (P&amp;I) and interest only (IO) home loans by 20 basis points.
Experts predict this trend will continue in 2019 across many lenders.
The group said the majority of standard variable rates for new home loan applications will remain unchanged, with only a few set to increase.
<a href="https://www.propertyobserver.com.au/subscribe" target="_blank"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/1/Subscriber%20strip%20ad.jpg" alt=""></a>
Virgin Money has also announced it is reducing fixed rates by between 5bps and 10bps for the following products:
<ul>
<li>Two and three year fixed rates for owner occupier principal and interest loans over $300,000 with an LVR of 90% and under; and</li>
<li>Two and three year fixed rates for investment interest only loans with an LVR of 90% and under.</li>
</ul>
Virgin Money’s general manager, lending, cards &amp; deposits, Johnny Lockwood, said, “We have absorbed higher funding costs for the last twelve months in order to delay the impact for our home loan customers. Unfortunately, funding costs remain high and are likely to remain elevated into the foreseeable future."
The interest rate changes are effective Friday, 11 January 2019.
RateCity.com.au research director Sally Tindall said Virgin Money’s decision to pass these costs onto customers was becoming a trend.
“Virgin was a notable exception in the out-of-cycle rate hikes that happened mid last year.
“As the cost of funding continues to plague Australian lenders, today’s move is likely to be the next step towards a landslide of rate hikes.
“Virgin has still managed to keep their foot in the low rate market by only hiking their lowest rate product by 0.05 per cent for new customers.
“That way they can still offer a rate 3.69 per cent for people looking to bring new business in the door,” she said.
</body></html>

j.ballantyne1990-6AQqhLzZaK

Lender Virgin Money announces 20 bps home loan rate hikes

<html><body>
Virgin Money is offering Triple Velocity Frequent Flyer Points for eligible new home loans.
According to reports in AustralianBroker,  customers who apply for a Virgin Money Reward Me Home Loan paying principal and interest, with an LVR of 90 percent or under between 21 August and 31 October 2017 and settle by 31 January 2018 will earn 30,000 Velocity Points for every $100,000 borrowed at settlement.
"For a customer borrowing $500,000, that means they will receive 150,000 Velocity Points after settlement, enough Points for a return flight from Sydney to Amsterdam," AustralianBroker reported.
"In addition to Points on settlement, the Reward Me Home Loan also offers ongoing rewards for its customers with 1,000 Points per month for each loan split plus 30,000 bonus Points every three years. 
"This means that on a $500,000 mortgage, borrowers could earn 354,000 Points over six years or 480,000 Points over 10 years.
"Borrowers can get even more with a Virgin Money rewards credit card and/or the firm's home and contents, life and income protection insurance coverage.
 "Virgin Money home loans also come with competitive interest rates with variable rates from 3.79% p.a. for owner occupiers paying principal and interest (comparison rate 3.92% p.a.). The 3-year fixed rate if 3.79% p.a. for owner occupiers borrowing $300,000 of more with an LVR of 90% and under paying principal and interest (comparison rate 4.00% p.a.)." 
Johnny Lockwood, Virgin Money general manager of lending, cards &amp; deposits said interest rates are one of the biggest considerations for borrowers in choosing a new home loan.
"Our Reward Me Home Loan rates are designed to be competitive, which means our customers pay down their loans faster, with the added bonus of receiving Velocity Points which they can turn into amazing life experiences," he said. 
The Reward Me Home Loan is currently sold exclusively through mortgage brokers.
</body></html>

Virgin Money

Editor's Picks

Have something to contribute?

The latest real estate & off the plan properties & news, delivered to your inbox.

Developments

New apartments

New townhouses

News

The latest real estate & off the plan properties & news, delivered to your inbox.

Virgin Money

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

The latest real estate & off the plan properties & news, delivered to your inbox.

Developments

New apartments

New townhouses

News

The latest real estate & off the plan properties & news, delivered to your inbox.