Virgin Money today announced it is cutting its three year fixed home loan interest rate by 40 basis points (bps), from 3.39 per cent, to 2.99 % (comparison rate 3.53%*), per annum.
This market leading rate applies to new Owner Occupier customers with borrowings over $300,000 making Principal and Interest (P&I) repayments.
The rate change will take effect Friday, 28 June 2019.
Virgin Money’s General Manager, Lending, Cards & Deposits, Johnny Lockwood, said: “We want to help more Australians achieve their financial goals, whether that’s buying into the property market for the first time or expanding an existing portfolio.”
“This best in market rate is a great example of Virgin Money’s commitment to making bold choices where it counts and always putting our customers first.”
Virgin Money is part of the BOQ Group and operates under its banking license.
* Comparison rate calculated on a loan amount of $150,000 for a term of 25 years and is for secured lending only. For fixed rates, the comparison rate is also based on an LVR of 80% or less. WARNING: This comparison rate applies only to the example given. Different amounts and terms will result in different comparison rates. Costs such as fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.