Following the Reserve Bank of Australia’s (RBA) decision to increase the cash rate by 0.50%, Virgin Money has today announced a range of interest rate changes for home loan and deposit customers.
From 14 June, Virgin Money will lift variable home loan interest rates by 0.50% per annum (p.a.) for new and existing customers.
Virgin Money CEO, Greg Boyle said: In making this decision, we carefully considered our customers, our business and the change in the official cash rate.
“Despite the broader economic circumstances, we are still able to offer historically low interest rates for our customers, as well as balancing this with competitive rates for savers.
“We know many of our customers have been preparing for the changing market conditions and are on average 15 months ahead on their loan repayments.
“Our customers remain at the heart of our decisions, and we are here to support them those facing difficulty. We have a range of online resources and dedicated specialist teams who can help to tailor a financial solution.
To balance the needs of both borrowers and savers Virgin Money recently increased interest rates on its savings accounts, and will regularly review these to ensure they are competitive in the market.
“We continue to offer one of the best rates in market for savings accounts under $250,000 with our Boost Saver Account, which will provide a boost for eligible savers following a long period of record low interest rates1.”
For existing home lending customers on a variable rate, Virgin Money will inform customers of their new monthly repayment amount. Virgin Money has online resources available to help customers navigate a rising rate environment, including dedicated financial hardship assistance. Customers are encouraged to call 13 81 51 if they require further assistance in tailoring a solution to suit their financial needs.
1. Virgin Money customers who are eligible earn 1.15% p.a. when meeting the monthly criteria and then up to 1.60% p.a. when they also enable the optional Lock Saver Feature. The following monthly criteria applies and must be made into a Virgin Money Go Account in the same name as the Boost Saver:
If you are 25 years and older, deposit $2,000 or more into your Go Account from another financial institution and make at least 5 debit card purchases, direct debit or BPAY payments in the previous month which settle in that month (not pending),
If you are between 18 and 24 years, deposit $1,000 or more into your Go Account from another financial institution (such as your salary), and make at least 5 debit card purchases, direct debit or BPAY payments in the previous month which settle in that month (not pending)
If you are between 14 - 17 years, no Monthly Criteria apply in order to earn the Bonus Interest Rate’ Interest rates current as at 18 June and subject to change’. Terms, conditions, fees and charges apply. This is general information only and you should consider if these products are appropriate for you.
Interest rates current as at 18 June and subject to change’. Terms, conditions, fees and charges apply. This is general information only and you should consider if these products are appropriate for you.