Virgin Money responds to August RBA decision

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 customers.

From 9 August, Virgin Money will lift variable home loan interest rates by 0.50% per annum (p.a.) for new and existing customers.

To balance the needs of borrowers and savers, Virgin Money is offering very competitive rates on it’s popular online savings accounts, the Boost Saver Account and the Grow Saver Account, featuring Lock Saver rates to help customers smash their savings goals sooner.  

Support available for customers

To help customers manage rate rises, Virgin Money has a range of online resources available including a mortgage repayment calculator.

For customers experiencing financial hardship, we encourage them to contact our dedicated support teams.

For existing home lending customers on a variable rate, Virgin Money will inform customers of their new monthly repayment amount. For further assistance or support customers should reach out to our Virgin Money team on 13 81 51. 

How to recalculate your budget when rates rise
  1. Budget, budget, budget
  2. Take back the power: With the price of power continuing to climb, it’s time to go deal hunting.
  3. Shop smarter: Grocery expenses can eat into your budget if you don’t shop smart. By changing where you shop you can unlock some decent savings.
  4. Take your renewals off auto-pilot: Before auto-renewing your next bill, such as your insurance, take a moment to research whether you could be getting a better deal somewhere else.
  5. Unsubscribe: It’s likely that you’ve signed up to subscriptions you don’t need anymore, or you’re getting little value from.

To read the full blog, click here.

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Legal notes:

Interest rates expected at 9 August are 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.