Important information

Keep in mind that there’s often a balance between short-term advantages and longer-term impacts. Whilst some of these options could be helpful in allowing you to reduce your payments now, it may take longer to pay off your debt and you may end up paying more in interest in the long run.

If you’re feeling concerned about your home loan repayments, Virgin Money is here to support you. There may be some options to help, including:

  • We’ve reduced our fixed home loan rates. If you’re on a variable rate, our new fixed rates (released on 3 April 2020) could help you reduce your repayments, manage your cash flow and achieve a little certainty for the fixed period.
  • Lower your repayment to the minimum amount if you’ve been making higher than the minimum repayments to your home loan.
  • Switch your existing variable rate home loan to Interest Only for up to 12 months 
  • Access the balance in your offset account and use it to make your upcoming home loan repayments
  • Redraw any additional repayments you’ve made into your home loan, up to the amount of those additional repayments and use these funds to make your upcoming home loan repayments.
  • Pause your repayments for 3 months, with the ability to extend to 6 months if needed. Whilst you won’t have to make any repayments for 3 to 6 months, interest and fees will continue to accrue and your monthly repayment could increase after the period.

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