Virgin Money Home Loan Interest Rate Changes
Virgin Money will be increasing the Variable home loan reference rates for Owner Occupier and Investment lending on all existing home loans from Friday 11 January 2019. This was made public on the 11th of January 2019.
Effective Friday 11 January 2019, below variable home loan reference rates will change for all existing home loans and applications lodged prior to 11 January 2019:
Impacted customers will receive notice of the repayment change in writing within one month following the rate changes. This includes Principal and Interest Variable Rate loans and Interest Only Variable Rate loans.
The notification provided to Interest Only home loan customers will be an indicative repayment amount only for the month following the next repayment.
Direct Debits (that have been set up from the loan account for the minimum monthly repayment or minimum monthly repayment plus a flat amount) will automatically change so that the customer is covering the new scheduled payment.
New Home Loans
Effective Friday 11 January 2019, the following changes to interest rates for new applications will apply.
Information is current as at 11 January 2019 and is subject to change.
1 Comparison rate: Comparison rate calculated on a loan amount of $150,000 for a term of 25 years. For fixed rates, the comparison rate is also based on an LVR of 80% or less. These rates are for secured lending only. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates and fees are subject to change without notice. Comparison rate for variable Interest Only loans are based on an initial 5 year Interest Only period. Comparison rates for fixed interest only loans are based on an initial Interest Only period equal in length to the fixed period. During an interest only period, your interest only payments will not reduce your loan balance. This may mean you pay more interest over the life of the loan.
Lending criteria, fees, terms and conditions apply. All applications are subject to BOQ credit criteria approval.