Virgin Money has reduced a number of variable investment principal-and-interest (P&I) rates for new mortgage applications.
Effective Monday, the Virgin Money variable interest rate (P&I) for borrowings of $75,000 to $499,999 has been reduced by 10 basis points to 4.09% on loans with a loan-to-value ratio (LVR) less than or equal to 80%.
Rates remain unchanged at 4.44% on LVRs between 80.1% and 90%.
Meanwhile, loans between $500,000 and $749,000 (LVRs less than or equal to 80%) have been reduced by 0.05% to 4.09%. Rates remain unchanged for loans with an LVR north of 80.1%.
On loans that exceed $750,000, Virgin Money has reduced its rate to 3.99%, a 10 basis point reduction, on deals with a loan-to-value ratio of 80% or less.