Bank of Queensland subsidiary Virgin Money has slashed the maximum loan to value caps for borrowers wanting to buy into Brisbane's depreciating apartment market.While the lender continues to promote mortgages to Brisbane house purchasers with LVR rates above 90 per cent, it has abruptly reined in credit terms for apartment buyers.The lender's head of broker sales Milva Speranza notified mortgage brokers this week that it had lowered the maximum LVR for one-bedroom apartments in Brisbane to 70 per cent for owner occupiers.The LVR cap on two-bedroom apartments has also been reduced to 80 per cent.A 70 per cent cap began to apply this week to investors.Virgin Money has also added the upmarket riverside suburb of Hamilton to its restricted lending list for apartment borrowers.This move is an indication of the growing concern of lenders regarding Brisbane's apartment market because the Australian Bureau of Statistics ranks Hamilton as one of Queensland's wealthiest suburbs.Virgin Money has also told brokers its restricted lending policy will be extended to borrowers wanting to acquire apartment properties in the rapidly growing northern suburb of Chermside.The Reserve Bank warned in October last year that the Brisbane apartment market was at risk of a material correction in 2018.The central bank has been concerned for more than a year that a significant increase in apartment building in Brisbane had raised the potential for "localised house price corrections".Virgin Money is comparatively late to tighten lending restrictions for Brisbane borrowers.Suncorp tightened its lending criteria for Brisbane borrowers in October last year when it introduced an automatic refusal on funding apartment buyers requesting LVRs above 80 per cent.Suncorp's lending restrictions were applied to 39 postcodes, including some of Brisbane's most affluent riverside suburbs at the time.