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ING DIRECT Fixed Rate Loan

Features

ING DIRECT’S Fixed Rate Loan offers no ongoing fees and a range of fixed rates from a period of one to five years.

These loans are offered at different rates to both owner-occupiers and investors and customers can lock-in rates up to 90 days in advance, although a one-off rate-lock fee will apply.

You can choose to split your loan with ING DIRECT’s variable rate Orange Advantage loan and take advantage of an offset account on the variable part of your loan – giving you flexibility while retaining the security a partially fixed loan provides.

Additionally, if you combine your fixed rate loan with an Orange Everyday transaction account you will get free access to any ATM in Australia.

Additional repayments are permitted, although fees may apply if these repayments exceed $10,000 per year.

Who is the ING DIRECT Fixed Rate Loan good for?

The ING DIRECT Fixed Rate loan is appropriate for those looking to avoid rate changes for a period of up to five years. This provides a level of stability and predictability for those entering the market or looking to invest at a given rate.

Review - What RateCity says

The ING DIRECT Fixed Rate loan offers a reasonably attractive interest rate with no ongoing monthly or annual fees. It also offers a degree of security by allowing you to fix your interest rate for up to five years, which may suit first home buyers looking for a stable, predictable loan.

The ING DIRECT Fixed Rate loan offers a number of incentives such as interest rate discounts and no ATM fees, if you tie your fixed loan in with other ING products, so it’s worth looking at these options if they suit your personal circumstances.

The downsides included the lack of an offset account unless the loan is combined with an Orange Advantage loan, although it does offer the ability for additional repayments.

ING DIRECT Fixed Rate Loan Options

The ING DIRECT Fixed Rate Loans are offered for both owner-occupiers and investors for a period of one to five years. For more information about each fixed rate loan, click on the options below.

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Advertised rate
Comparison rate*
Monthly repayment
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Fixed Rates from

4.09%

Advertised rate

4.56%

Comparison rate
Pros
  • Offers one to five year fixed rates.
  • No ongoing fees.
  • Additional repayments allowed.
Cons
  • No offset account.
  • No ongoing fees.
  • Rate-lock and break cost fees apply.
Eligibility

·       Must be over 18 years of age.

·       Must be a citizen or permanent resident of Australia or New Zealand.

·       Must meet ING’s serviceability criteria.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $499
  • Discharge fees: $250
  • Ongoing fees: $0

The ING DIRECT Fixed Rate Loan has no ongoing monthly or annual fees however there are sizeable upfront fees to be aware of, in addition to a fixed rate-lock fee and discharge fee.

ING DIRECT will, however, waive the application fee if the loan is split with their variable rate Orange Advantage Home Loan.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About ING

ING DIRECT is primarily an online bank that offers a 24-hour customer care centre in Tuggerah and loan applications over the phone, online or in person. ING DIRECT is part of the ING Group, a large global financial institution based in Europe.

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