ING home loan repayment calculator

Thinking about taking out a home loan with ING? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how ING home loans compare with other options.

I'd like to borrow

$

I am an

Loan term

With a repayment type

Your estimated repayments

at interest rate 2.49 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

  • Award winning customer service
  • Opportunity to bundle loans with other ING products
  • Loans offer additional discounts to owner-occupiers
  • Flexible loan options
  • Online lender has no branches
  • Some loans have annual fees

ING home loans rates

Product
Advertised Rate
Total estimated upfront fees
Comparison Rate*
Ongoing fee
Go to site
Company

2.49%

Variable

$299

2.52%

$0
ING
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2.59%

Variable

$299

2.62%

$0
ING
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2.69%

Fixed - 3 years

$798

2.68%

$0
ING
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2.69%

Variable

$299

2.72%

$0
ING
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2.54%

Variable

$299

2.89%

$299 annually
ING
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2.89%

Variable

$299

2.92%

$0
ING
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2.64%

Variable

$299

2.98%

$299 annually
ING
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2.74%

Variable

$299

3.08%

$299 annually
ING
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3.09%

Variable

$299

3.11%

$0
ING
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2.94%

Variable

$299

3.28%

$299 annually
ING
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3.14%

Variable

$299

3.47%

$299 annually
ING
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2.59%

Fixed - 5 years

$299

3.52%

$299 annually
ING
More details

2.69%

Fixed - 5 years

$798

3.56%

$0
ING
More details

3.54%

Variable

$299

3.56%

$0
ING
More details

2.59%

Fixed - 4 years

$299

3.63%

$299 annually
ING
More details

2.69%

Fixed - 4 years

$798

3.66%

$0
ING
More details

2.34%

Fixed - 3 years

$299

3.67%

$299 annually
ING
More details

2.44%

Fixed - 3 years

$798

3.70%

$0
ING
More details

2.19%

Fixed - 2 years

$299

3.79%

$299 annually
ING
More details

2.29%

Fixed - 2 years

$798

3.80%

$0
ING
More details

3.59%

Variable

$299

3.91%

$299 annually
ING
More details

2.34%

Fixed - 1 year

$299

3.96%

$299 annually
ING
More details

2.44%

Fixed - 1 year

$798

3.97%

$0
ING
More details

2.49%

Fixed - 3 years

$798

4.20%

$0
ING
More details

3.44%

Fixed - 5 years

$798

4.25%

$0
ING
More details

3.19%

Fixed - 4 years

$798

4.26%

$0
ING
More details

2.49%

Fixed - 2 years

$798

4.38%

$0
ING
More details

3.09%

Fixed - 1 year

$798

4.64%

$0
ING
More details

3.64%

Fixed - 5 years

$798

4.69%

$0
ING
More details

3.39%

Fixed - 4 years

$798

4.71%

$0
ING
More details

2.69%

Fixed - 2 years

$798

4.82%

$0
ING
More details

3.29%

Fixed - 1 year

$798

5.01%

$0
ING
More details

ING customer service

While ING is an online-only lender, its support network is far from limited. All general enquiries can be answered by the 24/7 contact centre and each home loan and saving product has its own hotline. Customers who prefer email can contact customer support directly. Sydney-based customers can pop into the ING Lounge in the Sydney CBD for face-to-face support.

✓     Customer service centre (phone)

✓     Mobile app

✓     Online banking

✓     Email

✓     Customer support centre

How to apply for an ING home loan

Borrowers wanting to apply for an ING home loan can either complete an online application form, or call an ING Mortgage Specialist for assistance. 

Before applying for an ING home loan, think about what you can afford to borrow and what other costs you need to consider. 

To apply for an ING home loan, you will need to supply the following information:

  • Details of your income and employment including your employer's contact details.
  • Proof of savings and your last three bank statements.
  • Proof of identity.

About ING home loans

Although ING is an international banking giant, in Australia it competes with the big four banks. While these banks offer large branch networks and brand recognition, ING tries to differentiate itself with simpler products and a more efficient application process.

ING offers a range of mortgage options, including:

  • Home loans for owner-occupiers
  • Home loans for investors
  • Principal and interest mortgages
  • Interest-only mortgages
  • Mortgages with variable interest rates
  • Mortgages with fixed interest rates

ING home loans customers have two options for starting a mortgage application - they can fill in an online form or they can call a customer service rep. Once an application is lodged, customers can track it over the internet; they will also receive updates from ING by text and email.

ING home loan rates

ING is a competitive home loan lender that can often offer customers lower rates than other big-name lenders.

ING home loan rates vary, depending on the status of the borrower and the type of mortgage they want. 

In general, owner-occupiers are charged lower interest rates than investors, while principal and interest borrowers are charged lower interest rates than interest-only borrowers.

Also, borrowers with bigger deposits are often charged lower interest rates than borrowers with smaller deposits.

ING home loans review

ING could be an attractive option to borrowers who not only want the ‘security’ of a big, international bank but also want a lender that will compete with Australia’s big banks.

ING doesn’t offer as many mortgage options as some other banks, though its rates can be more competitive.

ING provides mortgages to owner-occupiers and investors. Borrowers can opt for variable-rate mortgages or fixed-rate mortgages, and can pay principal and interest or interest-only.

Whatever option you choose, you won’t be able to pop into a branch outside of the Sydney CBD, because ING is an online-only lender. So you’d have to be comfortable managing the mortgage application process by phone, text, email and internet.

Learn more about ING

What are the responsibilities of a mortgage broker?

Mortgage brokers act as the go-between for borrowers looking for a home loan and the lenders offering the loan. They offer personalised advice to help borrowers choose the right home loan for their needs.

In Australia, mortgage brokers are required by law to carry an Australian Credit License (ACL) if they offer credit assistance services. Which is the legal term for guidance regarding the different kinds of credit offered by lenders, including home loan mortgages. They may not need this license if they are working for an aggregator, for instance, as a franchisee. In both these situations, they need to comply with the regulations laid down by the Australian Securities and Investments Commission (ASIC).

These regulations, which are stipulated by Australian legislation, require mortgage brokers to comply with what are called “responsible lending” and “best interest” obligations. Responsible lending obligations mean brokers have to suggest “suitable” home loans. This means loans that you can easily qualify for,  actually meet your needs, and don’t prove unnecessarily challenging for you.

Starting 1 January 2021, mortgage brokers must comply with best interest obligations in addition to responsible lending obligations. These require mortgage brokers to act in the best interest of their customers and also requires them to prioritise their customers’ interests over their own. For instance, a mortgage broker may not recommend a lender who gives them a commission if that lender’s home loan offer does not benefit that particular customer.

What happens to my home loan when interest rates rise?

If you are on a variable rate home loan, every so often your rate will be subject to increases and decreases. Rate changes are determined by your lender, not the Reserve Bank of Australia, however often when the RBA changes the cash rate, a number of banks will follow suit, at least to some extent. You can use RateCity cash rate to check how the latest interest rate change affected your mortgage interest rate.

When your rate rises, you will be required to pay your bank more each month in mortgage repayments. Similarly, if your interest rate is cut, then your monthly repayments will decrease. Your lender will notify you of what your new repayments will be, although you can do the calculations yourself, and compare other home loan rates using our mortgage calculator.

There is no way of conclusively predicting when interest rates will go up or down on home loans so if you prefer a more stable approach consider opting for a fixed rate loan.

What is 'principal and interest'?

‘Principal and interest’ loans are the most common type of home loans on the market. The principal part of the loan is the initial sum lent to the customer and the interest is the money paid on top of this, at the agreed interest rate, until the end of the loan.

By reducing the principal amount, the total of interest charged will also become smaller until eventually the debt is paid off in full.

How can I calculate interest on my home loan?

You can calculate the total interest you will pay over the life of your loan by using a mortgage calculator. The calculator will estimate your repayments based on the amount you want to borrow, the interest rate, the length of your loan, whether you are an owner-occupier or an investor and whether you plan to pay ‘principal and interest’ or ‘interest-only’.

If you are buying a new home, the calculator will also help you work out how much you’ll need to pay in stamp duty and other related costs.

What is a bad credit home loan?

A bad credit home loan is a mortgage for people with a low credit score. Lenders regard bad credit borrowers as riskier than ‘vanilla’ borrowers, so they tend to charge higher interest rates for bad credit home loans.

If you want a bad credit home loan, you’re more likely to get approved by a small non-bank lender than by a big four bank or another mainstream lender.

How can I get a home loan with bad credit?

If you want to get a home loan with bad credit, you need to convince a lender that your problems are behind you and that you will, indeed, be able to repay a mortgage.

One step you might want to take is to visit a mortgage broker who specialises in bad credit home loans (also known as ‘non-conforming home loans’ or ‘sub-prime home loans’). An experienced broker will know which lenders to approach, and how to plead your case with each of them.

Two points to bear in mind are:

  • Many home loan lenders don’t provide bad credit mortgages
  • Each lender has its own policies, and therefore favours different things

If you’d prefer to directly approach the lender yourself, you’re more likely to find success with smaller non-bank lenders that specialise in bad credit home loans (as opposed to bigger banks that prefer ‘vanilla’ mortgages). That’s because these smaller lenders are more likely to treat you as a unique individual rather than judge you according to a one-size-fits-all policy.

Lenders try to minimise their risk, so if you want to get a home loan with bad credit, you need to do everything you can to convince lenders that you’re safer than your credit history might suggest. If possible, provide paperwork that shows:

  • You have a secure job
  • You have a steady income
  • You’ve been reducing your debts
  • You’ve been increasing your savings

What is an interest-only loan? How do I work out interest-only loan repayments?

An ‘interest-only’ loan is a loan where the borrower is only required to pay back the interest on the loan. Typically, banks will only let lenders do this for a fixed period of time – often five years – however some lenders will be happy to extend this.

Interest-only loans are popular with investors who aren’t keen on putting a lot of capital into their investment property. It is also a handy feature for people who need to reduce their mortgage repayments for a short period of time while they are travelling overseas, or taking time off to look after a new family member, for example.

While moving on to interest-only will make your monthly repayments cheaper, ultimately, you will end up paying your bank thousands of dollars extra in interest to make up for the time where you weren’t paying off the principal.

What is a variable home loan?

A variable rate home loan is one where the interest rate can and will change over the course of your loan. The rate is determined by your lender, not the Reserve Bank of Australia, so while the cash rate might go down, your bank may decide not to follow suit, although they do broadly follow market conditions. One of the upsides of variable rates is that they are typically more flexible than their fixed rate counterparts which means that a lot of these products will let you make extra repayments and offer features such as offset accounts.

Interest Rate

Your current home loan interest rate. To accurately calculate how much you could save, an accurate interest figure is required. If you are not certain, check your bank statement or log into your mortgage account.

What are the pros and cons of no-deposit home loans?

It’s no longer possible to get a no-deposit home loan in Australia. In some circumstances, you might be able to take out a mortgage with a 5 per cent deposit – but before you do so, it’s important to weigh up the pros and cons.

The big advantage of borrowing 95 per cent (also known as a 95 per cent home loan) is that you get to buy your property sooner. That may be particularly important if you plan to purchase in a rising market, where prices are increasing faster than you can accumulate savings.

But 95 per cent home loans also have disadvantages. First, the 95 per cent home loan market is relatively small, so you’ll have fewer options to choose from. Second, you’ll probably have to pay LMI (lender’s mortgage insurance). Third, you’ll probably be charged a higher interest rate. Fourth, the more you borrow, the more you’ll ultimately have to pay in interest. Fifth, if your property declines in value, your mortgage might end up being worth more than your home.

How do guaranteed home loans work?

A guaranteed home loan involves a guarantor (often a parent) promising to pay off a mortgage if the principal borrower (often the child) fails to do so. The guarantor will also have to provide security, which is often the family home.

The principal borrower will usually be someone struggling to find the money to enter the property market. By partnering with a guarantor, the borrower increases their financial power and becomes less of a risk in the eyes of lenders. As a result, the borrower may:

  • Qualify for a mortgage that they would have otherwise been denied
  • Not be required to pay lender’s mortgage insurance (LMI)
  • Be charged a lower interest rate
  • Be charged less in fees

What is the best interest rate for a mortgage?

The fastest way to find out what the lowest interest rates on the market are is to use a comparison website.

While a low interest rate is highly preferable, it is not the only factor that will determine whether a particular loan is right for you.

Loans with low interest rates can often include hidden catches, such as high fees or a period of low rates which jumps up after the introductory period has ended.

To work out the best value for money, have a look at a loan’s comparison rate and read the fine print to get across all the fees and charges that you could be theoretically charged over the life of the loan.

Who offers 40 year mortgages?

Home loans spanning 40 years are offered by select lenders, though the loan period is much longer than a standard 30-year home loan. You're more likely to find a maximum of 35 years, such as is the case with Teacher’s Mutual Bank

Currently, 40 year home loan lenders in Australia include AlphaBeta Money, BCU, G&C Mutual Bank, Pepper, and Sydney Mutual Bank.

Even though these lengthier loans 35 to 40 year loans do exist on the market, they are not overwhelmingly popular, as the extra interest you pay compared to a 30-year loan can be over $100,000 or more.

Will I be paying two mortgages at once when I refinance?

No, given the way the loan and title transfer works, you will not have to pay two mortgages at the one time. You will make your last monthly repayment on loan number one and then the following month you will start paying off loan number two.

Does Australia have no cost refinancing?

No Cost Refinancing is an option available in the US where the lender or broker covers your switching costs, such as appraisal fees and settlement costs. Unfortunately, no cost refinancing isn’t available in Australia.