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 am an

With a repayment type

Borrow amount

$

Deposit amount %

Loan term

Your estimated mortgage repayments

at interest rate 2.49%

Total interest payable

$0

Total loan repayments

$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

Advertised Rate

2.49

% p.a

Variable

Total estimated upfront fees
$299
Comparison Rate*

2.52

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.59

% p.a

Variable

Total estimated upfront fees
$299
Comparison Rate*

2.62

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.64

% p.a

Variable

Total estimated upfront fees
$299
Comparison Rate*

2.67

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.54

% p.a

Variable

Total estimated upfront fees
$299
Comparison Rate*

2.89

% p.a

Ongoing fee
$299 annually
Go to site
More details
Advertised Rate

2.64

% p.a

Variable

Total estimated upfront fees
$299
Comparison Rate*

2.98

% p.a

Ongoing fee
$299 annually
Go to site
More details
Advertised Rate

2.69

% p.a

Variable

Total estimated upfront fees
$299
Comparison Rate*

3.03

% p.a

Ongoing fee
$299 annually
Go to site
More details
Advertised Rate

3.00

% p.a

Variable

Total estimated upfront fees
$299
Comparison Rate*

3.03

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

3.04

% p.a

Variable

Total estimated upfront fees
$299
Comparison Rate*

3.06

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.19

% p.a

Fixed - 5 years

Total estimated upfront fees
$299
Comparison Rate*

3.37

% p.a

Ongoing fee
$299 annually
Go to site
More details
Advertised Rate

3.05

% p.a

Variable

Total estimated upfront fees
$299
Comparison Rate*

3.39

% p.a

Ongoing fee
$299 annually
Go to site
More details
Advertised Rate

2.29

% p.a

Fixed - 5 years

Total estimated upfront fees
$299
Comparison Rate*

3.41

% p.a

Ongoing fee
$299 annually
Go to site
More details
Advertised Rate

3.09

% p.a

Variable

Total estimated upfront fees
$299
Comparison Rate*

3.42

% p.a

Ongoing fee
$299 annually
Go to site
More details
Advertised Rate

1.99

% p.a

Fixed - 4 years

Total estimated upfront fees
$299
Comparison Rate*

3.43

% p.a

Ongoing fee
$299 annually
Go to site
More details
Advertised Rate

2.09

% p.a

Fixed - 4 years

Total estimated upfront fees
$299
Comparison Rate*

3.46

% p.a

Ongoing fee
$299 annually
Go to site
More details
Advertised Rate

2.69

% p.a

Fixed - 5 years

Total estimated upfront fees
$798
Comparison Rate*

3.56

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

3.54

% p.a

Variable

Total estimated upfront fees
$299
Comparison Rate*

3.56

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.04

% p.a

Fixed - 3 years

Total estimated upfront fees
$299
Comparison Rate*

3.60

% p.a

Ongoing fee
$299 annually
Go to site
More details
Advertised Rate

2.14

% p.a

Fixed - 3 years

Total estimated upfront fees
$299
Comparison Rate*

3.62

% p.a

Ongoing fee
$299 annually
Go to site
More details
Advertised Rate

2.69

% p.a

Fixed - 4 years

Total estimated upfront fees
$798
Comparison Rate*

3.66

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.44

% p.a

Fixed - 3 years

Total estimated upfront fees
$798
Comparison Rate*

3.70

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.09

% p.a

Fixed - 2 years

Total estimated upfront fees
$299
Comparison Rate*

3.77

% p.a

Ongoing fee
$299 annually
Go to site
More details
Advertised Rate

2.19

% p.a

Fixed - 2 years

Total estimated upfront fees
$299
Comparison Rate*

3.79

% p.a

Ongoing fee
$299 annually
Go to site
More details
Advertised Rate

2.29

% p.a

Fixed - 2 years

Total estimated upfront fees
$798
Comparison Rate*

3.80

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

3.59

% p.a

Variable

Total estimated upfront fees
$299
Comparison Rate*

3.91

% p.a

Ongoing fee
$299 annually
Go to site
More details
Advertised Rate

2.64

% p.a

Fixed - 5 years

Total estimated upfront fees
$798
Comparison Rate*

3.93

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.19

% p.a

Fixed - 1 year

Total estimated upfront fees
$299
Comparison Rate*

3.95

% p.a

Ongoing fee
$299 annually
Go to site
More details
Advertised Rate

2.29

% p.a

Fixed - 1 year

Total estimated upfront fees
$299
Comparison Rate*

3.96

% p.a

Ongoing fee
$299 annually
Go to site
More details
Advertised Rate

2.44

% p.a

Fixed - 1 year

Total estimated upfront fees
$798
Comparison Rate*

3.97

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.64

% p.a

Fixed - 4 years

Total estimated upfront fees
$798
Comparison Rate*

4.08

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.34

% p.a

Fixed - 3 years

Total estimated upfront fees
$798
Comparison Rate*

4.16

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.34

% p.a

Fixed - 2 years

Total estimated upfront fees
$798
Comparison Rate*

4.35

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.94

% p.a

Fixed - 5 years

Total estimated upfront fees
$798
Comparison Rate*

4.49

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.34

% p.a

Fixed - 1 year

Total estimated upfront fees
$798
Comparison Rate*

4.56

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.94

% p.a

Fixed - 4 years

Total estimated upfront fees
$798
Comparison Rate*

4.60

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.54

% p.a

Fixed - 3 years

Total estimated upfront fees
$798
Comparison Rate*

4.65

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.54

% p.a

Fixed - 2 years

Total estimated upfront fees
$798
Comparison Rate*

4.80

% p.a

Ongoing fee
$0
Go to site
More details
Advertised Rate

2.54

% p.a

Fixed - 1 year

Total estimated upfront fees
$798
Comparison Rate*

4.96

% p.a

Ongoing fee
$0
Go to site
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 home loans

Can first home buyers apply for an ING home loan?

First home buyers can apply for an ING home loan, but first, they need to select the most suitable home loan product and calculate the initial deposit on their home loan. 

First-time buyers can also use ING’s online tool to estimate the amount they can borrow. ING offers home loan applicants a free property report to look up property value estimates. 

First home loan applicants struggling to understand the terms used may consider looking up ING’s first home buyer guide. Once the home buyer is ready to apply for the loan, they can complete an online application or call ING at 1800 100 258 during regular business hours.

When does Commonwealth Bank charge an early exit fee?

When you take out a fixed interest home loan with the Commonwealth Bank, you’re able to lock the interest for a particular period. If the rates change during this period, your repayments remain unchanged. If you break the loan during the fixed interest period, you’ll have to pay the Commonwealth Bank home loan early exit fee and an administrative fee.

The Early Repayment Adjustment (ERA) and Administrative fees are applicable in the following instances:

  • If you switch your loan from fixed interest to variable rate
  • When you apply for a top-up home loan
  • If you repay over and above the annual threshold limit, which is $10,000 per year during the fixed interest period
  • When you prepay the entire outstanding loan balance before the end of the fixed interest duration.

The fee calculation depends on the interest rates, the amount you’ve repaid and the loan size. You can contact the lender to understand more about what you may have to pay. 

What do people do with a Macquarie Bank reverse?

There are a number of ways people use a Macquarie Bank reverse mortgage. Below are some reasons borrowers tend to release their home’s equity via a reverse mortgage:

  • To top up superannuation or pension income to pay for monthly bills;
  • To consolidate and repay high-interest debt like credit cards or personal loans;
  • To fund renovations, repairs or upgrades to their home
  • To help your children or grandkids through financial difficulties. 

While there are no limitations on how you can use a Macquarie reverse mortgage loan, a reverse mortgage is not right for all borrowers. Reverse mortgages compound the interest, which means you end up paying interest on your interest. They can also affect your entitlement to things like the pension It’s important to think carefully, read up and speak with your family before you apply for a reverse mortgage.

What are the features of home loans for expats from Westpac?

If you’re an Australian citizen living and working abroad, you can borrow to buy a property in Australia. With a Westpac non-resident home loan, you can borrow up to 80 per cent of the property value to purchase a property whilst living overseas. The minimum loan amount for these loans is $25,000, with a maximum loan term of 30 years.

The interest rates and other fees for Westpac non-resident home loans are the same as regular home loans offered to borrowers living in Australia. You’ll have to submit proof of income, six-month bank statements, an employment letter, and your last two payslips. You may also be required to submit a copy of your passport and visa that shows you’re allowed to live and work abroad.

When do mortgage payments start after settlement?

Generally speaking, your first mortgage payment falls due one month after the settlement date. However, this may vary based on your mortgage terms. You can check the exact date by contacting your lender.

Usually your settlement agent will meet the seller’s representatives to exchange documents at an agreed place and time. The balance purchase price is paid to the seller. The lender will register a mortgage against your title and give you the funds to purchase the new home.

Once the settlement process is complete, the lender allows you to draw down the loan. The loan amount is debited from your loan account. As soon as the settlement paperwork is sorted, you can collect the keys to your new home and work your way through the moving-in checklist.

How is interest charged on a reverse mortgage from IMB Bank?

An IMB Bank reverse mortgage allows you to borrow against your home equity. You can draw down the loan amount as a lump sum, regular income stream, line of credit or a combination. The interest can either be fixed or variable. To understand the current rates, you can check the lender’s website.

No repayments are required as long as you live in the home. If you sell it or move to a senior living facility, the loan must be repaid in full. In some cases, this can also happen after you have died. Generally, the interest rates for reverse mortgages are higher than regular mortgage loans.

The interest is added to the loan amount and it is compounded. It means you’ll pay interest on the interest you accrue. Therefore, the longer you have the loan, the higher is the interest and the amount you’ll have to repay.

Cash or mortgage – which is more suitable to buy an investment property?

Deciding whether to buy an investment property with cash or a mortgage is a matter or personal choice and will often depend on your financial situation. Using cash may seem logical if you have the money in reserve and it can allow you to later use the equity in your home. However, there may be other factors to think about, such as whether there are other debts to pay down and whether it will tie up all of your spare cash. Again, it’s a personal choice and may be worth seeking personal advice.

A mortgage is a popular option for people who don’t have enough cash in the bank to pay for an investment property. Sometimes when you take out a mortgage you can offset your loan interest against the rental income you may earn. The rental income can also help to pay down the loan.

How to use the ME Bank reverse mortgage calculator?

You can access the equity in your home to help you fund your needs during your senior years. A ME Bank reverse mortgage allows you to tap into the equity you’ve built up in your home while you continue living in your house. You can also use the funds to pay for your move to a retirement home and repay the loan when you sell the property.

Generally, if you’re 60 years old, you can borrow up to 15 per cent of the property value. If you are older than 75 years, the amount you can access increases to up to 30 per cent. You can use a reverse mortgage calculator to know how much you can borrow.

To take out a ME Bank reverse mortgage, you’ll need to provide information like your age, type of property – house or an apartment, postcode, and the estimated market value of the property. The loan to value ratio (LVR) is calculated based on your age and the property’s value.

What are the different types of home loan interest rates?

A home loan interest rate is used to calculate how much you’ll pay the lender, usually annually, above the amount you borrow. It’s what the lenders charge you for them lending you money and will impact the total amount you’ll pay over the life of your home loan. 

Having understood what are home loan rates in general, here are the two types you usually have with a home loan:

Fixed rates

These interest rates remain constant for a specific period and are a good option if you’re a first-time buyer or if you’re looking for a fixed monthly repayment. One possible downside of a fixed rate is that it may be higher than a variable rate. Also, you don’t benefit from any lowering of interest rates in the market. On the flip side, if rates go up, your rate won’t change, possibly saving you money.

Variable rates

With variable interest rates, the lender can change them at any time. This change can be based on economic conditions or other reasons. Changes in interest rates could be beneficial if your monthly repayment decreases but can be a problem if it increases. Variable interest rates offer several other benefits often not available with fixed rate home loans like redraw and offset facilities and free extra repayments. 

Why should I get an ING home loan pre-approval?

When you apply for an ING home loan pre-approval, you might be required to provide proof of employment and income, savings, as well as details on any on-going debts. The lender could also make a credit enquiry against your name. If you’re pre-approved, you will know how much money ING is willing to lend you. 

Please note, however, that a pre-approval is nothing more than an idea of your ability to borrow funds and is not the final approval. You should receive the home loan approval  only after finalising the property and submitting a formal loan application to the lender, ING. Additionally, a pre-approval does not stay valid indefinitely, since your financial circumstances and the home loan market could change overnight.

 

 

Does the Home Loan Rate Promise apply to discounted interest rate offers, such as honeymoon rates?

No. Temporary discounts to home loan interest rates will expire after a limited time, so they aren’t valid for comparing home loans as part of the Home Loan Rate Promise.

However, if your home loan has been discounted from the lender’s standard rate on a permanent basis, you can check if we can find an even lower rate that could apply to you.

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 do you determine which home loan rates/products I’m shown?

When you check your home loan rate, you’ll supply some basic information about your current loan, including the amount owing on your mortgage and your current interest rate.

We’ll compare this information to the home loan options in the RateCity database and show you which home loan products you may be eligible to apply for.