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RateCity.com.au

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

Owner occupied products interest rates

TMD

Loan typePrincipal & Interest rateInterest Only
Mortgage Simplifier (Min Deposit 20%)
2.34% p.a.
2.37% p.a. Comparison rate
4.1% p.a.
4.12% p.a. Comparison rate
Orange Advantage (Min Deposit 20%)
2.49% p.a.
2.84% p.a. Comparison rate
3.09% p.a.
3.42% p.a. Comparison rate
Orange Advantage (Min Deposit 5%)
4.32% p.a.
4.63% p.a. Comparison rate
4.2% p.a.
4.51% p.a. Comparison rate
Mortgage Simplifier (Min Deposit 10%)
2.49% p.a.
2.52% p.a. Comparison rate
n/a
Mortgage Simplifier (Min Deposit 5%)
4.17% p.a.
4.19% p.a. Comparison rate
n/a
1 Year Fixed Rate Loan (Min Deposit 20%)
4.09% p.a.
2.52% p.a. Comparison rate
n/a
1 Year Fixed Rate Loan (Min Deposit 10%)
4.19% p.a.
2.66% p.a. Comparison rate
n/a
Orange Advantage (Min Deposit 10%)
2.64% p.a.
2.98% p.a. Comparison rate
n/a
1 Year Fixed Rate Loan (Min Deposit 5%)
4.64% p.a.
2.75% p.a. Comparison rate
n/a
2 Year Fixed Rate Loan (Min Deposit 20%)
4.79% p.a.
2.79% p.a. Comparison rate
n/a
1 Year Fixed Rate Loan (w/Orange Advantage) (Min Deposit 20%)
3.99% p.a.
2.83% p.a. Comparison rate
n/a
2 Year Fixed Rate Loan (Min Deposit 10%)
4.89% p.a.
2.93% p.a. Comparison rate
n/a
1 Year Fixed Rate Loan (w/Orange Advantage) (Min Deposit 10%)
4.09% p.a.
2.98% p.a. Comparison rate
n/a
2 Year Fixed Rate Loan (Min Deposit 5%)
5.34% p.a.
3.05% p.a. Comparison rate
n/a
1 Year Fixed Rate Loan (w/Orange Advantage) (Min Deposit 5%)
4.54% p.a.
3.06% p.a. Comparison rate
n/a
3 Year Fixed Rate Loan (Min Deposit 20%)
5.09% p.a.
3.06% p.a. Comparison rate
n/a
2 Year Fixed Rate Loan (w/Orange Advantage) (Min Deposit 20%)
4.69% p.a.
3.09% p.a. Comparison rate
n/a
3 Year Fixed Rate Loan (Min Deposit 10%)
5.19% p.a.
3.2% p.a. Comparison rate
n/a
2 Year Fixed Rate Loan (w/Orange Advantage) (Min Deposit 10%)
4.79% p.a.
3.23% p.a. Comparison rate
n/a
4 Year Fixed Rate Loan (Min Deposit 20%)
5.29% p.a.
3.34% p.a. Comparison rate
n/a
2 Year Fixed Rate Loan (w/Orange Advantage) (Min Deposit 5%)
5.24% p.a.
3.35% p.a. Comparison rate
n/a
3 Year Fixed Rate Loan (w/Orange Advantage) (Min Deposit 20%)
4.99% p.a.
3.36% p.a. Comparison rate
n/a
3 Year Fixed Rate Loan (Min Deposit 5%)
5.64% p.a.
3.36% p.a. Comparison rate
n/a
4 Year Fixed Rate Loan (Min Deposit 10%)
5.39% p.a.
3.48% p.a. Comparison rate
n/a
3 Year Fixed Rate Loan (w/Orange Advantage) (Min Deposit 10%)
5.09% p.a.
3.5% p.a. Comparison rate
n/a
5 Year Fixed Rate Loan (Min Deposit 20%)
5.39% p.a.
3.6% p.a. Comparison rate
n/a
4 Year Fixed Rate Loan (w/Orange Advantage) (Min Deposit 20%)
5.19% p.a.
3.63% p.a. Comparison rate
n/a
3 Year Fixed Rate Loan (w/Orange Advantage) (Min Deposit 5%)
5.52% p.a.
3.65% p.a. Comparison rate
n/a
4 Year Fixed Rate Loan (Min Deposit 5%)
5.84% p.a.
3.67% p.a. Comparison rate
n/a
5 Year Fixed Rate Loan (Min Deposit 10%)
5.49% p.a.
3.74% p.a. Comparison rate
n/a
4 Year Fixed Rate Loan (w/Orange Advantage) (Min Deposit 10%)
5.29% p.a.
3.77% p.a. Comparison rate
n/a
5 Year Fixed Rate Loan (w/Orange Advantage) (Min Deposit 20%)
5.29% p.a.
3.88% p.a. Comparison rate
n/a
4 Year Fixed Rate Loan (w/Orange Advantage) (Min Deposit 5%)
5.74% p.a.
3.96% p.a. Comparison rate
n/a
5 Year Fixed Rate Loan (Min Deposit 5%)
5.94% p.a.
3.96% p.a. Comparison rate
n/a
5 Year Fixed Rate Loan (w/Orange Advantage) (Min Deposit 10%)
5.39% p.a.
4.01% p.a. Comparison rate
n/a
5 Year Fixed Rate Loan (w/Orange Advantage) (Min Deposit 5%)
5.84% p.a.
4.23% p.a. Comparison rate
n/a

Investment purpose products interest rates

TMD

Loan typePrincipal & Interest rateInterest Only
Mortgage Simplifier (Min Deposit 20%)
4.25% p.a.
4.27% p.a. Comparison rate
4.55% p.a.
4.57% p.a. Comparison rate
1 Year Fixed Rate Loan (Min Deposit 20%)
4.29% p.a.
3.04% p.a. Comparison rate
4.49% p.a.
3.15% p.a. Comparison rate
2 Year Fixed Rate Loan (Min Deposit 20%)
4.89% p.a.
3.29% p.a. Comparison rate
5.09% p.a.
3.31% p.a. Comparison rate
Orange Advantage (Min Deposit 20%)
4.45% p.a.
4.76% p.a. Comparison rate
4.75% p.a.
5.05% p.a. Comparison rate
3 Year Fixed Rate Loan (Min Deposit 20%)
5.19% p.a.
3.56% p.a. Comparison rate
5.39% p.a.
3.49% p.a. Comparison rate
4 Year Fixed Rate Loan (Min Deposit 20%)
5.39% p.a.
3.83% p.a. Comparison rate
5.59% p.a.
3.68% p.a. Comparison rate
5 Year Fixed Rate Loan (Min Deposit 20%)
5.49% p.a.
4.08% p.a. Comparison rate
5.69% p.a.
3.86% p.a. Comparison rate

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 2.34%

Total interest payable

$0

Total loan repayments

$0

Contact a mortgage broker

ING homeloans are vailable through brokers who can help find the right loan and manage your application at no charge.

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 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.

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.

Why does Westpac charge an early termination fee for home loans?

The Westpac home loan early termination fee or break cost is applicable if you have a fixed rate home loan and repay part of or the whole outstanding amount before the fixed period ends. If you’re switching between products before the fixed period ends, you’ll pay a switching break cost and an administrative fee. 

The Westpac home loan early termination fee may not apply if you repay an amount below the prepayment threshold. The prepayment threshold is the amount Westpac allows you to repay during the fixed period outside your regular repayments.

Westpac charges this fee because when you take out a home loan, the bank borrows the funds with wholesale rates available to banks and lenders. Westpac will then work out your interest rate based on you making regular repayments for a fixed period. If you repay before this period ends, the lender may incur a loss if there is any change in the wholesale rate of interest.

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.

 

 

What is a home loan?

A home loan is a finance product that allows a home buyer to borrow a large sum of money from a lender for the purchase of a residential property. The home is then put up as "security" or "collateral" on the loan, giving the lender the right to repossess the property in the case that the borrower fails to repay their loan.

Once you take out a home loan, you'll need to repay the amount borrowed, plus interest, in regular instalments over a predetermined period of time.

The interest you're charged on each mortgage repayment is based on your remaining loan amount, also known as your loan principal. The rate at which interest is charged on your home loan principal is expressed as a percentage.

Different home loan products charge different interest rates and fees, and offer a range of different features to suit a variety of buyers’ needs.

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.

Do you compare mortgages using the comparison or advertised rate?

A lot of Australians compare home loans using the advertised interest rate, which indicates how much interest you’ll be charged on your mortgage repayments. The lower your rate, the cheaper your home loan should be.

However, interest charges aren’t the only cost associated with home loans. Most mortgage lenders also charge fees on their home loans. A mortgage with a low interest rate and high fees can sometimes cost more than a mortgage with a high interest rate and low fees.

A home loan’s comparison rate combines the cost of interest with the cost of standard fees and charges into a single percentage rate. Mortgage lenders are required to display a comparison rate alongside their advertised rate to better indicate the home loan’s overall cost.

Keep in mind that to ensure consistency, all comparison rates are calculated assuming a $150,000 principal and interest mortgage with a 25 year term. As your home loan may be different, the comparison rate may not accurately reflect exactly how much your home loan may cost. Also, the comparison rate doesn’t include every home loan fee and charge, so it’s still important to compare home loans and read the fine print before you apply.

How do you compare home loans?

To compare home loans, you can assess the components of the loan against your own financial situation and other mortgages in the market.

Look at the interest rate, rate type (fixed or variable), loan fees, features, loan term, repayment frequency and more to find a home loan that fits with your budget and property goals.

Then, use comparison tools like comparison tables, calculators, or RateCity's Real Time RatingsTM to create a short list of home loan options, and decide which home loan best suits your needs.

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.

Are fixed rates or variable rates cheaper?

Fixed and variable home loan interest rates are discretionary based on the lender’s decision. They will also be influenced by the Australian economy, as well as the Reserve Bank of Australia’s cash rate. The specific interest rate you may be offered will also depend on your credit history and financial situation.

Whether a fixed or variable rate home loan is the cheaper option for you will depend on all the above, and may still fluctuate over a 25-year home loan term. Therefore, it’s worth comparing your loan options with our comparison tables to see how the rates compare, based on your specific financial needs.

How do I apply for Westpac’s first home buyer loan?

If you’re a first home buyer looking to apply for a home loan with Westpac, they offer an online home loan application. They suggest the application can be completed in about 20 minutes. Based on the information you provide, Westpac will advise you the amount you can borrow and the costs associated with any possible home loan. 

You can use Westpac’s online mortgage calculators to estimate your borrowing power. You can also work out the time it might take to save up for the deposit, and the size of your home loan repayments

When applying for a home loan with Westpac, you’re assigned a home finance manager who can address your concerns and provide information. The manager will also offer guidance on any government grants you may be eligible for.