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ING joins big four banks in raising interest rates
ING have followed the big four banks in raising rates out of cycle, increasing some interest rates for investor variable loans by 15 basis points.
ING’s reference rates will increase 15 basis points across their Orange Advantage and Mortgage Simplifier products.
New and existing ING customers will be affected, with investor variable home loan rates increasing by 15 basis points.
These rate changes, which come into effect as of 25 September 2018, don’t impact new or existing owner occupier home loan rates.
The news comes shortly after Commonwealth Bank and ANZhiked home loan rates for their variable customers by 0.15 percentage points and 0.16 percentage points respectively.
Changes to existing investor rates
Product | Old Reference Rate | Change | New Reference Rate |
Orange Advantage – Principal & Interest | 5.42% | +0.15% | 5.57% |
Mortgage Simplifier – Principal & Interest | 5.32% | +0.15% | 5.47% |
Orange Advantage – Interest Only | 5.77% | +0.15% | 5.92% |
Mortgage Simplifier – Interest Only | 5.67% | +0.15% | 5.82% |
Changes to investor fixed rates – new and existing
The comparison rates for new investor fixed loans have also increased in response to these reference rate increases.
Product | Old Interest Rate | Old Comparison Rate | Change | New Interest Rate | New Comparison Rate |
1 Year Fixed Rate | 4.32% | 5.56% | – | 4.32% | 5.70% |
2 Year Fixed Rate | 4.37% | 5.45% | – | 4.37% | 5.57% |
3 Year Fixed Rate | 4.55% | 5.39% | – | 4.55% | 5.50% |
4 Year Fixed Rate | 4.69% | 5.35% | – | 4.69% | 5.45% |
5 Year Fixed Rate | 4.90% | 5.37% | – | 4.90% | 5.45% |
Disclaimer
This article is over two years old, last updated on September 21, 2018. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent home loans articles.
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Product database updated 24 Apr, 2024
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