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ING joins big four banks in raising interest rates

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%

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This article was reviewed by Personal Finance Editor Mark Bristow before it was published as part of RateCity's Fact Check process.

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