ING joins big four banks in raising interest rates



article header

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 ANZ hiked 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%

Advertisement

^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

Compare your product with the big 4 banks, or add more products to compare
As seen on