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ING reduces mortgage rates

ING reduces mortgage rates

Starting from today, ING has dropped the interest rates on several of its home loan offers for both owner occupiers and investors.

According to ING, new applications for some Mortgage Simplifier and Orange Advantage loans, formally approved from Wednesday, 4 April 2018, may enjoy reduced interest rates.

The reduced rates apply to selected owner occupied home loans with LVRs greater than 80% and less than or equal to 90%, as well as for selected owner occupied home loans with LVRs greater than 90%.

Lower rates on investment loans only apply to selected ING mortgages for borrowers with LVR less than or equal to 80%.

ING’s interest rate reductions follow other rate changes from other leading banks, such as Suncorp raising several of its rates, St.George moving some interest rates up and down, as well as the Reserve Bank of Australia (RBA) keeping the nation’s cash rate on hold for a record 18th consecutive meeting.

ProductBalanceLVROld interest rateChangeNew interest rateNew comparison rate
Orange Advantage – Principal and interest (Owner Occupier)$150k+>80% <90%3.97%-0.19%3.78%4.10%
Orange Advantage – Principal and interest (Owner Occupier)$150k+>90%4.75%-0.77%3.98%4.30%
Mortgage Simplifier – Principal & Interest (Owner Occupier)$150k+>80% <90%4.02%-0.19%3.83%3.85%
Mortgage Simplifier – Principal & Interest (Owner Occupier)$150k+>90%4.70%-0.67%4.03%4.05%
Orange Advantage – Interest only (Investor)$500k+<80%4.64%-0.10%4.54%4.85%
Orange Advantage – Interest only (Investor)$150k+<80%4.64%-0.10%4.54%4.85%
Mortgage Simplifier – Interest Only (Investor)$500k+<80%4.69%-0.10%4.59%4.61%
Mortgage Simplifier – Interest Only (Investor)$150k+<80%4.69%-0.10%4.59%4.61%

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This article was reviewed by Property & Personal Finance Writer Nick Bendel before it was published as part of RateCity's Fact Check process.

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