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- ING slashing fixed rates to new market low of 2.49%
ING slashing fixed rates to new market low of 2.49%
Australia’s fifth largest bank, ING, is cutting fixed rates to as low as 2.49 per cent on its 3-year fixed rate, effective tomorrow.
This will be the lowest fixed rate on the RateCity.com.au database.
ING will shave all of its 1- to 5-year owner-occupier rates by up to 0.35 per cent and investor rates by up to 0.40 per cent.
ING fixed home loan changes - effective 6th March
| Old rate | New rate | Change | |
| 1 Year Fixed | 2.89% | 2.64% | -0.25% |
| 2 Year Fixed | 2.89% | 2.59% | -0.30% |
| 3 Year Fixed | 2.84% | 2.49% | -0.35% |
| 4 Year Fixed | 2.99% | 2.74% | -0.25% |
| 5 Year Fixed | 2.99% | 2.74% | -0.25% |
Since the RBA announced the 0.25 per cent cash rate cut on Tuesday, a total of 4 lenders have lowered their fixed rates.
BankVic came out striking today, cutting its fixed rates to now offer 2- and 3-year year loans as low as 2.50 per cent.
RateCity.com.au research director Sally Tindall said other lenders were likely to follow in a bid to hold market share.
“The fixed rate war continues with the nation’s fifth largest lender now playing hard-ball in the fixed rate space,” she said.
“With ANZ, and now ING, offering market-leading rates, we expect other banks will start sharpening their prices in a bid to remain competitive.
“Fixed rates are a great tool to get new business in the door, particularly in this environment of record low rates. But with one more cash rate cut still likely, we probably haven’t seen the bottom of fixed or variable rates just yet,” she said.
Variable rate changes
Almost 50 lenders have announced variable rate cuts, following Tuesday’s RBA decision.
Lowest fixed rates on RateCity.com.au
2-year fixed rates
| Advertised Rate | Comparison rate | |
| BankVic | 2.50% | 3.72%* |
| GMCU | 2.50% | 3.91% |
| ING | 2.59% | 4.06% |
3-year fixed rates
| Advertised Rate | Comparison rate | |
| ING | 2.49% | 3.89% |
| BankVic | 2.50% | 3.64%* |
| Well Home Loans | 2.63% | 2.73% |
4-year fixed rates
| Advertised Rate | Comparison rate | |
| BankVic | 2.70% | 3.63%* |
| ING | 2.74% | 3.84% |
| Bank of Melbourne/St George | 2.84% | 3.63% |
5-year fixed rates
| Advertised Rate | Comparison rate | |
| BankVic | 2.70% | 3.57%* |
| ING | 2.74% | 3.73% |
| Bank of Melbourne/St George | 2.84% | 3.60% |
Source: RateCity.com.au. LVR and loan size restrictions may apply.
*BankVic - assumes $300k loan (different comparison rate if loan is less than $250k or over $750k)
Disclaimer
This article is over two years old, last updated on March 5, 2020. 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.
For an up to date list of who has cut and by how much go to RateCity’s live list of rate cuts here.
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Product database updated 23 Apr, 2024
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