ING Australia is part of ING Group, a multinational bank headquartered in Amsterdam, the Netherlands.
Based in Sydney, ING is Australia’s fifth largest bank. It has held an Australian banking licence since 1994 and has more than 1,700 staff and 2 million customers. ING also has a 24/7 contact centre in Tuggerah, NSW.
As well as personal loans, ING also provides home loans, transactional banking, superannuation, credit cards and insurance.
ING personal loan repayment calculator
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ING personal loans rates
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Fixed Rate Personal Loan
based on $30,000 loan amount for 5 years
Fully drawn advance
Pros and cons of an ING personal loan
- Fixed interest rate
- No ongoing fees
- No early repayment fees
- Establishment fee charged
- Potential late payment fee
- No variable-rate personal loan available
Features of an ING personal loan
ING provides unsecured personal loans of at least $5,000 and up to $30,000 for a personal loan. Borrowers can pay it off over a loan term of two to five years.
ING only has unsecured, fixed-rate personal loans and doesn’t have a variable-rate option.
This lender charges various fees on its personal loans including establishment fees and late fees. However, ING doesn’t charge ongoing fees and there are no penalty fees for early repayment.
ING doesn’t give different rates to different people based on their credit profile. The bank only has one personal loan rate, which is common for larger banks.
ING personal loans – customer service
ING has no branches, but it does have an ING Lounge in the Sydney CBD, open 9am to 5pm on weekdays.
Customers can also contact ING by phone, email and through the post. ING has a dedicated personal loans phone line, which is in operation from 8am to 8pm (AEST/AEDT) seven days a week.
If you’re an existing customer, you can also get in touch with ING using its online messaging service.
Who is eligible for an ING personal loan?
- Must be over the age of 18 and have a valid proof of ID (i.e. driver’s licence or passport).
- Must be an Australian citizen, New Zealand citizen or a permanent resident of Australia with an Australian residential address.
- Must earn at least $36,000 per year before tax and must be able to demonstrate this as your main source of income.
- Must have a good credit score.
How to apply for an ING personal loan?
The application process takes about 20 minutes and can be done through ING’s website.
- Complete the personal loan application form on the ING website.
- Submit the online application and wait for a response.
- Accept the contract.
- If you’re approved, you may be paid on the same day you accept the loan.
You may also need the following documents ready before you apply:
- PAYG payslips
- Proof of super income
- Bank statements
- Tax returns
ING personal loans review
As a big bank, ING provides personal loans suitable for those with good credit history. It does not provide personal loans for self-employed people.
Personal loan customers can borrow up to $30,000, with a maximum term of five years.
ING may charge various fees, including an establishment fee, and late fees. If you’re applying for an ING personal loan, it’s best to read the contract carefully. However, ING customers can pay off their loan early without penalty.
ING’s interest rate for personal loans are very low for a major bank lender. But borrowers with poor credit ratings will likely not be approved if they apply for an ING personal loan.
If you’re looking for the best personal loan rates for you, it’s worthwhile to compare personal loan rates from several different lenders and consider your personal financial situation.
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