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ING Direct Orange Advantage Home Loan via PricePal 1300Homeloan Broker Cashback 3.86% + Offset

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UPDATED DEAL: MatesRate still has $10 monthly admin fee (sorry for the outdated info earlier) so this deal is not good for loan >$160,000
Check out the MatesRate deal for 100% cashback for your trailing commission (with $5 monthly admin fee)
https://www.ozbargain.com.au/node/215432

For loan >$160,000, the other deal will give you much better cashback.
Since ING minimum loan value for this deal is $150K, if you have small loan value, you still can get max loan of 80% LVR, put money in offset account and make repayment of $3000 per month to get maximum rebate from ING

You probably all know that ING got good promotion at the moment for their home loan at 3.99% (4.19% CR) with Offset account. Now you can take this extra step to even reduce the rate further.

ING is having 3.99% Home Loan rate (4.19% CR) for Owner Occupier ONLY.

For investment loan, you may talk to the broker and they may let you know what is the best deal. Always remember to do your own search as well before committing to what the broker said !!!

1. Register or login to your existing PricePal account.

2. Login and search for 1300HomeLoan, enter your details in the form and their broker will call you. Their broker is quite nice and helpful. You can use my link at the bottom for extra bonuses.

You need to install web app (toolbar widget) to activate this bonus. It is very handy and you won't missed out cashback by not using cashback link :) For those who used my referral link but haven't got $20 in your Pricepal account, please download and install their Web app (Chrome) to activate the bonus.

3. You can obtain ING Loan through that broker and they will share 50% of their trailing commission through Pricepal cashback.

Some of you will ask so what is for broker, brokers get 2 commissions:

  • One-off commission when you get your loan (It is about 0.6%+ of your loan amount depends on lenders), they won't get it if you don't stay with the lender for at least 6 months so if you switch your loan within 6 months, the lender with take it back. The brokers will keep this commission.
  • Ongoing trailing commission with your loan: for ING it is 0.15% for the first 3years then 0.2% after, and Pricepal will give you cashback of 50% of this.

4. You will get cashback on repayment up to $3000 per month from ING, I am still not sure if this is based on your minimum repayment amount or not which means you need to have shorter term to have a higher min monthly repayment. As you can see from the spreadsheet, after ING cashback and Pricepal cashback your true rate is 3.86% and reducing every year ;)

As you can see in the 2nd sheet, with smaller loan amount and shorter term, the effective rate is even lower than 3.86%. I have changed permission and you now can play with it by changing the loan amount and term and even rate!!!

When you change the Loan Amount, you can also change the term so that monthly repayment is $3000 to max out ING cashback

Since ING minimum loan value for this deal is $150K, if you only have a small loan balance, you'd to borrow maximum 80% LVR then put the extra money in offset account. Then you can make $3000 repayment every month to Home Loan account to earn 1% cashback on repayment.
You may not get trailing cashback for the extra loan though because trail cashback is calculated on owing loan balance i.e principle - offset

Cons:

  • ING is stricter than big bank with your borrowing power, they use 8% as a stress test to work out your borrowing power i.e work out your loan amount as if the interest rate is 8% so you may not be able to borrow as much. But talk to the broker, they will help you out by checking your overtime or extra income to push for a higher borrowing amount.

  • $199 annual fee, waived for first year which I have included in my spreadsheet.

Pros:

  • This comes with an Offset account and 2% PayWave cashback which will save you even more money(as long as you deposit at least $1000 per month to your Everyday account which you will need to use to pay for your home loan anyway).

None of the credit card reward program has cashback rate of 2%. You can use Coles Credit Card for non-PayWave payment with 1% cashback value through Flybuys Dollar ($89 annual fee - they must have dropped it recently, I remembered they jacked it up to $149 before). This card got no Foreign Exchange fee as well

FYI, Offset account is needed for Tax purposes if you want to claim negative gearing later down the track, Redraw will contaminate your home loan account and you can't claim negative gearing.


For new PricePal users, you can sign up using my referral link below. We will both get a $20 Buddy Bonus (so they will double up your cashback reward up to your Buddy Bonus)
http://pricep.al/2wz

How Our Referral Program Works
PricePal will pay you $20 “buddy bonus” cashback for every new member who you refer that joins PricePal and installs the PricePal web app – see “qualified referral” below. You may refer multiple friends and you will earn $20 bonus cashback for each friend. Each dollar of bonus cashback is paid to you for every dollar of cashback you earn. We effectively are matching you dollar for dollar on all the cashback you normally earn! So for example if you refer 1 friend, $20 will be placed in your Unclaimed Bonus total. If you were to be paid $10 cashback, then $10 bonus cashback would be paid to you in addition, and you would have $10 remaining in your Unclaimed Bonus total.

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closed Comments

  • +1

    Just my experience but I got ING home loan about 18 months ago and it was a horrible experience. They outsource everything to lawyers. It was very slow, which means you could loose your contract when you need your deadlines extended. They also make you pay for the cost of the outsourced lawyers which was considerable and a cost I've never had to pay a mainstream bank for. I really regretted moving my loans from ANZ.

    • This deal is not limited to ING, so you can utilise this cashback for other lenders, the broker told me that big bank has a bit higher trailing commission.

      You can utilise my spreadsheet calculation for other lenders by changing these parameters
      - Remove the ING Cashback parameter (just delete it)
      - Change Annual Fee
      - Change the trailing commission cashback rate
      - Changing interest rate, loan amount and term.

    • +1

      Out of interest, what was the cost of the outsourced lawyer? From your description, it seems that the hassle (and cost) of dealing with ING outweighs any saving from the interest rate.

      Also, I would be interested in knowing how different pricepal is to sites like yourshare etc. I could theoretically go to yourshare and do the same thing.

      • Yourshare has lower cashback rate according to their calculator. I checked last time and I couldn't confirm that they can do it with ING

        Pricepal is much more reliable on cashback and you can also use it for other cashback as well not just loan.

        • I have to admit that the loan itself has very good rates, but technically from a commission cashback, you can perhaps get better cashback.

          The trailing commission for ING is 0.15% for the first 3 years and then 0.2% after that. Assuming a 50-50 split with Pricepal that is 0.075% and 0.1% for the life of the loan.

          However, If you go with matesrates (who will refund all of the commission - $10 payment fee monthly), wouldn't that be better for some loans?

        • +1

          @aussie bargain: Is this the one you talk about?
          http://matesratesmortgages.com.au/about-us/mortgage-refunds/

          I will check this out and if it is good then I will update my deal :)

        • @samehada: yes

      • +1

        we used ING for a home loan. yes the initial process was not great (also partly due to our rubbish broker) think the lawyers fees were about $250 but were a shock as never mentioned anywhere.but the convenience after that of offset account, 2% cashback using OE as your offset account and easy to move money etc. is great. haven't had any troubles since the start (although haven't tried to change anything either)

    • +7

      I couldn't disagree with this more.

      ING were a breeze to deal with when settling my purchase. From auction day to settlement was 42 days (6 weeks), and this included Christmas/New years which was the only cause of delay as the vendors lawyers were shutdown until 15 January. We settled on 23rd January. Had the vendors lawyers opened earlier, ING would have been able to settle faster as we were solely waiting on them.

      Gadens do all INGs paperwork, they were easy to deal with and no problems. I think (running from memory) their total charges were about $230.

      • +4

        Yeah I just moved from ANZ to ING and it was a breeze. Not one hiccup. Settlement took less than a week from the point at which I get them the signed documents and it would have been 2 days earlier than that even except formANZ setting a new date. No complaints here.

        • +3

          What were your total costs of refinancing including mortgage registration/discharge and other fees?

        • +1

          @unity1:

          The standard fee are normally like this, varies banks to banks but won't be much.

          Discharge fee: $350
          Mortgage reg: $214 if you're in NSW. $338 if you're in QLD. $222 if you're in VIC.

        • Yeah what the others said— about $230.

      • +3

        This was also my experience. They allocated me one person to deal with directly. And accommodated major changes to Tennant's in common 99% 1% to avoid stamp duty late in the process.

        $230 was the Fee from memory, the only disadvantage is your only allowed one offset account per loan.

      • I used price pal, and moved ING; was a little slow; but it was ANZ who were dragging their feet. Our "personal lender" at ANZ was arrogant and useless - for me, the best move, no regrets.

    • It's about point of view. I had to jump through a few hoops but I went away feeling like they did their due diligence as opposed to another lender i was dealing with. Felt ING were taking on "safer" clients.

    • As I said my personal experience,which was well and truly reflected on their FB page. I had to get my contract extended twice. They forgot to deposit the balance of funds making me have to reschedule tradies. They added my home to the loan docos as security when it wasn't needed and applied the wrong loan amounts to each of my properties, which hopefully the ATO doesn't notice. Definately charged me more than $230. And having to ring Gradens every day to push them along worrying the seller may get a better offer made for not a nice experience.
      Maybe they've lifted their game since, based on the ING FB page things were completely up the crap at the time.

  • +13

    If you cant afford the loan on 8% and higher you shouldn't be taking out that much anyway so not really a con more good practice on the banks side

  • +1

    Amazing deal, this could make breaking my ubank loan worthwhile!

  • I just went with them last week, would have Liked the extra saving with using 1300.

    • same boat here
      wonder the Smartline broker can do this as well

  • Cashback only looks to be 1% of loan

  • Might be a good deal for those looking to refinance their existing loan. Might see what my bank (CBA) can offer. When negotiating with your current bank is it better to make an appointment at a branch or do it over the phone or does it not really matter?

    • +1

      In my experience with NAB, you are asked to call the contact centre & Bankwest, put you on the phone to the Home Loans team if you go in at the branch. So, it might not matter.

      • Thanks. Phone would be my preferred option as it takes a lot less effort.

        • Absolutely, also maybe look into the rates the other big 3 are offering, in my experience they are more likely to drop your rate if you do a comparison to another bank in the big 4.

        • +1

          @jdf: Yes Bank of Melbourne have 4.09% with no offset, which is not a feature I need anyway. NAB and Westpac have something very similar too.

      • Noob question. I'm with BW and have called them up for a better deal or I'll walk. They told me that the walk away charges (refinancing with someone else) would mean I have to pay them $1100. Is that true?

        • Is your loan fixed ?

        • @tomleonhart:
          Nopes variable. Also the LMI is not portable, so I'll be stung once again, right?

          Sorry for all these questions, I'm a first time buyer and bought the property 3 years back.

        • @HuntMeABargain: if it's not fixed then you should only be stung for a discharge fee which is around $350

        • @tomleonhart: Many banks made changes to their exit fees in late 2011, but is it true that if your loan was taken out before 2011 that the exit fees may be higher?

        • +1

          @unity1: it really depends on what's in your contract. but generally speaking yes :)

        • @HuntMeABargain: If you bought the property a while ago, your property would have appreciated a bit by now, has it appreciated enough so that you don't have to pay an LMI again is worth looking into?

    • CBA just called me back… got offered 1.05% off the normal variable rate and it's going up by 0.15% next month… so 4.40%

      NAB offered 4.08% + 150,000FF points + credit card with another 60,000FF points. $350pa fee

  • +3

    Thanks op. UBank refused to lower my rate to 3.99%, so I might just move across to ING.

    • but don't forget this has an annual fee.. so it's not a like for like comparison

      • +3

        Agreed, but the 1% cashback should more than cover the fee in my case.

        • Don't you get the cash back offer if you just deposit your salary into ing?

        • @hashtagbargain: My understanding is that you need to deposit at least $1000 a month and then you'll receive 1% cashback on your minimum homeloan repayment (up to $30).

      • As you can see, even with the $199 annual fee, your rate is still lower with the cashback double dipping :)

    • They moved mine down to 3.99% :)

      This is the 2nd time that done it. I got it moved down to 4.09% about 12 months ago (from a higher rate) and then 1 month ago got it reduced to 3.99%

      • Even if they lower to 3.99%, your rate is still lower with ING with the cashback double dipping :)

      • Which one is your bank ? @ dein

      • Same here - they've moved mine done twice. The latest (3.99%) took them about 7 days - apparently they needed to review my account to do it. I assume they must look at your repayment history and work out what kind of risk you are too them. Really dislike this practice - they should just drop the price for everyone but I guess the lazy tax is too tempting.

  • ING refused to bring down my rate.. My current rate is 4.13

    • Is it variable rate? And what type of home loan do you have with them? Thanks.

      • +1

        I have Variable rate. Orange advantage account. I joined them two months ago. They told me that when I applied that offer wasn't there.

  • Signed up. I will await a call.

  • +1

    I was wrong.

  • Will save me $2300 a year… Thanks so much. Will have to wait two years to recoup break costs but it is an awesome deal. Mortgage brokers must make a killing!

    • I thought there is no longer break cost, only mortgage discharge fee which is about $300 in VIC

      • and mortgage registration fee ?

        • $228 all up for dereg and rereg.

      • Fixed rate mate. I will be appealing it anyway as Ubank has since changed the way they disclose how the cost permitting new clients to understand Ubank will be reaming them. $5000 in costs on a .69% rate difference for 12 remaining months is outrageous. They are losing just under $1500 based on the difference in repayments.

        • dare i say you should consider your situation carefully at this time.

          When your fix rate expires, there will always be a good deal around.

          And Westpac just raised their rate yesterday, all other banks will follow suit soon. it might take a lot longer than you think it would to recoup the break cost.

        • @tomleonhart: thanks for the caution I will indeed be running the numbers. This all said I have not seen a deal like this in the past three years.

  • Is there any benefit to moving to another product from my current lender, rather than moving to another provider. i.e., Bankwest said I will be charged a $95 transfer fee to move to a new product (4.24% variable with no annual fee or offset down from 4.46% with the same). If I move to ING (or elsewhere) are there mortgage registration fees, etc, etc?

    Edit: From new comments above, it looks like there are indeed mortgage closure and registration government charges.

    • -1

      No. Google.

  • +1

    Broker here and I admit this is a great deal !

    • But is it the best deal available for those looking for a no frills loan?

      • Why do you look for a no frills loan when a full options loan is cheaper? :)

        • So if someone was looking for a loan today then this one would be hard to beat?

        • @unity1: Without taking into account their personal circumstances, I would say so yes.

        • +1

          Not at all. Take a look in https://www.ozbargain.com.au/tag/home-loan - there are far better deals than this..especially for anyone looking to take a proportion fixed.

        • -2

          @naritas: I was working yesterday so didn't have time to really check your post in detail. But this is some fact regarding the Newcastle Permanent deal.

          1. If you look at you the link you posted above. There are NONE of the home loan deal posted that is better than this let alone "far better"

          2. Regarding Newcastle Permanent, there is some fact to consider

          - There is NO offset feature with Fixed Loan, you are only allow to make extra payment up to $25,000 p.a
          - The rate difference is 0.07% for 2 years (3.79 vs 3.86 ING)
          - The 3.99% Variable Rate offer is only a limited offer so you may not even be able to switch to that rate after your Fixed period ends, their normal rate is ~ 4.52 - 4.62%
          - There is a package fee of $375 package fee

          So in summary, you need to consider the break even points here
          - $2000 cashback and from 3rd year annual fee is $375
          - Rate is cheaper by 0.07% than this deal for 2 years only

          While with this deal
          - After 2.5year, rate you pay is 3.85%, from 4th year it is 3.83% that has already taken into account the annual fee of $199
          - So from 3rd year, this deal is 0.13% - 0.16% cheaper assume that $2000 contribute towards the $375 annual fee and you can still get 3.99% of the other deal.

          So your saving of 0.07% in the last 2 years has in fact wiped off in the matter of ~ 1 year Also not to mention that you can't make extra big lump sum to reduce your loan and no offset account.

          After the 4th year it is actually becomes much more expensive now, so even the initial cashback will also be even out for the $375 annual fee and higher rate compare to this ING deal.

          But taken into account the recent rate rise risk, there is a benefit to the other deal at least for 2 years.

        • @samehada:
          a) The offer is 3.69%p.a. not 3.79%p.a.
          b) If one takes any proportion variable - even $20,000 - there is absolutely a 100% offset account
          c) On the example you gave there would be a $3000 rebate (of $630,000 loan size) - not a $2000 one.
          d) Most people switch home loans every 2 to 5 years - comparing over 30 years is nearly irrelevant, especially considering that variable rates change over that time. Look at what Westpac did yesterday in raising rates 20 basis points out of cycle. NPBS has been one of the cheapest lenders for the past decade: http://www.newcastlepermanent.com.au/tabid/1261/Default.aspx
          e) The cheapest ING fixed rate for 2 years is 4.29%p.a. - compared to 3.69%p.a. at NPBS - so if anyone wants to fix a proportion of their loan they will be burnt.
          f) NPBS was voted Australia’s Home Lender of the Year 2015. Their product range is extremely well considered and well awarded.
          g) The 3.99%p.a. pricing they offer on the variable represents a life of loan discount. The only thing that is for a limited time is the promotion (not the ongoing nature of the discount from standard variable).

        • +1

          @samehada: https://www.naritas.com.au/latest-news/3-69p-a-cr-na-mortgag… - the link to the cashback offer/proof there is an offset account, to eliminate confusion.

        • -1

          @naritas:
          Like I explain in the other post, there are pros and cons with Fixed Rate loan. You as a broker still try to mislead people.

          a) There are NO offset account with Fixed Rate loan, you clearly know how fixed rate loan works. They don't want to pay much extra toward loan account. NewcastlePermanent only allows you to pay extra $25K p.a on Fixed Rate loan

          b) Offset account is ONLY when you switch to Premium Plus package AFTER you fixed rate period of 1 or 2 years fixed. And it doesn't come cheap it is with $395 annual fee.

          If you take a proportion of the loan with offset, that proportion will have a higher rate than ING and with $395 annual fee, that will wipe out the benefit of offset account.

          c) Compared to ING Cashback, assume NP variable rate is 3.99%, all your saving after 2 years on Fixed Rate will be wiped out in less than 1 year with the higher fee and interest rate

          3.99% vs 3.79% (annual fee has been included in this rate) => 0.2% + $395 annual fee

          Fixed Rate is 3.69% vs ING/MatesRate 3.79% => saving 0.1% per year => 0.2% for 2 years

          d) The ONLY plus side for that is you can Fixed the rate at 3.69% for 2 years. But the down side is how much will the rate increase while RBA is lowering interest rate, 0.25% maybe.
          - Then you need to ask yourself, depends on your loan size, how much more will this will cost you, are you willing to go through the hassle of switching bank after 2 years?
          - You also need to take into account the cost of switching that offset your saving saving of 0.25% p.a in the last 2 years?
          - The opportunity cost of offset account which also help to reduce interest payment and the ability to make large lump sum payment in 2 years Fixed Rate loan.
          - The PayWave cashback of 2% from ING.

          So in certain circumstances with bigger loan size, Fixed Rate loan will benefit you. But with these catches and smaller loan size, does it really worth it? The choice is yours :)

        • @samehada: To make things simple we've constructed a worksheet. You can view it here: https://www.naritas.com.au/system/wp-content/uploads/500000-…
          Note:
          * You will definitely have a 100% offset account during the scenario we've charted
          * All costs are accounted for - we encourage people to see if their loan repayment would be smaller. Simply PM us the scenario and we'd be happy to calculate it.
          * At the end of the 2 year fixed period one can simply exit Newcastle Permanent if they are not satisfied with the variable rate offered to them - they still get to keep that full $3000 rebate. On current rates the variable would be 3.99%p.a. - bear in mind, they can also refix.
          Hope this helps.

        • @naritas:
          Please explain the discrepancy of minimum loan requirement, difference in rate and cashback amount on your site vs NP site
          http://www.newcastlepermanent.com.au/Personal/HomeLoans/Fixe…

          • $150K vs $250K min as per NP site
          • $2000 cashback on NP site vs different cashback amount based on loan amount on your site.
          • Rate on NP is 3.69% 1 year fixed and 3.79% 2 year fixed.
          • $375 annual fee on your worksheet vs $395 on NP site
        • @naritas:
          Like I said in my post, if you have a small loan balance, it is better to max out your loan, put the extra in ING offset account and make $3000 repayment then you will even earn interest instead of paying interest in some cases.

        • @samehada: We can map a scenario for $300,000 we will post shortly.

        • @samehada: Your confusion regarding rates is coming from the fact that you are not referring to the correct source of the offer. This offer is exclusively from Naritas for Newcastle Permanent products - so the rates published on the NPBS website are causing you confusion as they are not relevant to this offer. The offer is listed here: https://www.naritas.com.au/latest-news/3-69p-a-cr-na-mortgag…

        • +1

          @samehada: Regarding your comment about ING, we don't disagree it has merits for some people depending on their individual circumstances. Here is a $300,000 refinance scenario charted: https://www.naritas.com.au/system/wp-content/uploads/ING-via…
          It uses the Naritas offer (https://www.naritas.com.au/landing/ozbargain-special-ing-ora…).
          If you (or anyone else) would like a scenario modelled. Simply send us a PM. We're happy to assist.

  • I think this is the best deal on the market atm and ING should have extended their 3.99% deal :)

    • -2

      There are definitely better deals out there than this. Even on Ozbargain. a) We're already seeing talk of interest rate rises by both the RBA and industry pundits (https://au.finance.yahoo.com/news/rates-rise-dont-overcommit…). The 2 year fixed rate for ING is 4.39%p.a. (CR 4.66%p.a.). The 2 year fixed rate for Newcastle Permanent Building Society is 3.69%p.a. (CR n/a) - both lenders offer variables at 3.99%p.a. b) The rebate is relatively small at ~$175 dollars a year on a $500,000 mortgage. Newcastle Permanent is offering at least $2000 upfront (with even better offers out there for this deal depending on your loan size - just check). Hope this helps get a bit of perspective.

      • -3

        I know about this deal, but fix rate is for 1 year, no cashback on the following year and there is no offset account. $2000 cashback is a plus just not sure how easy it is to deal with those lenders. And I think you got your figure of $175 wrong, the double dipping rebate even taken into account $199 annual fee for $500K loan is much more than $175

        • -1

          Unfortunately you must be confused.
          * The fixed rate is for 2 years - reverting to 3.99%p.a. (for borrowers with qualifying loan balances - at present that would be $250,000+)
          * The cashback is $2000 for loans under $500,000 and $3000 for loans over $500,000.
          * There is definitely an included 100% offset account.
          * Dealing with the lender is very easy for anyone that has clear/solid credit.
          Genuinely, this offer doesn't even come close.

        • -2

          @naritas:
          I am open to all good deals but I don't see anywhere on their site to show that rate will revert to 3.99% after 2 years. I rechecked all their website and I could not find any products with 3.99% at all to convert to after fixed period.
          http://www.newcastlepermanent.com.au/tabid/1351/default.aspx

          Their comparison rate is 5% which clearly indicate to me that the rate after 2 years is much higher than 3.99%. Also RBA is trying to hold a rate cut in the mean time not rate rise. Rate will eventually rise but not at this point in time.

          Also their Fixed rate loan doesn't come with Offset account, please post the link to back what you said.
          http://www.newcastlepermanent.com.au/tabid/222/default.aspx

          So for a long run, I don't think that deal even come close not the other way around

        • +1

          @samehada:
          a) Fact: All people with a qualifying loan balance can switch to whichever product they desire at the end of the fixed period with Newcastle Permanent. The Premium Plus variable is presently 3.99%p.a.
          A switching fee may apply (as with all lenders - fees and charges subject to change - but that huge rebate will more than offset that).
          b) Very few lenders, including ING, offer 100% offset accounts on their fixed rates. The 100% offset account is offered on the Premium Plus variable at 3.99%p.a.
          c) Even if you are not concerned with the RBA cash rate, the Managing Director behind this very offer has stated that out of cycle interest rate rises are a very real risk http://www.mpamagazine.com.au/sections/market-talk/morning-b…

        • +1

          @samehada: "Rate will eventually rise but not at this point in time"

          Why did you jinx it ? Westpac just raised their rates !!!

        • +1

          @tomleonhart: http://www.abc.net.au/news/2015-10-14/westpac-to-raise-home-…

          Precisely my point..It's hard to believe people are neg voting our comments considering this and the statement from the director of the company behind this offer.

  • +5

    Just spoke to ING (current customer) and they stated they weren't able to offer a rate close to this for existing customers. Dont you love how they look after the new recruits at the expense of long term customers. Excellent strategy at retaining customers. I'd type more but I need to look for a napkin to wipe the sarcasm dripping from my mouth.

    • LOL. Just keep looking for a new deal every 12~ months. Screw the banks. Just look for the best deal and jump to another lender.

      • Moving your loan is a huge process involving costs and lots and lots of paperwork, I don't think many people would want to go through that every year. I think if ING is unable to offer this to existing customers it should serve as a warning for anyone who may want to Join up with them. I was pissed off enough with Ubank having to always ring up and ask them to give me the current rate they are offering new customers, this seems even worse if ING will flat out refuse.

        • It's standard fair for the banks to not give a crap about their customers once they've "sucked" you in. CBA didn't want to budge or match the offer I got from NAB, so I told them I'm going. They didn't care. Their loss!
          Customer loyalty means dick all nowadays. Years ago you were rewarded for being a long term customer. Same with insurance, utilities, etc. Now none of them care and I certainly hold no loyalty to any brand/company.

    • I'm with IMB and their 'new' essentials loan rate was much lower than mine. There was a clause that said 'can't switch if existing IMB customer' but I just got in contact with them, said that clause was disappointing and they allowed me to switch. $150 fee which was recouperated within the first month.

      Edit: typos

    • I'm with ING too and paying 4.33% Interest on their Mortgage Simplifier product.
      You're right….. it's pity that they don't offer such benefits to existing customers. I'm overall happy though being with them.
      It's not over a year yet…. but will start looking for better deal again after serving one year with them.

    • I told them I will move to different lender but they said no and big NO. They sent me discharge form as well. 4.13 is the best rate they can offer me or all new properties they can offer 3.99

  • Has anyone used ING when buying off the plan ?
    The possibility of the it being delayed AND dealing with ING & a broker & a cashback makes me nervous :-)

    • As I posted in the other HSBC post, you'd better use this deal with another lender like Westpac or NAB to combine with NAB 250K bonus Velocity points deal. ING Construction loan is expensive.

      • I don't need a construction loan, I've paid a deposit, and the balance is due on completion…

        • Have a chat with the broker, she is quite helpful.

        • +1

          I just did a loan for an Off the plan purchase. ING is pretty good at the moment, their turn around time is around 2 days at the moment of typing this upon receiving all related documents.

        • @tomleonhart: What is the rate that you get? I thought that I need to get the Construction Loan. I will talk to the broker about this.

        • 3.99. By off the plan we refer to off the plan apartment.

        • @tomleonhart: What about House and Land package?

  • If this was the best deal out there could those of you on it use this: http://www.boq.com.au/better-rate/ and score $1000 for nothing as BOQ couldnt beat it?

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