This was posted 8 years 6 months 10 days ago, and might be an out-dated deal.

Related
  • expired

ING Direct Orange Advantage Home Loan 3.76% via Matesrate Broker Cashback + Offset

1280
ING Direct Orange Advantage Home Loan 3.76% via Matesrate Broker Cashback + Offset
Go to Deal
samehada on 15/10/2015 - 13:23 docs.google.com (3683 clicks)
Last edited 23/10/2015 - 16:51 by 2 other users

Thanks aussie bargain for the tips. I have clean up my spreadsheet and make this deal even much better !!!

NOTE: Sorry for the wrong info because of an out dated page. Monthly admin fee is $10, but this deal is still the best deal when combine with ING Cashback Home Loan.
For loan amount less than $160,000, please use Pricepal cashback deal for better rate .
https://www.ozbargain.com.au/node/215201

At the bottom of the screen, you can select the respective spreadsheet to see the calculation. i.e ING_MatesRate, ING_Pricepal…

1. Contact those brokers at Matesrate to enquire about getting your Home Loan with ING Orange Advantage
http://matesratesmortgages.com.au/mortgage-lenders/mortgage-…

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 will let you know what is the best deal. Always remember to do your own search as well before committing to what the broker said !!!

UPDATE 2: Based on experience from JHoliday in the comment below, since these guys (MatesRate) only get their money from the one-off commission, they are not keen to deal with loan less than $200K. What you can do is borrow more then put in money in the offset account and make $3000 repayment every month to max out ING cashback. Or you can go with 1300HomeLoan deal instead since the cashback won't be much difference for loan up to $200K

2. You can obtain ING Loan through that broker and they will refund you 100% of their trailing commission to your bank account.

The catch is they will deduct admin fee every month before they pay you. So if your monthly trailing commission is less than admin fee then you won't get anymore cashback.

For the first 3 years, the other deal is better if your loan amount is <=$160,000
For the 4th+ year, the other deal is better if your loan amount is <=$120,000
https://www.ozbargain.com.au/node/215201

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 MatesRate will give you cashback 100% of this (minus admin fee).

3. 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 MatesRate cashback your true rate is 3.8% and reducing every year ;)

As you can see in the 2nd sheet, for $300K loan and shorter term, the effective rate is even get to 3.76%

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.

Referral Links

Google One: random (149)

Targeted offer: Referee gets 75% off first 3 months of Google One. Referrer get $7.

Financial Home Loan ING

Related Stores

Mates Rates Mortgage Brokers
Mates Rates Mortgage Brokers
Third-Party
Google
Google

closed Comments

  • samehada on 15/10/2015 - 13:25

    This new deal is even better and with this is the best deal for Home Loan now. Let's see if I can hit 100 +ve in 24h with this new deal :)

    I have cleaned up my spreadsheet and add more information for you to see. $10 admin fee has also been included in the calculation

  • bm on 15/10/2015 - 13:26

    Do these rates apply for investment properties too?

    • samehada on 15/10/2015 - 13:27

      It is owner occupier only, investment will have higher rate with ING

      • bm on 15/10/2015 - 13:29

        How much higher? loans.com.au is currently at 3.99 fixed for 2 years with about $800 upfront one-off fee.

        EDIT i'm not right, they're loaded 0.25% for investor loans

        • samehada on 15/10/2015 - 13:32
          +1

          I'm not sure, you can check on ING website. I am not really into investment loan so I have no ideas sorry :)

          You can shop around for the best deal for investment loan or have a chat with the broker and they can email you all the deals to look at. Please remember with the big banks, you can ask the broker to ask for better rate, broker can ask the bank for special discount rate or match with some other bank for the similar loan.

        • SlickMick on 16/10/2015 - 12:18

          If you mortgage your home with them too, they give home loan rates for investment loans. Didn't offer me 3.99% though - only 4.02%!!??
          I think 3.99% isn't eligible for IO??

  • Turd on 15/10/2015 - 13:34

    Do these companies allow IO?

    • samehada on 15/10/2015 - 13:35

      IO? Basically these guys will refund 100% of the trailing commission, they only get the one-off commission 0.6% of loan value. And they only get one-off commission is only if you keep your loan for at least 6 months

      • nocure on 15/10/2015 - 13:36
        +1

        Oi

      • Turd on 15/10/2015 - 13:45

        Interest Only repayments, esp with offset, works great

        • samehada on 15/10/2015 - 15:01

          I think this product doesn't have interest only option, but check on the website to be sure

      • adpaholic on 15/10/2015 - 14:17

        refund 100% to whom?

    • macrocephalic on 15/10/2015 - 15:08

      You can get an investment only loan through ING, but you won't get a rate this low.

    • pricecheckaisle222 on 16/10/2015 - 02:09

      I went through mates rates and get back my trailing commission on IO fixed rate for 5 yrs with offset account. Interest rate was below 5%.
      Can't get much better than that. Teachers mutual bank

  • Voldox on 15/10/2015 - 13:38
    +7

    Cmon guys stop changing the loan amounts in the spreadsheet lol

    • samehada on 15/10/2015 - 13:42

      I have 2 other sheets for reference rate so you can have a look at other sheets :)

      • neil on 15/10/2015 - 14:16

        The sheet appears to be in HTML mode now. Can't input numbers. Might want to fix that up.

  • colblair on 15/10/2015 - 13:42

    I've currently got a home loan with ME bank - interest rate is 4.69% p.a with a redraw account…
    Is this offer available for people refinancing their loan? I've never really looked into what's required for doing that.
    Great work on figuring all this out though.

    • SlickMick on 16/10/2015 - 12:25
      +1

      I have a loan with them coz only ones who would mortgage student accommodation. It's the best rate I could find for dodgy mortgages. :)

      I'd def be refinancing a home loan at that rate. If this deal isn't available, loans.com.au offset account is 4.06%.
      Do the maths - you save any costs in the first year.

      I am currently refinancing loans from ubank because they are no longer competitive

    • samehada on 15/10/2015 - 14:53

      The broker told me that she can get 4.15% loan for me with Westpac. That's why I said you can ask broker for best rate. They have BDM contact from banks.

      • Bekay on 15/10/2015 - 16:00

        What is BDM?

        • tomleonhart on 15/10/2015 - 16:01
          +1

          Business Development Manager

        • quaddie on 15/10/2015 - 21:01

          Salesman

        • ferrisb on 26/10/2015 - 10:55

          Officially tomleonhart and quaddie are correct.

          Unofficially they are called - Beer Drinking Machines :)

      • unity1 on 15/10/2015 - 16:17

        Current special is 4.19% so only marginally better

  • fillit on 15/10/2015 - 13:54
    +1

    So out of curiosity, how is the broker making money if he is refunding 100% of his trail? Also who will be paying the tax on it?

    • samehada on 15/10/2015 - 13:59

      They get the one-off commission 0.6% of loan value. I'm not sure if you pay tax on your credit card reward cashback …lol

      • fillit on 15/10/2015 - 14:03

        Yeah I understand that, however I'm still confused in the sense of… Bank pays trail to broker, so broker obviously has to pay tax on that income but the broker is paying 100% of that to the customer. Basically they will be incurring a loss for every trail payment.

        • dasher86 on 15/10/2015 - 15:41

          the pay out of trailing commission would probably be considered a tax deductible expense.

        • tomleonhart on 15/10/2015 - 15:49

          @dasher86: Can any accountant confirm this please ? :)

          When i do my rebate to my client, I have to pay tax / GST on that rebate amount.

        • xsacha on 24/11/2015 - 22:35

          @tomleonhart: Why would you pay tax on something you do not earn?
          If it goes back to the customer, you don't pay tax on it.
          It's like a refund.

      • tomleonhart on 15/10/2015 - 14:03
        +1

        so what you're saying is they get 0.6% of the the loan value upfront and use that money to pay income tax for the next 30 years with 0 income?

        This reminds me of https://en.wikipedia.org/wiki/Refund_Home_Loans

        • SnakeCasablanca on 15/10/2015 - 14:09
          +1

          I would imagine the broker can claim that payment to the customer as a deduction. It nets out to zero tax effect.

        • tomleonhart on 15/10/2015 - 14:21

          @SnakeCasablanca: I'm not an accountant but:

          Any deduction that we claim has already been paid tax on.

          Say if I buy a dell computer and claim it as deduction, tax on that profit that dell computer has been paid by Dell as it is income for them. I'm sure somewhere along the line, the tax man will come into the picture. Just not sure where.

        • ravzter on 15/10/2015 - 15:10

          -remove-

        • xsacha on 24/11/2015 - 22:37

          @tomleonhart: It would likely be the end person who pays tax on it as it is an earn/profit for them.
          So you profit on the trailing commission.

          Now the question is: can you claim it against your mortgage since you are earning the commission in the act of paying your mortgage. It is essentially a discount off your mortgage.

    • easternculture on 15/10/2015 - 14:01

      maybe they are trying to get people to refinance their loans through their brokering service before the next Bank initiated hike of interest rates.

      see my comment and link above

      • samehada on 15/10/2015 - 17:19

        These guys (Matesrate broker) seems to be in business for a long time :) According to their website, they said they are the first one who offer 100% cashback on trail. I'm not sure how true it is but I couldn't find anyone else offer 100% cashback. The only other offer 50% is Pricepal

        There is another one yourshare offered 50% (?) but they are dodgy without clear information on their website and seems like they have fees involve. I am not even sure if they offer 50%. I don't like dodgy business, if it is 50%, we'd better go with Pricepal :)

  • coprocessor8087 on 15/10/2015 - 14:09
    -6

    Cashback 3.76% on the Mortgage amount? !!! so a 500k morgage will have cashback $18800. Massive!!

  • Zoop on 15/10/2015 - 14:16

    Any catch ?
    Can the loan be paid off early without break costs ?

    • samehada on 15/10/2015 - 14:47

      Just mortgage discharge fee or you can put all the money in offset account and you pay $3000 every month to the home loan account to get $30 cashback from ING :) so technically the bank pay you interest to have a loan… ;)

  • JHoliday on 15/10/2015 - 14:21
    +1

    Is this available for those that want to refinance? I am currently with ANZ.

    Also my loan amount is around 140,000, can I sitll get the 3.76% rate?

    • oliman on 15/10/2015 - 14:42

      Similar question OP…

      My loan amount is 1700,00, can I still get 3.76%?

    • ykwon10 on 15/10/2015 - 14:44

      Applicable to borrowings of $150k or more. (http://www.ingdirect.com.au/home-loans/orange-advantage.html…)

    • samehada on 15/10/2015 - 14:49

      For small amount loan, you can just get a bigger loan with ING, put your money in offset account and pay $3000 every month to the loan account and you will get $30 cashback from ING. The interest rate is calculate from your loan - offset anyway

  • SpaceNinja on 15/10/2015 - 14:51

    Is ING cheapest in all the supported lenders ?

    • naritas on 15/10/2015 - 14:59

      No. Speaking as a broker, there are at least two better deals we know of: https://www.naritas.com.au/latest-news/3-69p-a-cr-na-mortgag… (if you are borrowing $500k+ or are seeking a fixed loan proportion).
      If borrowing $250-500k, this deal would be better: https://www.naritas.com.au/landing/ozbargain-special-ing-ora…

      • Bullzye on 15/10/2015 - 15:10
        +1

        Serious question, How is your deal better? I am looking to buy my first house and have no experience with mortgage brokers. I would be looking for a loan around 300k to 350k. Can you provide a spreadsheet like this deal so I can compare both.

        • naritas on 15/10/2015 - 15:26
          +1

          So let's do a quick comparison:
          $300,000 loan we'll compare over 3 years (because, realistically, who knows what will happen with a variable rate outside that time)
          a) Matesrates: $1350-360=$990 (paid in arrears each month at $27.5 over 3 years)
          b) Naritas: $1000 rebate paid upfront.
          Not only are you ahead over that period - but you also do not have to worry about the organisation honouring its commitment to you each year or them going belly up. It's paid upfront.
          Hope this helps.
          EDIT: To eliminate confusing calcs/confusion with pricepal

        • SpaceNinja on 15/10/2015 - 15:31

          @naritas: Isn't your comparison rate much higher ?

        • naritas on 15/10/2015 - 15:33

          @SpaceNinja: Hi Spaceninja - absolutely not! We are talking about the exact same product here. The way the OP has listed things is extremely misleading. Matesrates only offers rebate of trailing commission on the loan balance outstanding and then minus their admin fee. Which means anyone with money in their offset account is not getting anywhere near to the offer they are claiming. The rate is still 3.99%p.a. - the other rebate (due to deposits into the ING offset account) comes direct from ING and still applies to our offer.

        • samehada on 15/10/2015 - 15:37
          -1

          @naritas: your post and your deal is the one that is extremely misleading. Don't you think ozbargainer are stupid. When I get home from work I will response in full detail with fact and calculation to shut you up once and for all.

        • samehada on 15/10/2015 - 15:37
          -2

          @naritas: Ozbargainer are all professionals so don't think that you can scam people by using your bullshit sale tactics here and spamming all the true good deals with your broker deal. I only look at numbers, if your deal is truely better then I will modify my calculation.

          I have already posted a detail analysis and comparison from the previous deal.
          https://www.ozbargain.com.au/node/215201#comment-3121660

          With this new deal, it has really blow all others out of the water. The only benefit from NewcastlePermanent is fixed rate, but I will also explain in detail later tonight.

        • ykwon10 on 15/10/2015 - 15:38

          @naritas: Hi naritas - Materates is offering 100% cashback on trailing commission minus $10 admin fee per month NOT 50%. 50% is the Pricepal deal. Please do not mix them up together.

        • naritas on 15/10/2015 - 15:42

          @ykwon10: Thank you. Edited and recalculated.

        • naritas on 15/10/2015 - 15:52
          +1

          @samehada: Thank you for your concern, but your analysis was filled with factual inaccuracies. We'd know as we are accredited brokers for both of the loan products you are comparing!
          The other flaw to your analysis is the notion that you can compare variable rates many years into the future. By definition, they will vary over time, as will each lenders' market positioning. As such, a comparison over more than a handful of years is nearly irrelevant to most borrowers. Also, most people are refinancing/seeking better deals every 2 to 5 years (part of the reason why OzBargain is popular).

        • samehada on 15/10/2015 - 16:05
          -1

          @naritas: Your broker gets to keep all the trail commission and only give back $1000 which is about 1 year worth of trail cashback. After 1 year your broker becomes much more expensive and you still dare to spam your shit deal here.

        • naritas on 15/10/2015 - 16:12

          @samehada: The NPBS offer is a whopping $3000 upfront rebate (with, for most people, what will be the same or cheaper headline interest rates than this deal) - that's hardly a greedy offer. For a $300,000 offer, we demonstrated above using clear mathematics that what you are saying is not true. We can't compare all scenarios, nor are we offering anyone any financial advice. Naturally, people need to do their own calculations. But the offers we reference are sound -and we're certain from the feedback we've had that OzBargainers appreciate the variety of alternatives available to them.

        • samehada on 15/10/2015 - 16:13

          @naritas: You forgot to mention, it only apply for refinance, new loan will only get $1000. Your "whopping" $3000 is ONLY for loan >$500K, I am sick of your sales wording without disclosing all the catches

        • naritas on 15/10/2015 - 16:19

          @samehada: To be fair,
          a) If someone goes direct to ING they get $0 instead of $1000 using Naritas
          b) We did mention that we can't compare all scenarios. We did, however, address the ones put forward. You mentioned a scenario of a ~$600k refinance. Another Ozbargainer mentioned a ~$300k refinance. We were trying to address those scenarios with apples and apples comparisons. In those scenarios, our maths is sound.
          PS As with all finance offers, one's individual circumstances are vitally important to the evaluation of any offer.

        • samehada on 15/10/2015 - 16:21

          @naritas: Why should anyone on here go directly with ING after reading this post ???

        • naritas on 15/10/2015 - 16:28
          +1

          @samehada:

          Respectfully, I think you are confused:

        • FloatingPoint on 15/10/2015 - 16:49
          +3

          @naritas: That's enough. STOP HIJACKING this post to promote your products.

        • ahara on 15/10/2015 - 18:49
          +3

          @naritas:
          You two ppl gave me a headache. And the damn train is not moving so I'm stuck here reading this argument about who has the bigger one.

          Can someone put a comparison up between the two for dummies like myself ? Thanks :)

        • serpserpserp on 15/10/2015 - 18:51

          @naritas:

          To be fair, if you think your offer is better than what has been posted by the OP you should add your deal as a separate bargain to the site.

        • rambokid on 15/10/2015 - 22:12
          +2

          @naritas:

          I agree, your cashback deal is better than the OP

        • samehada on 16/10/2015 - 07:12
          -3

          @naritas:
          It is laughable, below you mentioned most loan in Melb and Sydney are 500K yet you use 300K in your calculation.

          Unless people change loan after the break even time with your $1000 cashback, they are worse off with your offer because they won't get anything from you. Many people here will just keeps the loan and bargaining the rates with the bank. Many people don't bother to switch for a small difference in rates after a few years for cost and hassles involved.

          Unless you plan to pay off your loan within 2 years, your offer is not good enough.

          a) Now let's address your calculation, with 300K loan, break even time is 3 years, so if people is happy with ING and stay with them after 3 years then they are losing $480 (0.2% cashback after 3years) every year if going with you.
          b) Let's take a look at 500K loan
          Matesrate cashback: $630 ($750-$120) per year, so it only takes 1.5years to break even with your $1000 cashback and we are losing $630 every year ($880 every year from 4th+ year) going with you

          Now your offer sound so great to me !!! _

          c) You keeps bluffing about brokers went bankrupt, so what if they went bankrupt, you know that I can nominate another one to be my brokers with cashback right. Or you are suddenly forgot about this?

        • samehada on 16/10/2015 - 07:13
          -2

          @rambokid:
          Can you use a sensible explanation to tell me how his deal is better? If his deal is so good, make the own post and let people decide by positive vote instead of HIJACKING a popular deal post.

        • samehada on 16/10/2015 - 07:33
          -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 :)

        • naritas on 16/10/2015 - 08:16
          +1

          @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.

        • rambokid on 17/10/2015 - 07:46
          +3

          @samehada:

          Mate you are taking this too personalky. The real fact is that banks don't offer good rates to their existing customers. Best to look at refinance every two years.

          I do so,& in that context Naritas is right .

    • samehada on 15/10/2015 - 15:00

      With the cashback on repayment, YES… You can even earn money on your home loan as my above post.

  • neil on 15/10/2015 - 14:53

    Is the rebate paid on the current loan amount or current loan - offset? E.G. $500K loan, $200 in offset. Rebate on $500K or $300K?

    • tomleonhart on 15/10/2015 - 14:56
      +1

      train is calculated base on interest paid. so 300k.

      • neil on 15/10/2015 - 14:57

        Sorry, I mean trailing commission rebate not the ING repayment rebate.

        • samehada on 15/10/2015 - 14:58

          That's what he means, on the principle - offset amount, which is the effective balance that the bank charge you interest

      • samehada on 15/10/2015 - 14:57

        That make sense, but you still can earn from the ING cashback for repayment though

    • samehada on 15/10/2015 - 14:56

      As far as I understand
      - ING rebate is paid on monthly repayment amount.
      - Trailing commission should be paid on loan balance (?!?).

      So if you have offset account I don't know how the bank calculate the trail commission… should it be on the effective balance i.e principle - offset or just on the owing balance (?)

      EDIT: answer above

  • uder on 15/10/2015 - 14:59

    I'm already with ING, but paying a higher rate. Could I still refinance?

    • macrocephalic on 15/10/2015 - 15:11

      I'm also interested.

      I'm meaning to threaten ING with this deal (http://www.reduceloans.com.au/variable-home-loans/rate-buste…) and see what they'll give me.

      • tomleonhart on 15/10/2015 - 16:04

        most likely not. But Suncorp is offering 4.14% p.a no annual fee with 1500 cashback. Something you might want to look into

        • unity1 on 15/10/2015 - 16:23
          +1

          $1500 cashback on loans of $300,000+

        • tomleonhart on 15/10/2015 - 16:26

          @unity1: Lol whopps. Completely missed that bit.

        • macrocephalic on 15/10/2015 - 16:47

          There are a few lower than 4.14% at the moment. Of course almost everyone tries to obscure their establishment and exit fees.

        • tomleonhart on 15/10/2015 - 16:50

          @macrocephalic: I agree there are many lower than 4.14% but that is a premium loan from Suncorp with all the bell and whilstle and you don't have to pay an annual fee.

          Most other rates below 4.14 are just a no frills loan with annual / monthly fee.

  • CrocDundee on 15/10/2015 - 15:18

    wow! That was confusing to read and follow… Good deal if you have the time and knowledge to go down that path. I am happy haggling my banks for a better deal every year and with my current bank (Heritage) They have come to the party. Although i would NEVER recommend Heritage to anyone! They are a pain to deal with!!

    • samehada on 15/10/2015 - 18:52

      What hassle are you talking about? This is broker and they will help you out with your loan. All you need to do is get your loan through this broker and they will pay you every month …lol… simple as that :)

  • ravzter on 15/10/2015 - 15:26

    As you can see from the spreadsheet, after ING cashback and Pricepal cashback your true rate is 3.80% and reducing every year ;)

    what step do i involve pricepal ?

    • samehada on 15/10/2015 - 15:31

      Sorry, copy and paste mistake :) will fix it now. Pricepal is from the other deal that I posted

      • ravzter on 15/10/2015 - 15:37

        whats the purpose of all different sheets ?

        • samehada on 15/10/2015 - 17:01

          different deal, cleaned up the display, update the calculation for the this deal.

  • smoke87 on 15/10/2015 - 15:28

    The other way to look at this is they are paying 12% interest for your money in the offset account! Just pull it out in time to deposit again next month.

    • samehada on 15/10/2015 - 15:35

      I don't get what you mean…

      • smoke87 on 15/10/2015 - 16:49

        You get a 1% cash back on deposits paid into the offset account, once per month. Essentially translates to 12%pa interest compounding monthly if you 're-invest' the amount each month.

        • samehada on 15/10/2015 - 17:07

          You only get 1% cashback on your repayment to your home loan account and it is capped at $30 ($3000 repayment), not on offset account.

        • smoke87 on 15/10/2015 - 18:44

          @samehada: broker told me otherwise. Have written to her seeking written confirmation.

        • samehada on 15/10/2015 - 18:53

          @smoke87: You can check ING website to see how things work

        • smoke87 on 16/10/2015 - 11:37

          @samehada: broker confirms the cash back is applied to amounts deposited into the offset account

        • Underlord on 16/10/2015 - 14:50

          @smoke87: The information that you've received appears to be incorrect.

          Existing and new Orange Advantage Offset Home Loan customers who also have an Orange Everyday transaction account and deposit their salary into it (of at least $1,000 per month) will receive 1% cash back based on monthly mortgage repayments of up to $3,000.

          See https://newsroom.ingdirect.com.au/releases/ing-direct-launch…

          My understanding is that the 1% 'cash back' is based on the minimum repayment, but it's not 100% clear.

Login or Join to leave a comment
Login Join