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ING Orange Advantage 3yr Fixed Rate Special 3.98%p.a.*(CR 4.66%p.a.^) & $1500 cashback @ Naritas

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ING Orange Advantage 3yr Fixed Rate Special 3.98%p.a.*(CR 4.66%p.a.^) & $1500 cashback @ Naritas
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Cashback
Marketingnaritas on 14/04/2016 - 17:07 naritas.com.au (309 clicks)
Last edited 14/04/2016 - 17:11
ING Orange Advantage 3yr Fixed Rate Special 3.98%p.a.* (CR 4.66%p.a.^) & $1500 cashback^^ at Naritas
  • 1% cash back on monthly home loan repayments of up to $3,000 when you also have an Orange Everyday bank account and deposit your pay ($1,000+/month). Refer here for further details.
  • Can be combined with an Orange Advantage Variable with 100% offset account.
  • Up to $10,000 additional repayments can be made without penalty to the fixed proportion of the loan.
  • $1500 cashback (T&Cs apply). $1500 cashback exclusively available at Naritas.
  • ING DIRECT Australia’s Most Recommended Bank - Source: Nielsen Consumer & Media View Jul ‘15 – Dec ‘15 (n=9,552) when compared with customers of 14 other banks operating in Australia.
  • 2015 Mozo People's Choice Awards - ING DIRECT was voted the Best Bank by customers at the 2015 Mozo People's Choice Awards.
Indicative fees & charges:
  • Documentation & settlement - $220
  • A valuation fee is payable. ING DIRECT will cover up to $215 of the valuation fee (GST inclusive) for the first valuation/property only.
  • Annual fee - $199 (waived in the first year).
  • Other fees may apply for services including, among others, title and company searches, bank cheques,and express post, which are at cost.
  • Government fees & charges may apply (for example mortgage registration costs).
^^Naritas Finance Cashback Terms & Conditions:
  • (1.) This offer is provided by Naritas Finance Pty Ltd ABN 74 096 341 061 of Level 1, 357 Military Road, Mosman, NSW, 2088 (“Naritas”).
  • (2.) This offer commences 14 April 2016 and closes 19 May 2016 (“Offer Period”).
  • (3.) This offer is open to Australian residents only.
  • (4.) A payment under the Cashback Offer (“Cashback Payment”) will be paid for residentially secured owner occupied home loans settled during the Offer Period subject to conditions 5 to 15 below.
  • (5.) A borrower must refinance or purchase using Naritas to arrange an ING Orange Advantage Home Loan and must not be an existing ING Home Loan customer. A borrower’s loan application in conjunction with this Cashback Offer will be subject to ING’s usual credit assessment and approval processes.
  • (6.) The Cashback Payment is $1,500 where the total loan financed, either jointly or individually with ING is $350,000 or more.
  • (7.) The initial loan application must be received during the Offer Period.
  • (8.) The approved loan must be funded by 10 October 2016.
  • (9.) A borrower is eligible for a Cashback Payment only once during the Offer Period. Once a loan application that is eligible for a Cashback Payment is received, no further loans which include that borrower, jointly or individually will be eligible for a Cashback Payment.
  • (10.) Fees and charges apply to loans taken out under this Cashback Offer. Refer to the ING for Mortgage Loans Fees and Charges brochure (post-settlement charges are available here) or the Mortgage Loan Schedule for details.
  • (11.) The Cashback Payment will be deposited to the loan account for the financed loan after the settlement date. The Cashback Payment will not be made to the borrower in “cash” (i.e. notes and/or coin) or cheque.
  • (12.) A borrower cannot transfer or assign their right to the Cashback Payment to any other person.
  • (13.) Naritas accepts no responsibility for any tax implications that may arise from the Cashback Offer. The borrower should seek their own independent advice in this regard.
  • (14.) This offer is not available in conjunction with any other promotional offer Naritas has available including our ‘refer-a-contact’ promotion.
  • (15.) Participation in the Cashback Offer is deemed acceptance of these terms.
ING Important Information:

Information and interest rate is current as at 15 April 2016 and is subject to change. All applications for credit are subject to ING DIRECT’s credit approval criteria. Fees and charges apply. Details of these and the terms and conditions are available at ingdirect.com.au or by calling 133 464.
*Interest rate discounts for LVR 90% or less are available only for new owner occupier borrowings and new to ING DIRECT security property. Special Offer applications must be received prior to 19/05/2016. All features are not available for every type of loan. An annual fee of $199 applies (first year annual fee of $199 is waived). 100% interest offset available when linked to a variable loan with the Orange Everyday transaction account. WARNING: If you select a fixed rate loan, break costs may be payable if at anytime before the fixed term expires, you pay out your loan or you make additional payments of $10,000 or more in an anniversary year, or you ask ING to change your loan type or fixed interest period. Break costs may be substantial.
^The comparison rate is based on a loan amount of $150,000 over a loan term of 25 years.WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Any advice on this website does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. Before making any decision in relation to our home loan products you should read the relevant Terms and Conditions booklet and Orange Everyday Fees and Limits Schedule. To view these documents you may need Adobe Acrobat. Products are issued by ING DIRECT.
Mortgage Reward Offer for Orange Advantage Home Loan and Orange Everyday customers: The Mortgage Reward offer is available for Orange Advantage and Orange Everyday customers (including joint accounts). The Mortgage Reward offer will apply for the next calendar month when a deposit of at least $1,000 is made to any personal ING DIRECT account in your name (excluding Living Super) by the last day of the preceding calendar month. The Mortgage Reward offer applies to residential home loans. To be eligible for the Mortgage Reward offer, loan accounts must not be in arrears. The Mortgage Reward offer may be changed or withdrawn at any time at ING DIRECT’s sole discretion.

Licensee: Naritas Finance Pty Ltd, ACN 096 341 061
Australian Credit Licence Number: 441 723

Referral Links

Referral: random (2)

Both referrer and referee receive a $50 Woolworths eGift card when referee's loan is settled.

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closed Comments

  • JoeyJoeJoe on 14/04/2016 - 17:21

    I don't have a home loan but that's an attractive offer

    • [Deactivated] on 14/04/2016 - 17:24

      Are you rich or poor?

      • JoeyJoeJoe on 14/04/2016 - 17:26

        (CUB) Cashed Up Bogan. Always seeking/appreciating a good deal.

  • IsTops on 14/04/2016 - 19:53

    4.66 comparison?
    I can get anyone 3.99 comparison below 70lvr
    4.05 comparison below 80lvr

    Last night's home loan deal was even better then this even if they have poor reviews.

    • Marketingnaritas @ Naritas Finance on 14/04/2016 - 20:07
      +1

      Hi Istops,

      The comparison rate is not a good reflection of the true cost of this product:
      1. The comparison rate looks artificially high because the product defaults to the standard variable at the end of 3 years. Any reasonable person would simply switch to the applicable professional variable presently priced in the 4%p.a. range or refix. The cost to switch is presently $250, however, it has been our experience that good borrowers are offered the opportunity to do this for free.
      2. The comparison rate does not take into account the $1500 settlement rebate nor does it take into account the generous 1% Mortgage Reward Offer which in our clients' experience is looking to deliver them back ~$200-300p.a.
      3. The comparison rate is based upon $150,000 over 25 years. This offer is focussed on people borrowing $350,000 plus. For a person borrowing such a sum they could well experience a comparison rate much more closely aligned with the headline rate. You can calculate this using this calculator.

      Lastly, you really need to be making an apples and apples comparison when it comes to rates. The product you mentioned is from a micro lender that is not an APRA ADI. ING is a major global brand that can deliver the commonwealth guarantee on deposit funds for monies held in offset. People typically value that kind of security and brand reputation. Furthermore, as many would agree, a fixed rate will give you certainty over the fixed period. No one can comment with any certainty that the variable rate promotion made today will be delivering a similarly leading price position in 24 months. These forums regularly feature complaints to do with bait and switch variable pricing tactics - having a fixed rate and an upfront rebate is one way to counter such concerns.

      Hope this helps.

      PS If you wanted a low variable variable rate from a micro lender, you may like this other offer at 3.89%p.a. (CR 4.06%p.a.) that we have - or this one at 3.98%p.a. (CR 3.99%p.a.) with a $1000 cashback rebate at 80%LVR - and the lender is a bank :)

      • IsTops on 14/04/2016 - 23:08

        didn't see the fixed part.
        that is more competitive

  • ozlab on 14/04/2016 - 20:01

    How does the comparison rate calculated? Wondering why the rate is so far off from 3.98%?

    • Marketingnaritas @ Naritas Finance on 14/04/2016 - 20:29

      Hi Ozlab, thanks for the question.

      As mentioned in our reply to Istops, the comparison rate is a somewhat flawed measure of a product's true cost.

      In this particular product's case the comparison rate is so far off from 3.98%p.a. because:
      1. The product reverts to a standard variable. So it calculates the first 3 years at 3.98% and then the remaining 27 years at the standard variable. Given that it is cheap to switch or refix (presently $250) and often offered to be done for free for good borrowers the quoted comparison rate is not likely to reflect a reasonable person's usage pattern.
      2. It does not take into account the settlement rebate of $1500 (which largely negates the establishment and exit costs).
      3. It does not take into account the operational features of this offer (i.e. the ongoing 1% Mortgage Reward is not factored in).
      4. It is based upon standardised scenarios (typically $150,000 over 25 years). For most people under age 55 they would be borrowing over 30 years (not 25) and have a loan balance of $350,000+ - so the comparison rate dramatically overstates the relative value of establishment fees ($199 in this case) and exit costs ($250 in this case).

      We would encourage you to a model scenario based upon your loan size and intended use. For a person looking to lock in a great deal for the next 3 years we think this offer ticks a lot of important boxes and would be happy to assist you with making some calculations if you'd like to send us a PM.

      Hope this helps.

      • ozlab on 15/04/2016 - 08:01

        Looks like this is a split home loan with orange advantage. Do you mean after 3 years, the rate will switch back to standard rate of orange advantage?

        • Marketingnaritas @ Naritas Finance on 15/04/2016 - 12:12

          Hi Ozlab, thanks for the question :)

          Most borrowers will take this fixed loan with a 30-50K variable split with the Orange Advantage Variable loan which brings a 100% offset account.
          When the loan is split (between fixed and variable) at the end of the 3 years you would typically have the option to:
          1. Refix.
          2. Roll your fixed proportion into the Orange Advantage variable loan split at whatever the prevailing variable rate is for the Orange Advantage Variable package in 3 years time.

          NB: Advertised cost to make product alterations is $250, but our experience with Naritas clients has been that this is often done at no cost for a reliable borrower in the interest of retaining a good customer.

          Hope this helps.

        • ozlab on 15/04/2016 - 14:38

          @naritas:
          Thanks. Good to know that. You mentioned "repayments of up to $3,000". Are you sure we can make extra repayment on fixed rate home loan?

        • Marketingnaritas @ Naritas Finance on 15/04/2016 - 15:50

          @ozlab:

          You're most welcome and thank you for your questions.

          You mentioned "repayments of up to $3,000".

          That mention of repayments of up to $3,000 p/m is actually in reference to the unique cashback offer that ING is providing through its Mortgage Reward Offer. The Mortgage Reward Offer provides 1% cash back on loan repayments up to $3,000 per month - in other words you can get a cashback rebate of up to $30p/m (i.e. $3000 x 1%) from ING when you use your account in line with the terms of that offer. So far the feedback from our clients with respect to that offer has been positive as the terms are easy for most people to comply with to get that cashback.

          Are you sure we can make extra repayment on fixed rate home loan?

          In the case of this deal the cap on additional repayments to the fixed proportion of the loan is $10,000 per annum. Clients of ours who wish to overcome this limitation typically take a variable split as the ING Orange Advantage Variable does not impose such a limit. If you wanted to evaluate a specific scenario we'd recommend you have a chat with one of our licenced credit advisers as the info we can provide through this channel can only be general in nature (i.e. it's not credit advice that takes into account your circumstances). Our credit advisers would happily ensure that you had a structure in place that was not unsuitable to your needs.

          Hope this helps.

      • ozlab on 16/04/2016 - 18:13

        I'm currently considering this home loan before jumping in.

        You mentioned:
        "WARNING: If you select a fixed rate loan, break costs may be payable if at anytime before the fixed term expires, you pay out your loan or you make additional payments of $10,000 or more in an anniversary year, or you ask ING to change your loan type or fixed interest period. Break costs may be substantial. "

        This seems like the biggest cost if we choose to break early. Can you please give an estimate what's the break cost and how it's being calculated?

        • Marketingnaritas @ Naritas Finance on 16/04/2016 - 18:34
          +1

          Hi ozlab, thanks for the question.

          You may find the explanation located here helpful. That explanation is published by ING to assist people with understanding how they calculate break costs for their fixed rate loans :)

          Hope this helps.

  • vegeto on 14/04/2016 - 21:08

    Any good car loan deal???

    • Marketingnaritas @ Naritas Finance on 14/04/2016 - 21:19

      Hi Vegeto, thanks for the question :)

      We publish the pricing for our most popular consumer car loans here and commercial car loans here. These aren't necessarily our cheapest rates (prices start around 4%-5%p.a. for borrowers with really strong financials) but they do give a good idea of our pricing capabilities for loans designed for the average person.
      If you had a specific scenario you wanted pricing on please feel free to get in touch as we'd be happy to assist.
      Hope this helps.

  • gidxg03 on 14/04/2016 - 21:33

    Hi naritas. Do you have any deals to steal my custom away from loans.com.au? $280k loan on house valued about $550k with 100% offset?

    • Marketingnaritas @ Naritas Finance on 14/04/2016 - 22:03

      Hi Gidxg03, thanks for the question.

      We don't see a lot of demand for sub-$300K 100% offset loans so it's not one of our sweet spots at present. Generally speaking, the two deals that we're seeing most interest for sub-300K would be:
      1. The Bank Australia Basic which, although it doesn't offer a 100% offset account, does offer the ability to do online fee free redraw at 3.98%p.a. (CR 3.99%p.a.). At your loan size you could possibly get a cashback rebate of $500 to $1000 at Naritas depending on your circumstances.
      1. The Newcastle Permanent Premium Plus variable presentlly priced at 4.09%p.a. (CR 4.45%p.a.). at your loan size you could possibly get a cashback rebate of $1000 to $1500 at Naritas depending on your circumstances. Newcastle Permanent is an APRA ADI that is over 100 years old, offers the commonwealth guarantee on offset deposit funds and has won numerous awards over the years - which is the reason for its appeal at this kind of price point.
      Please feel free to get in contact with us if you'd like to get some firm pricing.

      Hope this helps.

      • akma1 on 16/04/2016 - 00:46

        Hi naritas
        Was wondering if i wanted the ingdirect variable rate only for borrowing 500k. What is the rate and would the $1500 cashback still apply?

        • Marketingnaritas @ Naritas Finance on 16/04/2016 - 18:50

          Hi Akma1, thanks for the questions & for taking the time to check out our deal :)

          The rate for the INGdirect Orange Advantage variable is currently 4.13%p.a. (CR 4.33%p.a.) sub 80% LVR. If you took at least $40,000 of the loan as a 3yr fixed you would qualify for this deal. That being said, although this particular deal doesn't cover exclusively variable loans, we'd be willing to consider extending the offer to an exclusively variable scenario dependent on the financial stability of the borrower & the complexity of the application. To discuss your scenario in further detail please take a moment to make an enquiry using the secure form located here.

          Hope this helps.

      • gidxg03 on 16/04/2016 - 08:22
        +1

        Thanks for the info. I'm interested in the Newcastle Permanent Premium Plus variable so I'll drop you an email.

  • dexter_jambles on 16/04/2016 - 08:53

    Can you pre-pay interest in advance on the fixed portion of this loan?

  • ozlab on 18/04/2016 - 11:22

    Is it 3.88% for owner occupier after 0.10% discount?
    "Combine your Orange Advantage home loan with a Fixed Rate home loan and we’ll waive the $499 Fixed Rate home loan application fee, and for owner occupier borrowings you’ll receive a fixed interest rate discount of 0.10% p.a. off our advertised fixed rates."
    https://www.ingdirect.com.au/home-loans/orange-advantage.htm…

    • Marketingnaritas @ Naritas Finance on 18/04/2016 - 11:38

      Hi Ozlab, thanks for the great question.

      The interest rate (as at today) is 3.98%p.a. CR 4.66%p.a. (as listed). The 0.10%p.a. Orange Advantage discount is off the 3yr rate listed here (i.e. 10 BPS off 4.08%p.a. CR 4.69%p.a. = 3.98%p.a. CR 4.66%p.a.).

      Hope this helps.

  • megadeth on 19/04/2016 - 21:18

    Narita Finance writes to me,

    "For us to proceed with this more exhaustive credit advice process we would need to be engaged as your credit adviser and there would be a charge for our services should you not have a loan advanced using Naritas. You can engage Naritas as your credit adviser via our Quotation for Credit Assistance located"

    And their fees are quite a lot…

    Better yet, another lender just gave me a pre-approval of $870k, only a couple of days later… without charging any fee… Is this actually a bargain or a scam?

    • Marketingnaritas @ Naritas Finance on 19/04/2016 - 22:06

      Hi Quasims, we can't discuss any applicant's eligibility for our assistance or an approval in a public forum due to privacy considerations. Suffice to say, the cheapest finance products often have the toughest approval criteria. With respect to fees, we operate a user pays system that allows us to provide generous rebates to nearly all Naritas customers without them experiencing any out of pocket expenses. Unfortunately this means that some applicants with particular circumstances will be disappointed.

  • savexyz on 25/04/2016 - 10:36

    This fixed rate is probably a bait from ING to lock you in as what they had done previously when they lower the variable rate to 3.99% and then increase it after we signed up with them to even higher rate than new customer rate now:
    https://www.ozbargain.com.au/node/209403

    Keep in mind that interest rate in Australia is expected to be 1.75 percent according to reliable forecast because AUD is getting better now. ING already warns for huge break cost.

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