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ING Orange Advantage Owner Occupied 3 Year Fixed Rate Home Loan 3.49%Pa - Comparison Rate 3.93%Pa (after Loyalty Reward)

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ING Orange Advantage Owner Occupied 3 Year Fixed Rate Home Loan 3.49%Pa - Comparison Rate 3.93%Pa (after Loyalty Reward)
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Product Rep[Deactivated] @ LinkedIn on 16/11/2016 - 16:32 facebook.com (161 clicks)
Last edited 16/11/2016 - 21:40

OzBargain exclusive

Applicable rates (after loyalty reward)

Owner Occupier with Orange Advantage
3 year fixed rate: 3.49%pa
Comparison rate: +3.93% pa
5 year fixed rate: 3.74%pa
Comparison rate: +3.98% pa
Variable rate: 3.64% pa
Comparison rate: +3.86% pa

Fees & Features
No application fee
$199 Annual fee
$299 Settlement Fee
Fee Free Offset account
Android Pay
Extra repayments of up to $10K per 12 month period are allowed
Interest only repayments available

Criteria
Maximum LVR 80%
Minimum $50k variable split (3.64% under 80% LVR after Loyalty reward)
Minimum loan amount $150,000

To sign up to this deal simply PM me your email address and I will email you the requirements.

How it works:
I am a broker with access to this particular lender.
Once we settle a loan, we will rebate you annually a loyalty reward (0.10%) for as long as we receive it. This is documented prior to settlement.
I am a Credit Representative 453 502 of Finsure Finance and Insurance Pty Ltd, Australian Credit Licence Number 384 704
http://www.finsure.com.au
† WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
† The loan application is subject to the lenders standard credit assessment terms & conditions.
† The interest rate can change at any time. An optional $749 rate lock fee can guarantee the offer is based on a variable interest rate which can change at any time.

Financial Home Loan ING

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closed Comments

  • Rakddon on 16/11/2016 - 16:43

    What if we are already on orange advantage?
    can we sign up to this?

    • Product Rep[Deactivated] @ LinkedIn on 16/11/2016 - 16:57

      Hi there,

      Please PM me with your details & requirements, I am happy to give you a personalised quote.

  • tonka on 16/11/2016 - 17:05
    +2

    Moved my mortgages to ING a couple of years ago. Process was such a hassle i really regretted, lots of hidden fees as their process is outsourced and you are made to pay for it.

    • chronical176 on 16/11/2016 - 17:08

      What are some of the hidden fees that we need to be aware of?

      • tonka on 16/11/2016 - 22:25
        +1

        See leiiv's comments below. They outsource their admin to solicitors who withhold all their fees and costs from the settlement amounts.

      • Product Rep[Deactivated] @ LinkedIn on 17/11/2016 - 08:25

        I have disclosed this fee already so not sure its exactly hidden.

        "$299 Settlement Fee"

        • tonka on 17/11/2016 - 11:44

          Not sure you read our comments properly buy we're talking about the stuff we were charged in addition to that. Are you prepared right now to guarantee you will personally cover any charges over $299? If you are not that sure you should never have commented before checking.

        • Product Rep[Deactivated] @ LinkedIn on 17/11/2016 - 12:16
          +1

          @tonka:

          As with any home loan, standard government fees apply. I assume you are not referring to these?

          As a gesture of goodwill, any lender fees over and above my quoted fees (excluding discharge) I will reimburse the applicant.
          $199 Annual fee
          $299 Settlement Fee

        • tonka on 17/11/2016 - 17:19

          @mls1989:
          The loophole being the fees are not from the lender they are from the lenders solicitor. Which is just the answer ING gave me when I challenged the fees as not being included in their loan schedule.

    • Product Rep[Deactivated] @ LinkedIn on 16/11/2016 - 17:10

      Hi Tonka,
      If interested, please PM me your requirements and I will provide you a quote with a similar loyalty reward.

    • going nowhere on 16/11/2016 - 17:22

      Keen to know what the hidden fees are as I just got my pre approval with ING approved.

      • Product Rep[Deactivated] @ LinkedIn on 16/11/2016 - 17:46
        -1

        There are no hidden fees. Charges apply for doing certain things (ie. switching from variable to fixed, discharging, etc.)
        99.99% of lenders in Australia charge these fees.

      • tonka on 16/11/2016 - 22:26
        +1

        See leiiv's comments below. They outsource their admin to solicitors who withhold all their fees and costs from the settlement amounts.

        • Product Rep[Deactivated] @ LinkedIn on 17/11/2016 - 08:25
          +1

          I have disclosed this fee already so not sure its exactly hidden.

          "$299 Settlement Fee"

    • leiiv on 16/11/2016 - 18:33
      +3

      That was my experience as well. In QLD the standard fees are $175x2 govt mortgage fees and the current bank discharge fee. However, when I switched to ING, they charged me the solicitor fees, search fees, etc in addition to the standard fees, totalling more than $1000.
      Couple of months after, they increased my rate (investment loan things). It is ironic that the rate I have now is still higher than the one I have got in the first place more than a year ago. I asked them to give the their advertised rate but would not budge saying that it is only for new customer.
      Stay away from ING!!!

      • Product Rep[Deactivated] @ LinkedIn on 16/11/2016 - 21:11

        Put in a discharge request. See how quickly they price match for you.

        • leiiv on 16/11/2016 - 21:43

          How do I do that?

        • Product Rep[Deactivated] @ LinkedIn on 16/11/2016 - 21:45

          @leiiv:
          https://www.ingdirect.com.au/faq-result.html?faqid=7528

        • leiiv on 17/11/2016 - 12:28
          +1

          @mls1989: I called them and requested the discharge form. No question asked, they said the form will be emailed to me. I was also told that there will be additional solicitor fee for around $300 when you discharge the mortgage, on top of the standard $250 discharge fee. Horrible. Stay away from them..

        • Product Rep[Deactivated] @ LinkedIn on 17/11/2016 - 12:29

          @leiiv:

          Submit the form and wait for the retention team to call you.

        • leiiv on 17/11/2016 - 12:40
          +1

          @mls1989: That does not make any sense. What prevents the request from being followed up at all? And I need to fill in the contact details of my agent/solicitor/conveyancer/financier authorised to receive the executed discharge(s) of mortgage, which I don't have.

      • tonka on 16/11/2016 - 22:23
        +2

        Yeah the extra was all the solicitor fees, I couldn't tell you what they were as the transparency was non existent and everything they gave me was so garbled I spent days trying to reconcile it and couldn't.
        On top of that I was ringing daily and massively stressed out that the seller was going to cancel contract as they were very very overdue in everything they did.
        They insisted on taking all of my property assets as collateral when it wasn't required to make up the 20% equity I needed (because that's how they do it).
        They forgot to transfer the balance on settlement.
        They financed the wrong amounts against the wrong properties so hopefully I don't run into trouble with the ATO there later.

        I did work out that the very small amount I saved against my pre-existing lender I lost straight away through having to pay their outsourced admin.

    • bg on 17/11/2016 - 10:54

      I moved our mortgage to ING a few years ago through Finsure/ozbargain. The process was a little slow (imagine this would be stressful if it is for purchase rather than refinance), but couldn't be happier. My previous ANZ "personal" lender was a shocker…

  • dannyhc on 16/11/2016 - 17:21
    +7

    Sweet Deal I can't wait to yoke myself up the eyeballs in debt, say three bags full sir to the Boss man, volunteering for un paid overtime, whilst some Baby Boomer flushes the massive profits down pokie machines all for it to end in divorce after paying nearly a million for the house of my dreams in Bayswater;
    http://www.heraldsun.com.au/leader/realestate/118000-above-r…

  • Brouw3r on 16/11/2016 - 17:59

    † The interest rate can change at any time. An optional $749 rate lock fee can guarantee the offer is based on a variable interest rate which can change at any time.

    So the fixed rate isn't fixed? Or we can pay $749 to lock a rate that can still change?

    • Muscles on 16/11/2016 - 18:08
      +1

      Pretty sure you lock in the rate before settlement.
      The rate is fixed during the fixed rate period

      • Product Rep[Deactivated] @ LinkedIn on 16/11/2016 - 21:03
        +1

        Correct. The applicable rate is the rate on the day of settlement. A rate lock fee guarantees the lower of the application rate or the rate at the day of settlement. It is optional

  • hhbb555 on 16/11/2016 - 18:08

    I think ING Direct had(has) one of the longest processing time. It took me around 2 months just to get pre approval before I eventually cancelled it and went elsewhere.

    • Product Rep[Deactivated] @ LinkedIn on 16/11/2016 - 20:13

      They have significantly reduced to around 5 days.

      • hhbb555 on 17/11/2016 - 09:23
        +1

        good to know that they've finally worked things out

  • gimmeabreak on 16/11/2016 - 19:43
    +1

    Given that ING will redirect customer queries back to the broker - will you fulfil that customer service role when you are giving away your trail? Does your rebate continue when you sell your loan book to another broking firm?

    • Product Rep[Deactivated] @ LinkedIn on 16/11/2016 - 20:14
      -1

      ING will only redirect enquiries back to a broker during application, not post settlement. I do not plan on selling my book anytime in the next 25 years.

      • gimmeabreak on 16/11/2016 - 21:49
        +1

        That's not my experience as an ING customer of 5 years through a broker. They will direct you to a form online, anything harder they will tell you to call your broker. I guess you answered my question indirectly regarding the loss of this trail rebate by not answering it. It goes if you sell your book. "Promising" you won't sell is pretty hollow. You are taking 0.05% as trail but it is worth a multiple of 0.15% because any buyer won't honour your deal. Why would you not sell it when you are locking people into 3 year fixed and they can't refinance out in that period without a potentially huge break cost. If the book is worth 4x trail for example, you could get 12 years worth of 0.05% trail upfront within the first three years by selling it at 4 x 0.15% trail. These guys can't refinance out and their loyalty bonus is gone.

        • Product Rep[Deactivated] @ LinkedIn on 16/11/2016 - 21:54

          I understand your comments however:
          1. The loyality bonus is paid by my aggregator who holds the book and is non-transferable, therefore only if a company with 200+ employees sells their book and closes up would the person lose out.
          2. In my opinion, even without the loyality bonus, this is the 3 year fixed deal in the market.

        • gimmeabreak on 16/11/2016 - 21:59
          +1

          @mls1989:Point 1: OK, that's better Point 2. Agree.

  • pyramid on 16/11/2016 - 21:08

    Why would people go for fixed loan with 4.2% comparison rate when variable rates with other finance companies are around 3.8% comparison rate.

    • Product Rep[Deactivated] @ LinkedIn on 16/11/2016 - 21:10

      Because a comparison rate applies to loans of $150k over 25 years so unless your loan is that exactly, the comparsion rate does not apply to your loan.

      Also, comparison rates on fixed loans are misleading because after the fixed rate period, the loan tends to revert to a higher variable rate loan at which point you would look to review your loan.

    • [Deactivated] on 17/11/2016 - 08:36
      +1

      The "comparison" rate is not so comparable with other products.

      A dumb rule by ASIC.

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