Hi all,
I'm thinking about taking out a home loan with ING, however all of the online reviews say that right after they settled on the loan ING applied a series of out of cycle rate increases?
Does anyone here have any input into this?
Is this something all banks do?
Is there another bank that you would reckoned for an owner occupier?
Thanks!
That's what I was suspecting.
I also bank with them currently and am very happy, it was so odd seeing soo many bad reviews for their Home Loans online.
One good thing with them…. We use a broker and when we see lower rates from other banks, our broker asks for ING to match theses rates and ING always drop them.
Minor pain, but they work for us
How would you know that all banks do this?
You've implied that you haven't changed banks in 10 years.
Banks screw their existing long term customers over. It’s hardly a secret that you need to keep checking your rate regularly and ask them to match what they are offering new customers. Bankwest certainly did while I was with them & see tonnes of reports from others to the same effect. Happy to hear of a single bank that doesn’t do it?
Weird, my rate has only gone down so far.
@brendanm: Not sure who negged you - but you may get decreases but, over time, they won't be as much as they are offering new customers. Loyalty does not pay. Banks are as bad as insurance and electricity companies. You need to constantly chase the best price.
I haven't changed mortgage provider in 10 years, as the services they provide, suit our lifestyle. Won't bore you with the details, but ING work for us.
I absolutely have other bank accounts and money / loan providers. Not a one trick pony and I've been around a while.
What's your point?
If you are suggesting I sit back and think ING are great cos they tell me they are….WRONG!….I am financially very astute and make the bastards work for their money.
I have two mortgages with ING. They increased rates out of step with the RBA last year and don't always pass on the full RBA cut. They repeatedly refuse to lower the rate on both mortgages to anything resembling competitive with current rates.
Other than that, they're not bad.
How far off 3.23% are you if you don’t mind me asking?
About 0.6% and 1.1% on my PPoR and IP respectively. The problem is that both mortgages have small balances (<$50k) so they don't accrue much more interest than the lower rates (but still!) - so refinancing fees means its barely worth it. I'd need to buy another IP, ie take on more debt, to get better rates but I'd be glad to shop around.
FYI - I'm at 3.32%
Clearly people have mixed reviews about ING.
I am one that like them.
I do 'keep the bastards honest' by being on the front foot.
I DO NOT sit back and allow any financial being (insurance, bank etc..) get away with much.
If you are assertive and aware of what your money is doing, you'll be fine. If you sit back and expect banks to be nice to you, well…..you're your own worst enemy.
I just left them and saved 1.3% on the rate
Avoid ING, all the reviews are true and I was one of their victims.
They increased the interest rate after the settlement just 1 month, then removed the homeloan cash back.
My ING interest rate was higher than the big 4.
Their transaction account is good, but not the home loan products.
To be fair though, ING lets you paid $xxx for your % rate to be locked in rather than take a chance that rates could go up (and sometimes it could go down). The market dynamic is a funny beast.
I've had bankwest do it after 1 year even thou they still advertise the old rate and same home loan name but apparently it's for new customers only and cua also done it after about a year also, but didn't question them why.
I had a home loan with Bankwest and frequently successfully requested they match the rate offered to new customers. If they didn’t do this I was ready to walk every time.
I'm with ING, have been due nearly 5 years. can mirror what those above say. I whine and moan to them a few times a year - 3.49% variable with <80% is best I can get from them without refinancing.
I was with ING for over 10 years (owner occupy and interment loans), changed just over a year ago. They were great until rates went down and but my rates remained over 4%. They wouldn't match any competitor rates or even their rates for new loans. So I just moved though Lendi, am on 3.31 now and am happy I moved. ING's website was slightly better, only real difference.
Hi
A Broker here. ING has its niches and is good when Clients want flexibility with products they offer and their rates are decent as well.
However they are probably the most conservative mainstream lender out there with their assessment rates and how they view incomes such as casual, self emp.
Most importantly they are very very difficult on pricing on existing customers.
The Big-4 are in hunting mode atm and are giving fairly good rates anyway.
I was with them for a couple of years but like others got sick of them not matching their rate for new customers (and not passing on rate cuts).
Tried to bargain with them (not through a broker) and threatened to change, they didn't budge so changed to HSBC. Very happy with them as they were the first bank to pass on the rate cut earlier this year.
I've been with ING for two home loans.
On both occasions they have increased the rate soon after settlement for their existing customers.
You will find that within a few months of a mortgage with them, you will be paying more that what a new customer can sign up for.
Within a few years, you will be a lot higher rate then their new customers.
They all do this.
ING are a very good bank. IMO. Been with them for over 10 years.