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ING Home Loans Interest Rates: 2.49% Owner Occupied, 2.74% Investor, with Fixed 3 Year Rate + 0.3% Bundle Rebate

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ING has just announced a fixed rate cut to lowest ever.
ING is also passing on in full the 0.25% cut by RBA on variable rates.

ING Fixed - Effective 6 March

2.49% (CPR 3.89%) owner, fixed 3yrs (Orange Advantage Package only. +0.1% under "Basic" Mortgage Simplifier no annual fee)

2.74% (CPR 4.44%) investor, fixed 3yrs ("Basic" Mortgage Simplifier no annual fee)

2.89% (CPR 4.91%) investor interest only, fixed 3yrs ("Basic" Mortgage Simplifier no annual fee)

Available under Mortgage Simplifier - no annual fee, no offset.
Can be split with variable 100% offset if you add Orange Advantage package, including offset account, redraw, credit card. Annual fee $299.
Suggest doing rate lock.

ING variable rates "Basic"- effective 18 March

2.74% (CPR 2.77%) owner occupied P&I (>$1m)
2.78% (CPR 2.81%) owner occupied P&I (>$150k)
3.19% (CPR 3.22%) investor P&I (approx +0.4% interest only)
Mortgage Simplifier - no annual fee, no offset, free redraw

ING variable rates "Package" - effective 18 March

2.79% (CPR 3.13%) owner occupied P&I (>$1m)
2.83% (CPR 3.17%) owner occupied P&I (>$150k)
3.24% (CPR 3.57%) investor P&I (approx +0.4% interest only)
Orange Advantage Package 100% offset $299 annual fee

Total Fees eg NSW & VIC incl GST

https://www.nswlrs.com.au/getattachment/
https://www.propertyandlandtitles.vic.gov.au/

Mortgage discharge fees $143.5 (NSW), $116.80 (VIC)
Transfer/Mortgage Registration fee $143.5 (NSW), $116.80 (VIC)
Title search $14.70 (NSW)
Legal/settlement fee from incoming lender – Approx $100-$350
Discharge admin fee from outgoing lender – Approx $250-$350
Total fees approx $650 - $800 in most cases.

PLUS 0.3% Bundle Rebate

In ADDITION to bank rebates (if any), Bundle Home Loans gives a rebate of 0.3% of loan size (net at drawdown) for ANY bank or product, eg:

Why should I fix?

A low fixed rate can still save you more money as you can get an immediate benefit from today as opposed to waiting for the drop to occur. There can only be a maximum of 2 cuts to zero, which may take a long time or unlikely to occur.

Always worth doing a calculation for your situation, eg:

If you have an existing loan and your rate is 3.18%, fixing at 2.68% will save you 0.5% each year.
On a $500k loan, that is a saving of $2500 every year.
If you're saving 0.5% and go with a lender giving rebates eg Westpac $6,000 for 2 properties, plus our Bundle Rebate of $1,500, that's a further $7,500 in rebates, plus $2,500 interest savings, you are getting a benefit of $10,000 in just one year!

Len
Bundle Property Home Loans
T: (02) 9698 7186
M: 0422354868
E: [email protected]
ACL 445947

Disclaimer:
The information provided is for general education purposes only and is not intended to constitute specialist or personal advice. This has been provided without taking into account your objectives, financial situation or needs. Because of this, you should consider the appropriateness of the advice to your own situation and needs before taking any action. It should not be relied upon for the purposes of entering into any legal or financial commitments. Specific investment advice should be obtained from a suitably qualified professional before adopting any investment strategy.

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closed Comments

  • Would love to get in touch to discuss my refinance.

    • DM'd you

  • Any luck waving fixed rate break fees in the past for other banks?

    • +1

      Would love to hear from somebody too. I'm fixed for 2.5 years more (I know) at 3.99% with a break fee of $8k.

    • My fixed terms ends Dec 2020 and ANZ quoted me $4300 break fee. My broker told me to wait until the end of the terms.

    • +2

      Any luck waving fixed rate break fees in the past for other banks?

      why would they?
      You took the risk/reward gamble of locking in an interest rate.
      Now that it might not be paying off you want out for free?
      If it had gone the other way could the bank come to you and ask you to pay more interest?

      • It’s not a risk,fixed rates you pretty much always lose haha

  • +5

    CPR 3.89% No thank you.

    • +4

      A reminder about CPR below. This incl the $299 Package annual fee hence high. You can choose the basic no application or ongoing fees under the 'basic mortgage simplifier' for the same rate 2.74% investor.

      There is a common misconception that lower comparison rates CPR will save you more money and better than a higher CPR - not necessarily and can actually be the opposite, here's why:
      - "Comparison rates" were invented by the government to reflect lender fees over the life of the loan.
      - It is based on a loan size of $150k over 25 years. If your situation is not that (which are actually most people), then the CPR is actually misleading and can cost you more money.
      - If your loan is larger than $150k, then it is usually better for you to pick a lender with a lower ACTUAL rate (even if the CPR is higher) as it will save you more interest each year. Of course take into account all the fees eg $395 annual fees, which may be less significant for a larger loan size.
      For larger loans, a lower ACTUAL rate (with a higher CPR) is often better than a higher actual rate (with a relatively LOWER CPR).
      - Hence CPR can be misleading and a lower CPR can be more expensive than one with a higher CPR but has a lower ACTUAL rate. The correct approach is to look at the ACTUAL rate plus all fees involved, rather than the CPR.

      • Thanks for the explanation Len.

  • +1

    The rate is really good, but fixed for 3 years? hmmmm… few banks have marginally higher rates, but with cashback and less then 3 yrs lock in

    • Cash rate is at 0.5% and can only be cut twice more. So if your rate is 3% or higher, the 2.49% is worth considering.

      • can only be cut twice more

        Highly unlikely but possible to go negative especially now with current climate.

        • I wonder how negative rates work?

      • Not entirely accurate that there are only two more cuts. The cash rate is likely to drop once more to 0.25%, and then QE will likely commence.

        Whatever form this takes may mean that rates continue to drop even though the cash rate remains steady because of potential cheaper access to funds for banks.

  • +4

    Surely you only fix when rates are going up?

    • +2

      2.49 is better than most variable rates currently, so you might end up ahead even if rates stay the same or are cut.
      Also, some borrowers might lock as a way of taking out insurance against a rate rise, especially if their budget is really stretched and even a small risk of a small rise is not worth taking. You don't only insure your house if you expect it to burn down etc.

      • It’s 0.25 better than my variable rate will be after the most recent cut. Hardly motivation to lock?

    • +2

      Surely you only fix when rates are going up?

      By the time the rates are going up, the fixed rates will be already be higher than the variable rates.

      If you monitor both the fixed rates and the variable rates, you'll see the fixed rates jump up before the variable rates go up.

    • If only it worked like that.

      If rates are going up (or looking like it) then fixed rates will be higher than variable. Banks don't like not making a profit…

      As an example of snapshot in time.
      Feb 2008 variable rate for St George was 7.64, Fixed rate (3 year) 7.80.
      Cash rates at the time was 7.0% after steady increase over previous years and made one more rise before dropping significantly with the GFC:

      https://www.rba.gov.au/statistics/cash-rate/

  • Interest is the work of the devil

    • No ones gonna lend you money for free though

      • +4

        Other than the bank of mum and dad. And even then there might be expectations of higher than normal phone calls/dinners or family functions which you pay through your time.

    • +2

      Interest is the work of the devil

      true..
      Can i please borrow a few hundred grand, and pay you back later?

  • +2

    Totally unrelated to the deal but I'm gonna ask here anyway.

    I have 25k saved. 2 kids and defacto missus. Earning $57k + whatever the family benefit is… I think it's $650 a fortnight. Missus not currently working. Paying $420 per week rent.

    Do I have any chance at all of being approved under the first home loan deposit scheme for a $450k loan?

    • Visit a local Broker or call Mobile lender to access your needs. Tell them that you don't want your application to be rejected or reviewed by Lender. Just asking if you can borrow or how much you can borrow. Just to avoid the rejection by any lender. Good luck!

      • +3

        Serviceability will be reduced if you tell them that you visit ozb regularly.

    • hi mate, will be tough. Jump online and google borrowing 'capacity calculator' and put in your numbers to give you rough idea

    • I am not sure if buying real estate with 5% deposit would be beneficial for you in these market conditions. Just imagine that your property loses 5-10% of its value in the next year and then you already lost your deposited money. In other words, you could just stop paying your installments and walk off from the property and you'd still "save" some money. Just keep saving up and invest wisely mate :)

      Disclaimer: This is definitely not a financial advice, just my opinion!

  • -3

    meh, I have called, PMed, Left message on your website, NEVER A REPLY.

    • +1

      Hi Tidie, I can't see a DM from you. I also sent you a DM but I think you have deleted the conversation. Please type "urgent" for urgent purhcase/fix expiring. Sorry we missed your call.

      • -1

        I messaged you on 15/02/2020 9:09am.

        • +5

          Do you mean 15/2 Saturday morning 9am? Our office was closed. We checked our emails and also could not find you. Did you Email or text or OZB? Can you PM me your email so I can check? Sorry if we missed your message, but for every 99 messages we reply to we may miss one every now and then. Thanks for your understanding.

  • The fixed, interest only 2.89% for 3 years is very good.

    Yet CCR dissuades me from moving across. I hate the financial scrutiny that comes with it.

  • Would love to get in touch to discuss my refinance. Cheers.

  • +3

    I have a loan with ING, at settlement the variable rate was very good. About 3 months in, ING increased the rate to our loan despite continuing to advertise at the rate we signed on at. After negotiating with them, we managed to bring our rate down but our variable still 0.09% higher. While they probably are not the only banks to do this, just be mindful that attractive variable rate offers can be changed by the bank at a whim

    • +1

      Yup, that’s ING home loans

    • +1

      yep, same.
      Overall been very disappointed with ING Mortgages. They jack up the rate months after switching, and most rate cuts weren't passed on in full.
      Phoned to haggle better rate, was given slight reduction but still a long way from what new signups are getting

      will be leaving them in coming months

      • Yep, called to see what they would do. They said my investment loan (3.49 pre drop) is listed as owner occupied and would need to INCREASE. (even though on their website, said loan is 3.49%), and she said she could offer a small discount on one of my mortgages (but wouldn't specify). I asked for the discharge form. I love their fee free card and aussie call centre, but come on. She flat out said those rates are for our new customers.

        • +1

          When I first refinanced to ING, my rate was equivalent to a new customer for maybe the first 6 months then thereafter it's always been higher than the introductory rate and they never always passed the full rate cut.
          Currently sitting at 3.44% OO with loan > 500k and they're not willing to budge. Discharging my mortgage soon from them.

          I love Athena's concept that all customers (new or old) get the same rate and is completely transparent and all banks should be following this. Downsides though is no offset and apparantly is stricter criteria from the posts I read.

  • +1

    You keep posting these offers but then don't respond to emails - I have sent you 2 emails on 3/3 and 4/3 with no response to either.

    • Hi mate we are currently at 3 business day response time. Pls DM me your email and we will respond ASAP

    • Go to the banks directly then

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