ING 2.09% Owner Occupied, 2.64% Investor Fixed 2 Years + 0.3% Bundle Rebate

819

LOWEST.EVER.

UPDATE 29/3/2020: We have responded to all enquires and back to 1-2 day turnaround time. Sincere apologies for the extended delay for response increasing from 2 to 5 business days (sometimes longer) as we did not expect to receive so many enquiries and also faced disruptions with our staff transitioning to work from home arrangements this week. Thank you for the feedback and although unpleasant to hear, it was necessary as we completely understand the frustration. It has been a learning process for us and we will change our processes in future, such as communicating our extended service levels to the OZB community so that customers are informed for decision making.
If it's an urgent purchase or fixed expiring, pls write "URGENT" in subject or text and we will contact you ASAP. Thank you for your patience.

ING Fixed

2.09% (CPR 3.77%) owner, fixed 2yrs (Orange Advantage Package only. +0.1% under "Basic" Mortgage Simplifier no annual fee)

2.64% (CPR 4.41%) investor, fixed 2yrs (avail "Basic" Mortgage Simplifier no annual fee)

2.79% (CPR 4.99%) investor interest only, fixed 2yrs (avail under "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.

ING variable rates "Basic"

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"

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

PLUS 0.3% Bundle Rebate (via Bundle Property Home Loans only)

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:

$400,000 = $1,200 Bundle cash rebate
$700,000 = $2,100 Bundle cash rebate
$1,000,000 = $3,000 Bundle cash rebate

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.

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. RBA has announced they will likely not move rates again.

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!

Let me know if we can help.
We have some of the lowest rates, and can get pricing discounts up to 2%+.
Our policy is to beat any competitor/broker/lending manager with our rates and rebates, so will do whatever it takes to get the best deal for you.

Len
Bundle Property Home Loans
T: (02) 9698 7186
M: 0422354868
E: Loans@bundleproperty.com.au
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.

Referral Links

Referral: random (359)

Referrer and referee will receive from $50-$100 for new Orange Everyday & Saving Maximiser Accounts ($1k deposit + 5 card transactions/month required). Ask referrer about the details of their offer.

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Comments

  • +32 votes

    I'm sure we will get a comment about the high CPR:

    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.

    The CPR for big 4 look high for a few reasons:
    1. It incl the $395 annual fee x 25 years = $9,875. This extremely high amount is included in the calc of the CPR for a $150k loan hence greatly inflates the CPR of such a small loan to make the rate appear higher than it actually is. It is actually not a huge amount over 25 years relatively speaking (equiv to 0.1% rate difference on a $395k loan size)
    2. The fixed CPR is even higher due to after fixed period, it defaults to a higher rate with no discount. In reality, we can always negotiate a competitive discount on variable after expiry of fixed.
    3. Smaller online lenders have low CPR but often has up $2,000 in application, valuation, legal, discharge fees (which is negligible over 25 years hence the low CPR, but you get hit at every transaction/refinance. The smaller lenders have a lower CPR as they have no annual fee, but often a large upfront/discharge fee. The CPR is a very misleading number and small lenders using a low CPR look better than larger banks even though it may be the opposite.
    4. For ING the basic Mortgage Simplifier CPR incl a $400 application fee, but it is actually waived.

    • +20 votes

      And….. Australian banks are not exactly out for the people

      • +7 votes

        Most 'Aus' banks are US owned by share holdings.

        Cracks me up every time the Government spreads fear about 'foreign influence' on public assets.

        • -3 votes

          HSBC, JP Morgan, National Nominees and Citicorp all frequently show up together among the top 5 or top 10 shareholders.

          They’re simply that. Shareholders.

          They may have influence, but the decisions and HQ is in Australia.

          ING is not.

          • +9 votes

            @00: Do you know what a Nominee company is? Those holders are not "shareholders"..

            But the banks are majority AU owned, US holder may have 10-15% though..

            • +5 votes

              @BarrytheBargain: Barry, too bad I can’t upvote you more.

              A nominee is a custodian bank. It means they hold on behalf of other institutional investors (Eg Aussie super funds). It doesn’t mean they’re the shareholder, and just because the main custodian banks are JP Morgan, Citigroup, etc doesn’t mean they are US owners of our companies. Large Aussie insto investors will use these custodian banks as well. So the actual shareholders sit behind the custodian banks.

              @plmko if you have actual data or evidence re: our banks mostly being US owned (I assume it’s not because you got confused by custodian banks), I’d be interested to see that. It’s pretty hard to trace actual ownership with custodian banks sitting in between so I’ve not seen the evidence.

            • +1 vote

              @BarrytheBargain: This.

              Barry gets it.

  • +8 votes

    I sent email enquire last week and still no reply

    • +4 votes

      Same

    • -10 votes

      Messaged you. Thanks for your patience.

      • +8 votes

        Glad to see you spend more effort spruiking on Ozbargain than attending to potential clients. We shouldn't need to remind you via Ozb that you have an email.

    • +5 votes

      Same here

    • +6 votes

      same

    • +6 votes

      same

    • +5 votes

      same here, no reply 3 days

    •  

      UPDATE 29/3/2020: We have responded to all enquires and back to 1-2 day turnaround time. Sincere apologies for the extended delay for response increasing from 2 to 5 business days (sometimes longer) as we did not expect to receive so many enquiries and also faced disruptions with our staff transitioning to work from home arrangements this week. Thank you for the feedback and although unpleasant to hear, it was necessary as we completely understand the frustration. It has been a learning process for us and we will change our processes in future, such as communicating our extended service levels to the OZB community so that customers are informed for decision making.
      If it's an urgent purchase or fixed expiring, pls write "URGENT" in subject or text and we will contact you ASAP. Thank you for your patience.

  • +5 votes

    The CPR rate is calculated on a $150k loan. Honestly, how many people get a loan that small these days? Time to bump up the amount to $250k for a more realistic starting figure.

    • +4 votes

      Keep going.. $250k aint buying you anything unless you already have $600-$800k deposit..

    • +2 votes

      250K? Realistically its at least 400K these days, and even that is on the low side.

      • +2 votes

        should be a 3 tier thing. CPR on $400k/$700/$1m. That should cover bases of all the states in the country.

      •  

        That's not completely true.

        Lets do the math on some situations:

        • Selling existing house - may have $500K in equity
        • Buying new house - for $700K

        • Borrowing $250K to cover new house cost difference plus transfer costs (stamp duty, conveyancing etc)

        The gap is narrower for some people (e.g. 300K from sale -> $400K for new house) but the bank usually makes it attractive to borrow at least $250K.. and you can then put cash you have back into an offset (if you have that..)

        I realise it's not the majority of cases but above is similar to where parents are loaning kids money as well - they may have $100K saved and parents put in $100K and that allows them to buy a $500K house with no mortgage insurance etc..

      •  

        true although in Sydney $400K might get you a 1 bedroom apartment in an undesirable neighborhood or a parking space in the Eastern suburbs

  • +4 votes

    I'd wait before fixing rates.

  • +2 votes

    How are people getting new loans without jobs lol

    •  

      I think a lot of people will be looking to refinance existing loans.

      • +1 vote

        I can't imagine it's a good idea for anyone to be buying new at the moment? Surely this is the load that breaks the camels back on housing prices.

    • +1 vote

      Not everyone is out of a job!

    •  

      I think government jobs or government associated services employees are safe, and there are A LOT of them.
      Just look at Queensland for one !

  • +24 votes

    Be aware of ING - we had 3 out of cycle rises in our variable rate in a year, when we went to refinance they wouldn't get anywhere near a competitive rate and just flat out didn't care. So we jumped to another company with a much lower rate plus offset features.

    • +3 votes

      I can second that

    • +8 votes

      Hello my fellow animal with distinct characteristics, who was also with ING, has the new company been good? We are still with ING but are on a rather high rate compared to what they advertise and they refuse to drop too.

      • +2 votes

        Haven't had any rises in a year and saving around 400 a month with offset so at the moment a bank that is West is definitely doing better than ING. But there are lots of other great soptions out there too like Macquarie, Citibank etc. Just make sure you read ts and c's.

        •  

          Ah very intriguing. Thank you for letting me sniff your westerly. Was considering them so am very appreciative of the feedback!

        •  

          Beware of Citi… very painful to deal with and very slow. E.g. had to fax them a notice once for my home load (as they would not accept an email) and another time they refused to transfer some money from my credit card to my every day account (also Citi), so they posted me a cheque instead! WTF.

    • +1 vote

      Can also confirm. There response when I questioned them was along the lines of "Its very expensive to acquire these mortgages you know." I was pretty surprised to hear them actually admit to their bait and switch tactics.

    • +1 vote

      When i recently refinanced to BOM from ING they charged me $250 discharge fee and then their solicitors that they use, Gadens charged $275 fee on top. Based on comments in the St george thread it seems like ING where the only ones doing this.

    • +1 vote

      Yep, can confirm. I have to call them every year or so to threaten to leave to get a better rate, but they still refuse to give me the rate they advertise for new customers.

    • +1 vote

      very bad experience with ING as well, paying a ridiculous interest rate at the moment with them and no amount of threatening to leave has fetched better rates so just about to jump ships.

    • +1 vote

      Same. Looking to leave ING in the next couple of months for the same reason. Which lender did you move to?

  • +35 votes

    OP keeps posting deals but as other comments state, they don't actually reply. I understand being busy but asking here for 'DMS' in order to get replies seems a bit silly. How about just checking and replying to all emails? otherwise don't advertise until you can actually handle the load.

    • -27 votes

      Hi messaged you

    • +1 vote

      You will find if you ever offer a good deal that you will be swamped with pointless emails from people looking to waste your time with no intention of actually becoming a customer.

      Kind of like gumtree.

    • +2 votes

      Same got an initial reply then nothing.

    • +1 vote

      UPDATE 29/3/2020: We have responded to all enquires and back to 1-2 day turnaround time. Sincere apologies for the extended delay for response increasing from 2 to 5 business days (sometimes longer) as we did not expect to receive so many enquiries and also faced disruptions with our staff transitioning to work from home arrangements this week. Thank you for the feedback and although unpleasant to hear, it was necessary as we completely understand the frustration. It has been a learning process for us and we will change our processes in future, such as communicating our extended service levels to the OZB community so that customers are informed for decision making.
      If it's an urgent purchase or fixed expiring, pls write "URGENT" in subject or text and we will contact you ASAP. Thank you for your patience.

  • +14 votes

    Emailed on 24th and yet to receive a response. What's the point of posting deals if you don't even respond to enquiries?

  •  

    Coronavirus -> recession -> bad debt exposed -> debt bomb explodes in China -> housing market plummets in China -> Chinese investors panic and sell all in Australia -> government is powerless to act because interest rates are already 0% -> housing market crash.

    And that is on top of the 20% correction caused by domestic effects of the recession.
    So kind of like the GFC, expect the gov't has already burnt all its monetary power.
    It could be worse - see the US.

    So mortgages, not a bargain IMHO.

    • +3 votes

      People don’t like the truth, money printer goes BRRRRRRRRRR….. everything is fine. Lol

  •  

    I'm on 55k a year and have pretty much no other expenses other than living and rent (which I would be forgoing if I bought a house to live in)

    How much borrowing capacity would I have ad a first home buyer?

    • +3 votes

      Quite a lot. There are calculators on websites of whomever you want to borrow from.

      Im shocked how much they keep trying to make me borrow when i only want half that.
      No bank, i will not go into massive debt for you.

    • +2 votes

      How much deposit money have you saved?

      •  

        About 50% of the purchase price, for properties within 20kms of the cbd.

        •  

          You're putting 200-300k down as a deposit?

          • +1 vote

            @joshk: When you have more than 20% deposit, the smart move is to only pay 20% as the deposit and the remainder in the offset account. That way it's easily accessible and interest is only being charged on 50% of the purchase price.

            Or if you're a bit of a risk taker, use the money for investments in other areas with a return greater than the mortgage interest.

    •  

      as mentioned by others, the borrowing capacity is the easy part, its having the actual cash to have a matching minimum deposit.

      use any banks calculator, keep changing the deposit amount until it says you can get a loan (cba's "upfront cost calculator" is pretty good)

  • +2 votes

    Big 4 current 2 years fixed jome owner p+i, only westpac still high

    Combank

    2.29% p.a. 2 Year Fixed rate (with Wealth Package) 3.99% p.a. Comparison rate.

    Nab

    2 year
    Interest rate
    2.29% p.a.
    Comparison rate1
    4.04% p.a.

    Anz
    Intereste rate
    2.19% p.a.

    Comparison rate

    4.12% p.a.

    2 year fixed interest rate on owner occupied home loan under the ANZ Breakfree package.Annual fee $395.

    Westpac

    With Premier Advantage package Without Premier Advantage Package
    2.98% p.a. (3.65% p.a. comparison rate^) 3.18% p.a. (4.47% p.a. comparison rate^)

  • +4 votes

    In this day and time I can’t see why you would fix your mortgage …..

  • +13 votes

    These are starting to feel really spamy.

    • +10 votes

      I absolutely agree. These posts are really spam posts. As a broker they headline their posts with the best rates, and add their cashback on top. Then wait for the flood of inquiries, and pick up the cream of those. I sent a message, spoke with Len, and after everything, I get another generic ozbargain target email. They should really be posting best rates from various lenders in a wiki page and not spam.

      • -7 votes

        Hi Spal please advise me your email and i will look into your case

        •  

          Hi Len
          I had contacted you for an urgent need, as we were just going to sign the contract. The subject to finance clause has time limit of two to three weeks, reason behind the urgency. That was about three or so weeks back.
          As, I didn’t get the promised email after our telephone conversation, I ended up asking another finance broker to handle our file.
          Thanks anyways.

  • +28 votes

    Beware of this broker. More than 3 years after the loan, still couldn't get back the promised $1500 rebate!!! I had tried to contact the broker with numerous emails and call. Had NO REPLY at all! Even went to his office at Burwood but several times but door was always locked! My sister also have an home loan that went through this guy about 3 years ago. Same thing had happened to her. We are planning to take the cases to consumer affairs/go to lodge a case to the Tribunal!!!

    • +10 votes

      Thanks for sharing. I wonder why this lender is still allowed to post marketing material on ozb.

    • -9 votes

      OZWILL - you are making this up. We pay every customer and never ignore a call from our existing customers who have settled a deal. If you are a customer I challenge you to message me with your name, but your claim of numerous email chase up from you is 100% a lie. For whatever reason I assume you are also a broker and want to ruin our reputation because we offer the 0.3% rebate which I don't think other brokers can offer, because we choose to work for less and give more back to the customer. I receive calls from private numbers all the time from competitor brokers pretending they are customers or even authorities, and hang up the phone abruptly when I ask them to send me an email from their work email address. We have been inundated with queries (most are queries and never proceed, but we still try to offer the best advice) and we apologies for the delay in responses and currently have replied to last week's enquires and working on this week. Also we need to work on our clients who have already send us documents so we can lodge their cases ASAP, hence why we are slower to respond to new enquiries.

      We post these deals for the benefit of the OZB community to be aware just like any other deal. If you are in an urgent hurry or do not like to wait, please approach these banks directly. If you can be patient and wait a few days for us, we are happy to help you. We get negative feedback immediately when an enquiry is yet to be replied, but we have answered hundreds of emails in the last few days each with their own unique circumstances.

    • +2 votes

      Hi OZWill I am waiting for your message. Your account was created a month ago with 1 post - this one. Please do not spread false information online to ruin our reputation. If you are truly our customer pls message us with your email/name so we can resolve your issue.

    • +1 vote

      Can you respond to OP with your details and let us know the outcome?

  • +5 votes

    The deal is on 0.3% rebate - ozb community claimed to have not received such. This has been posted previous.

  •  

    Does anyone here have a mortgage with debt recycling? Can I do this with ING? Anyone do this with ING or with another bank?

  • +1 vote

    Reading others comments and having also emailed the broker with no reply, it looks like these "deals" are not worth your effort going through the broker

    • +1 vote

      I also agree If you can't handle the volume of applicants then hire more people right? I sense this guy is solo, greedy and now he is paying the price trying to manage the volume. He has our private information, wonder what he will do with them… ==

  •  

    Could someone explain to me why there's all these super-low fixed rates going around, approx 40-50 points below the best variable rates available?

    During the last RBA reduction almost no banks passed on the reduction, and considering the RBA rate is near 0 there wont be any more movement there. In my understanding banks offer lower fixed rates than variable when they predict the variable to fall below the fixed during the fix period, but i cant see that happening here?
    Anyone have any theories or explanations?

    •  

      Because these banks are factoring in further rate cuts/quantitative easing.

      It baffles me that people still think they can "beat the banks" (yes, the same banks offering them the fixed rate) by fixing their rate. The banks have an unending amount of data and actuarial modelling to ensure that, no matter what they offer as a fixed rate, they will still beat you over the term of the loan.

      Also, fixed rate loans are generally full of nasty tricks like maximum repayment caps, and you generally can't line them up with an offset account for this reason as well.

      Stick with variable rates, people.

      • +4 votes

        Yes, agree with your point on sticking with variable rates, but the reason fixed rates are so much lower now is not because banks think variable rates will go lower.

        Normally this would be the case but these are not normal times. The reason why fixed is so much lower now is because of QE initiatives introduced by the RBA last week. These initiates have slashed the costs for longer term fixed funding for banks. They can access funds at 0.25% as part of the repo or term funding facility from the RBA, while RBA is also buying bonds which keeps the yield curve down. This is much cheaper than the cost of variable funds in wholesale money markets, currently around 1.3%. So banks are doing 2.09% fixed, which still gives them a decent margin, but on the variable side margins are getting squeezed. So unfortunately variable rates will probably not go much lower any time soon.

        It’s a good time to fix if you don’t need an offset account, don’t plan to put much extra into the loan over the next year or two or don’t plan on refinancing to take advantage of Cashback offers currently going around.

        •  

          If you were to fix would you fix a year or two?

          • +1 vote

            @Kjong: The longer the fixed term the more flexibility you sacrifice, so if you decided fixed is the right option I’d choose the one year. You can always reassess after that time if your circumstances change. Personally I’m sticking with variable for flexibility,

        •  

          Thanks very much, this is the answer i was looking for!

          Explains why fixed can be so much lower than variable while variable is unlikely to decrease.
          I might consider fixing with my current lender, but the key risk for me would be to that one needs to refinance (at least within same institution) once the fixed term is over (otherwise they put you on a really sh*t rate), which is more hassle & paperwork and not guaranteed to succeed, depending on financial position.

        •  

          Whts the probability to have .25% or.15% cut from RBA in April meeting?

          •  

            @Real Gainer: Unlikely. RBA has constantly said the lower bound for the cash rate is 0.25%, so it will probably be at the current level for quite a while.

        •  

          Thanks for talking about this @el-rhi and @xyron WE are looking at making an offer on a house in the coming days, and it will be a mortgage of just over $1m… ouch. We have been trying to work with a bankwest rep and need to do our due diligence with other products and tbh don't quite know how to crunch the numbers. We will prob have $50k or so for an offset account, and it from what you've been saying we couldn't use that for a fixed loan. FEel like we have little time to catch up and learn! Please give any advice to us newbies.

          •  

            @sherm838: Probably best to speak with a broker for more detailed advice. Fixed loans generally don’t come with offset accounts and usually you can only make $10k additional repayments per year. If you plan to make substantial additional repayments early on in the loan to get that principal balance down, then stick with variable.

  • +1 vote

    Possibly the worst broker (if he is even a broker) I've worked with. Go straight to the bank, there's no point hassling a guy who's too busy to reply to your emails or take your calls.

  •  

    Hi Len, sent you an email on 23rd, let me know today, i need to make a decision today

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