ING - New Fixed Rate Home Loans from 1.84% for 2 Years (3 Day SLA), $299 & Other Fees

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Store RepLoan Base @ Loan Base on 26/05/2021 - 11:11 ing.com.au (222 clicks)
Last edited 26/05/2021 - 15:40 by 1 other user

ING has just updated their fixed rates, which includes a significant reduction to their 2 year fixed rate for owner occupiers who combine a fixed rate loan with a variable Orange Advantage loan.

Unlike the major banks (who have largely seen their turnaround times blow out to weeks or months), ING are consistently managing to maintain a 3 business day SLA for application processing.

Current ING rates as follows:

Owner Occupied < 80% LVR,

• 2 Year Fixed - 1.84% (3.73% CPR)~
• 3 Year Fixed - 1.89% (3.56% CPR)~
• Mortgage Simplifier Variable - 2.49% pa (2.52% CPR)
• Orange Advantage Variable with 100% offset - 2.54% pa (2.89% CPR)

Investment < 80% LVR

• 1 Year Fixed - 2.34% (4.56% CPR)
• 2 Year Fixed - 2.34% (4.35% CPR)
• 3 Year Fixed - 2.34% (4.16% CPR)
• Mortgage Simplifier Variable - 2.64% pa (2.67% CPR)
• Orange Advantage Variable with 100% offset - 2.69% pa (3.03% CPR)

Investment IO < 80% LVR

• 1 Year Fixed - 2.54% (4.96% CPR)
• 2 Year Fixed - 2.54% (4.80% CPR)
• 3 Year Fixed - 2.54% (4.65% CPR)
• Mortgage Simplifier Variable - 3.04% pa (3.06% CPR)
• Orange Advantage Variable with 100% offset - 3.09% pa (3.42% CPR)

Requirements ~

• Note that the quoted owner-occupied fixed rates are available only when combined with a variable Owner Occupied Orange Advantage loan account.
• Add 0.10% pa for standalone Owner Occupied Fixed Rates (without variable Orange Advantage).
• Quoted Investment (both P&I and IO) fixed rates are available either standalone, or under the Orange Advantage package.

Standard Fees

• Upfront fees of $299
• Ongoing fees of $299 for the Orange Advantage package only

Additional Fees

• ING will cover the first $225 of valuation fee; additional val fee payable at cost if above this.
• $749 Fixed Rate Lock In Fee
• $250 Change to letter of offer fee
• $499 Fixed Rate Application Fee (only payable if not combined with Orange Advantage).
• $100 Combination Loan Fee (for combining multiple loans in one application).

Comparison Rates

Any quoted comparison rate is only true for the example given and may not include all fees and charges. Different terms, loan amounts or fees may result in a different comparison rate. Comparison rates are based on a loan amount of $150,000 over a loan term of 25 years.

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HOW TO APPLY

You can apply directly via ING on their website, or through an ING accredited broker, of which we have a number.

Our team is here to help, and will work to ensure we obtain the best pricing and offers possible for you. You can lodge an enquiry via our platform here - https://loanbase.com.au/compare-home-loans-fva, or contact one of our brokers directly with their details below.

Andrew Loucas, Email: [email protected], Calendar link: https://calendly.com/loanbase-andrew/quickchat
Eric Cheng, Email: [email protected], Calendar link: https://calendly.com/loanbase-eric/quickchat
Leo Gonzales, Email: [email protected], Calendar link: https://calendly.com/loanbase-leo/initial

Please contact us to confirm the best deals you could qualify and discuss any broker cashback that may be applicable, which will depend upon your utilised loan size.

Loan Base Pty Ltd (ABN 95 162 141 915) · Australian Credit Licence Number 508 308
Head Office: Level 1, 1-5 Link Road, Zetland, NSW, 2017. Phone: 1300 512 377.

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• 

  duodeta on 26/05/2021 - 12:07

  any hidden costs?

  • 

    [Deactivated] on 26/05/2021 - 12:19

    Experience with ING is that they are one of the most transparent and "fee-less" in market.

    • 

      Store RepLoan Base @ Loan Base on 26/05/2021 - 12:32

      Similar experience on our end; ING are quite good all around, but I've edited the post to also outline the "Additional Fees" that may apply in certain circumstances (such as if you want to lock the fixed rate or require changes to your loan before settlement, but after the letter of offer is issued).

  • 

    El-Rhi on 29/05/2021 - 11:26

    Maybe not hidden but there is an additional legal fee to pay when you discharge the loan down the track. You pay the standard bank discharge fee of $350, plus another ‘legal’ fee for around $375. Never paid the additional legal fee when discharging a loan anywhere else.

• 

  MKBHD on 26/05/2021 - 12:27

  Is this available for first home buyers that are building a new house with a home + land package? If yes, what's the minimum deposit please?

  • 

    Store RepLoan Base @ Loan Base on 26/05/2021 - 12:34

    Unfortunately I don't believe ING offers construction loans anymore, however we have a number of other competitive lenders who could assist you with this, if you like - just reach out if so!

• 

  Tsapena on 26/05/2021 - 12:33

  +2

  From my experience, they rope people in with attractive rates only to Jack them up over time citing increased lending costs.
  Just be aware…

  • 

    Store RepLoan Base @ Loan Base on 26/05/2021 - 12:37

    This tends to be the case with just about every lender, though. If you maintain a relationship with a broker, the broker can apply pressure to your lender on a regular basis to ensure they continue to offer discretionary pricing in order to retain your business - if your rate is higher than what is offered to new clients. Alternatively, you can always refinance to a more competitive deal if your rate becomes uncompetitive in the future and the retention offer isn't meeting your expectations.

• 

  aussie-bargainz on 26/05/2021 - 12:40

  Any update to ING variable rate?

• 

  eddyah on 26/05/2021 - 12:47

  +3

  You can see their comparison rate is grabage because of all the extra fees associated with their loans.

  • 

    cache on 26/05/2021 - 13:21

    Indeed. Check out UBank instead. Have had good experience with them. Their fixed rates are attractive (though not too different from ING, from what I can see) and their fees are lower (some zero). Comparison rate says it all.

    • 

      Store RepLoan Base @ Loan Base on 26/05/2021 - 14:35

      +2

      Comparison rate is generally a poor indicator of the actual value of a loan because it is based on an assumed $150k loan balance, over a 25 year term, and includes the assumption that a borrower will simply allow their fixed rate to revert to the high default variable rate after it expires.

      Most loans are larger than $150k, so the comp rate artificially inflates the impact of fixed annual fees on this basis. Furthermore, in practice very few people just pay the default revert variable rate without renogitating or making changes at the end of their fixed period… ING will send you a letter when your fixed rate is expiring and allow you to either re-fix at another competitive rate or request discretionary variable pricing to decrease the variable rate you are charged.

      Alternatively, you can just refinance elsewhere after the fixed term if you aren't happy with the ING options.

  • 

    OhtheHughmanity on 28/05/2021 - 11:23

    As loan base says comparison rate is a garbage indicator. Do the maths and factor in transfer costs as well

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  Findmebargain on 27/05/2021 - 01:10

  Does ING support first home buyers using FHSSS?