ING cuts fixed home loan rates ahead of Reserve Bank’s widely tipped interest rate cut

Photo by Noah Buscher on Unsplash

Popular online lender ING has jumped the gun, cutting rates on a number of its fixed home loan products for owner-occupiers and investors by up to 75 basis points.

It comes hours ahead of the Reserve Bank board meeting, where it’s widely tipped the cash rate will be cut to a new historic low of 0.75%.

Being fixed-rate cuts, they apply to new customers only and are available from today.

Owner-occupier home loan rate cuts

ING made rate cuts to its standard residential fixed home loans by up to 65 basis points.

• One-year Residential Fixed has been cut by 61 basis points to 3.24% p.a. (4.41% p.a. comparison rate*)
• Two-year Residential Fixed has been cut by 50 basis points to 3.19% p.a. (4.29% p.a. comparison rate*)
• Three-year Residential Fixed has been cut by 55 basis points to 3.19% p.a. (4.18% p.a. comparison rate*)
• Four-year Residential Fixed has been cut by 65 basis points to 3.54% p.a. (4.20% p.a. comparison rate*)
• Five-year Residential Fixed has been cut by 55 basis points to 3.54% p.a. (4.13% p.a. comparison rate*)

ING also cut fixed rates for owner-occupiers with an Orange Advantage home loan.

• One-year Orange Advantage Residential Fixed for borrowers with a loan size over $150K has been cut by 61 basis points to 3.14% p.a. (4.40% p.a. comparison rate*)
• Two-year Orange Advantage Residential Fixed for borrowers with a loan size over $150K has been cut by 50 basis points to 3.09% p.a. (4.27% p.a. comparison rate*)
• Three-year Orange Advantage Residential Fixed for borrowers with a loan size over $150K has been cut by 55 basis points to 3.09% p.a. (4.16% p.a. comparison rate*)
• Four-year Orange Advantage Residential Fixed for borrowers with a loan size over $150K has been cut by 65 basis points to 3.44% p.a. (4.17% p.a. comparison rate*)
• Five-year Orange Advantage Residential Fixed for borrowers with a loan size over $150K has been cut by 55 basis points to 3.44% p.a. (4.09% p.a. comparison rate*)

Investor home loan rate cuts

Investors haven’t missed out, with rates being cut by up to 75 basis points for borrowers making principal and interest(P&I) repayments.

• One-year Investment Fixed for borrowers making P&I repayments has been cut by 75 basis points to 3.54% p.a. (5.04% p.a. comparison rate*)
• Two-year Investment Fixed for borrowers making P&I repayments has been cut by 70 basis points to 3.49% p.a. (4.88% p.a. comparison rate*)
• Three-year Investment Fixed for borrowers making P&I repayments has been cut by 60 basis points to 3.49% p.a. (4.75% p.a. comparison rate*)
• Four-year Investment Fixed for borrowers making P&I repayments has been cut by 75 basis points to 3.84% p.a. (4.74% p.a. comparison rate*)
• Five-year Investment Fixed for borrowers making P&I repayments has been cut by 75 basis points to 3.84% p.a. (4.64% p.a. comparison rate*)

For investors wishing to make interest-only (IO) repayments, fixed rates were cut by up to 50 basis points

• One-year Investment Fixed for borrowers making IO repayments has been cut by 50 basis points to 3.79% p.a. (5.41% p.a. comparison rate*)
• Two-year Investment Fixed for borrowers making IO repayments has been cut by 45 basis points to 3.74% p.a. (5.29% p.a. comparison rate*)
• Three-year Investment Fixed for borrowers making IO repayments has been cut by 35 basis points to 3.74% p.a. (5.18% p.a. comparison rate*)
• Four-year Investment Fixed for borrowers making IO repayments has been cut by 50 basis points to 4.09% p.a. (5.17% p.a. comparison rate*)
• Five-year Investment Fixed for borrowers making IO repayments has been cut by 50 basis points to 4.09% p.a. (5.09% p.a. comparison rate*)

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Disclaimers

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