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

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on October 01, 2019
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.

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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*)

Looking for a low rate home loan? Take a look at the deals below.

Lender

Variable
More details
UNLIMITED REDRAWSSPECIAL OFFER
  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
UNLIMITED REDRAWSSPECIAL OFFER

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
Variable
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100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES
  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
Variable
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ZERO APPLICATION FEESFEE FREE OFFSET
  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees
ZERO APPLICATION FEESFEE FREE OFFSET

Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)

  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees
Variable
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AN EASY DIGITAL APPLICATION
  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster
AN EASY DIGITAL APPLICATION

Neat Variable Home Loan (Principal and Interest) (LVR < 60%)

  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster
Variable
More details
NO APPLICATION FEES
  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster
NO APPLICATION FEES

Yard Home Loan (Principal and Interest) (Special) (LVR < 80%)

  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster
Variable
More details
NO UPFRONT OR ONGOING FEES
  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster
NO UPFRONT OR ONGOING FEES

Owner Occupier Accelerates - Evaporate (LVR 60%-70%) (Principal and Interest)

  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster
Variable
More details
NO UPFRONT OR ONGOING FEES
  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster
NO UPFRONT OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 80%)

  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster
Variable
More details
UNLIMITED EXTRA REPAYMENTS
UNLIMITED EXTRA REPAYMENTS

Basic Home Loan (Principal and Interest) (LVR < 60%)

    Variable
    More details
    EASY DIGITAL APPLICATION
    EASY DIGITAL APPLICATION

    Neat Variable Home Loan (Principal and Interest) (LVR 70%-80%)

      Variable
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      $0 APPLICATION FEE
      $0 APPLICATION FEE

      Budget Home Loan (Principal and Interest) (LVR < 80%)

        Variable
        More details
        100% FULL OFFSET ACCOUNT
        100% FULL OFFSET ACCOUNT

        Offset Package Home Loan (Principal and Interest) (LVR < 60%)

          Variable
          More details
          LIMITED TIME OFFER
          • Fast turnaround times, can meet 30-day settlement
          • No ongoing or monthly fees, add offset for 0.10%
          • Extra repayments + redraw services
          LIMITED TIME OFFER

          Smart Booster Home Loan Discounted Variable - 1yr

          • Fast turnaround times, can meet 30-day settlement
          • No ongoing or monthly fees, add offset for 0.10%
          • Extra repayments + redraw services

          Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of May 29, 2022. View disclaimer.


          Disclaimers

          The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.

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          author-avatar
          Emma Duffy is Assistant Editor at Your Mortgage and  Your Investment Property Mag, which are part of the Savings Media Group. In this role, she manages a team of journalists and expert contributors committed to keeping readers informed about the latest home loan and finance news and trends, as well as providing in-depth property guides. She is also a finance journalist at Savings.com.au which she joined shortly after its launch in early 2019. Emma has a Bachelor in Journalism and has been published in several other publications and been featured on radio.

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