Compare ING Home Loans

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on February 17, 2022 Fact Checked
Compare ING Home Loans

Built to empower people to stay a step ahead in life and in business, ING has been servicing millions of Australians since 1994.

Headquartered in Sydney, and operating as a subsidiary of the Dutch multinational ING Group, Australia’s ING Bank says it changed the way Australians bank 20 years ago by launching the country's first high interest, fee-free online savings account. Since then, ING have brought value to Australians with home loans, transactional banking, superannuation, credit cards, personal lending and insurance products.

Dubbed Australia’s most recommended bank, ING says it prides itself on consistently high customer satisfaction, simple and straightforward home loans that are beneficial to customers, and open, honest transparency across all business aspects.

What home loans does ING offer?

ING offers principal and interest (P&I) and interest-only (IO) home loans for both owner-occupiers and investors.

These home loans are available in variable and fixed interest rates under the options of:

  • Mortgage Simplifier

  • Orange Advantage

  • Fixed Rate Loan

Customers can also choose to split their loan across any of ING’s three home loan offerings to provide a greater sense of flexibility.


Check out some of ING’s home loans for owner occupiers in the table below.

Lender

Fixed
More details

Fixed Rate Investment Loan (Principal and Interest) 1 Year

    Variable
    More details

    Orange Advantage Investment Loan (Interest Only) ($150k-$500k)

      Fixed
      More details

      Fixed Rate Investment Loan (Interest Only) 1 Year

        Fixed
        More details

        Fixed Rate Home Loan 2 Years (LVR < 80%)

          Fixed
          More details

          Fixed Rate Investment Loan (Principal and Interest) 2 Years

            Fixed
            More details

            Fixed Rate Investment Loan (Principal and Interest) 3 Years

              Fixed
              More details

              Fixed Rate Home Loan 2 Years (LVR > 90%)

                Variable
                More details

                Mortgage Simplifier Investment Loan (Principal and Interest) ($150k-$500k)

                  Variable
                  More details

                  Orange Advantage Investment Loan (Principal and Interest) ($150k-$500k)

                    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 June 26, 2022. View disclaimer.


                    Features of ING home loans

                    Redraw facility

                    ING offers a free redraw facility across Orange Advantage and Mortgage Simplifier home loan options. For these options, there is no minimum redraw amount and no limit to the number of redraw transactions you can make.

                    Offset account

                    An offset account is available across Orange Advantage loan options, with funds held in your Orange Everyday linked offset transaction account. ING’s offset account is a 100% interest offset account.

                    Additional payments

                    Across ING’s home loan portfolio, additional payments can be made any time, as often as you like with no additional cost. For ING’s Fixed Rate home loans, additional payments have a limit of $10,000 per anniversary year.

                    Debt consolidation

                    With ING’s Orange Advantage and Mortgage Simplifier home loans, if you are an ING customer you can consolidate your mortgage and other debts into one loan.

                    ING Everyday Round Up

                    ING Everyday Round Up is an optional tool available through an Orange Everyday account that helps you to save or pay down on your home loan.

                    The ING Everyday Round Up feature is designed for ING customers as it requires an Orange Everyday account for rounding up your card purchases plus a Mortgage Simplifier or Orange Advantage home loan. ING customers can round up eligible Orange Everyday card purchases to the nearest $1 or $5, and the difference goes straight from your Orange Everyday to pay down on your Mortgage Simplifier or Orange Advantage home loan.

                    Pre-approval with ING

                    Shopping for a new home is an exciting time and with home loan pre-approval, you are provided with peace of mind that the property or properties you are considering lie within your budget. ING offers pre-approval across it’s home loan portfolio whether they be made online or speaking with an ING lending specialist. ING also offers a two minute obligation-free indication of your borrowing capabilities with a borrowing power calculator that can help take the headaches out of working out the maximum amount you can borrow.

                    Am I eligible for an ING home loan?

                    If you’re looking into applying for an ING home loan, eligibility requirements that must be met include:

                    • Applicants must be over the age of 18.

                    • Applicants must have a regular source of income.

                    • Applicants must be an Australian citizen or permanent resident.

                    Required documents

                    You will be required to provide certain documents when applying for a home loan. ING will generally require the following:

                    • Proof of identity validating your name, address and birth date - this can be your passport, Medicare card, or drivers license.

                    • Details of your ongoing monthly expenses such as food expenses, childcare, clothing, transport, and many more.

                    • If you are an employee, ING will typically require two recent payslips, and the most recent payment summary or tax return.

                    • If you are self-employed, ING will typically require the last two years of tax returns.

                    • Saving accounts statements.

                    • Proof of ongoing rent or board.

                    • Assets and liability documents.

                    How can I refinance with ING?

                    Refinancing your home loan can be a great way to pay off your home sooner, lower your repayments or access your equity.

                    ING outlines four steps to refinancing:

                    • You can generally apply to refinance your mortgage with most lenders online or over the phone.

                    • Provide your supporting documentation outlined during discussions with your lender, to the lender for assessment.

                    • Once your new mortgage is approved your approval documentation, including any special conditions will be sent to you.

                    • Once you've accepted your loan offer and returned it to your new lender, they will arrange for repayment and discharge of the existing loan.

                    To get started with refinancing or a new home loan application, you can head straight to ING’s website or download the app through the App Store on iOS or Google Play on Android. You can also speak to a ING loan expert on 1800 100 258 if you are a new customer or 133 464 if you are an existing ING customer.


                    Image by Ansie Potgieter via Unsplash

                    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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                    Jacob Cocciolone joined the Savings team in 2021 as a Finance Journalist. Driven by a passion for keeping Australians up to date with the latest financial news and trends, his areas of interest include financial technology, investing, property and motoring.

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