ING cuts variable home loan rates after raising fixed rates last week

Last week's biggest hikes were to the one and five-year fixed investment home loans paying interest-only (IO), while a number of other fixed loans also saw slight increases in their interest rates.

Some ING term deposit interest rates were also slashed last week.

Today, ING balanced the seesaw by cutting variable home loans for owner-occupiers by up to 19 basis points, namely to the Orange Advantage and Mortgage Simplifier product lines paying principal and interest (P&I).

Some key cuts were:

• Orange Advantage 150-499k 80%: Down to 2.64% p.a. (2.98% p.a. comparison rate*)
• Orange Advantage 150k+ 95%: Down to 2.94% p.a. (3.28% p.a. comparison rate*)
• Mortgage Simplifier 150k-499k 80%: Down to 2.59% p.a. (2.62% p.a. comparison rate*)
• Mortgage Simplifier 150k+ 95%: Down to 2.89% p.a. (2.92% p.a. comparison rate*)

The lowest advertised rate to see a cut was to the Mortgage Simplifier product line lending $1 million or more with a max loan-to-value ratio of 80%, which is now down to 2.55% p.a. (2.58% p.a. comparison rate*).

The main difference between the two ING product lines is that with the Mortgage Simplifier borrowers pay no ongoing fees, while Orange Advantage loans come with a 100% offset facility.

Buying a home or looking to refinance? The table below features home loans with some of the lowest variable interest rates on the market for owner occupiers.

Loan purpose

Refinancing

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Lender	Home Loan	Interest Rate	Comparison Rate*	Monthly Repayment	Repayment type	Rate Type	Offset	Redraw	Ongoing Fees	Upfront Fees	Max LVR	Lump Sum Repayment	Extra Repayments	Split Loan Option	Tags	Features	Link	Compare	Promoted Product	Disclosure
loans.com.au	loans.com.au Bare Home Loan (Basic OO P&I <90%)	5.94% p.a.	5.98% p.a.	$2,978	Principal & Interest	Variable			$0	$530	90%				Owner Occupier Variable Principal & Interest 10% Min Deposit Redraw Extra Repayments More details	Available for purchase or refinance, min 10% deposit needed to qualify. No application, ongoing monthly or annual fees. Dedicated loan specialist throughout the loan application.	Go to site	Compare	Promoted	Disclosure
Unloan	Unloan Variable Rate Home Loan LVR < 80%	5.89% p.a.	5.80% p.a.	$2,962	Principal & Interest	Variable			$0	$0	80%				Built and funded by CommBank Owner Occupier Variable Principal & Interest 20% Min Deposit Redraw More details	No application or ongoing fees. Annual rate discount Unlimited redraws & additional repayments. LVR <80% A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.	Go to site	Compare	Promoted	Disclosure
Regional Australia Bank	Regional Australia Bank Home Loan Fixed (Owner Occupier, Principal and Interest, max lvr 60%) (3 years)	5.99% p.a.	6.02% p.a.	$2,995	Principal & Interest	Fixed			$0	$0	60%				Owner Occupier Fixed 3 Years Principal & Interest 40% Min Deposit Redraw More details	Competitive rates to help you save A Dedicated Relationship Manager Certainty of repayments with a fixed rate term	Go to site	Compare	Promoted	Disclosure
Homestar	Homestar Star Nova LVR <70% (Owner Occupied, Principal and Interest)	5.93% p.a.	5.93% p.a.	$2,975	Principal & Interest	Variable			$0	$395	70%				Owner Occupier Variable Principal & Interest 30% Min Deposit Redraw More details		Go to site	Compare		Disclosure
Reduce Home Loans	Reduce Home Loans EconoME Home Loan (Owner Occupier, Principal & Interest, LVR 60%)	5.99% p.a.	6.01% p.a.	$2,995	Principal & Interest	Variable			$0	$150	60%				$3000 Cashback T&Cs apply Owner Occupier Variable Principal & Interest 40% Min Deposit Redraw More details		Go to site	Compare		Disclosure

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