ING has cut rates on variable-rate 'Mortgage Simplifier' and 'Orange Advantage' interest-only products by up to 60 basis points.
All up, 14 individual home loan rates were cut, with some of the more noteworthy ones being:
- Orange Advantage 150-499k: 60 basis point cut to 2.99% p.a. (3.33% p.a. comparison rate*)
- Mortgage Simplifier 150-499k: 60 basis point cut to 2.94% p.a. (2.96% p.a. comparison rate*)
- Inv Orange Advantage 150-499k: 15 basis point cut to 2.94% p.a. (3.28% p.a. comparison rate*)
- Inv Mortgage Simplifier 150-499k: 15 basis point cut to 2.89% p.a. (2.91% p.a. comparison rate*)
The main difference between the two product lines is that the Orange Advantage has a 100% offset account.
The maximum loan-to-value ratio (LVR) across these home loans is 80%, meaning borrowers must have at least a 20% deposit.
These cuts follow NAB's fixed rate increases on Wednesday - at least the third time this year it has raised rates.
On Thursday, Gateway Bank also made a few changes to variable and fixed rate home loans.
It decreased a number of investment loan rates for borrowers paying interest-only. Some noteworthy changes were:
- Premium Inv Variable 80% 150k+: 43 basis point cut to 2.79% p.a. (3.12% p.a. comparison rate*)
- Inv Low Rate Essentials IO: 43 basis point cut to 2.75% p.a. (2.78% p.a. comparison rate*)
- Premium Inv Fixed 1 Year: 14 basis point cut to 2.95% p.a. (5.02% p.a. comparison rate*)
- Premium Inv Fixed 3 Years: 14 basis point cut to 3.05% p.a. (4.67% p.a. comparison rate*)
Part of the reason for the seemingly high comparison rate on the fixed loans is because the rate reverts to the Standard Variable IO home loan after the fixed period ends.
In this case, the Standard Variable IO rate is 5.61% p.a. (5.67% p.a. comparison rate*).
Advertisement
Buying an investment property or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for investors.
Lender | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Variable | More details | ||||||||||||
| FEATUREDGREAT INTEREST RATE | Smart Booster Investor Bundle (Principal and Interest)
| ||||||||||||
Smart Booster Investor Bundle (Principal and Interest)
| |||||||||||||
| Variable | More details | ||||||||||||
| FEATUREDGET APPROVED FASTER WITH A DIGITAL APPLICATION | Neat Variable Investment Loan (Principal and Interest) (LVR < 60%)
| ||||||||||||
Neat Variable Investment Loan (Principal and Interest) (LVR < 60%)
| |||||||||||||
| Variable | More details | ||||||||||||
| BUNDLE YOUR HOME LOAN AND YOUR INVESTMENT LOAN FOR MORE SAVINGS | Yard Investor Bundle Loan (Bundled with Home Loan)
| ||||||||||||
Yard Investor Bundle Loan (Bundled with Home Loan)
| |||||||||||||
| Variable | More details | ||||||||||||
| 100% FULL OFFSET ACCOUNT | Ocean Investment (Amounts < $1m, LVR < 60%)
| ||||||||||||
Ocean Investment (Amounts < $1m, LVR < 60%)
| |||||||||||||
- Option to add an offset for 0.10%
- No monthly or ongoing fees
- Unlimited redraws
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.
Latest Articles
- Do consumers tighten their purse strings when inflation is high?
- Westpac and NAB continue to hike fixed home loan rates
- Term deposit rates keep rising ahead of potential cash rate hike
- Electricity costs surge 18% - will your bill skyrocket?
- Housing stimulus jacked up home-building: RBA
Latest News
Housing stimulus jacked up home-building: RBA
May 27, 2022
How to Buy a Farm in Australia
May 27, 2022
How To Buy A Commercial Property
May 27, 2022
Be Savings smart.
Subscribe for free money newsletters.
to the Savings Privacy Policy
