ING slashes variable mortgage rates

author-avatar By
on September 17, 2021
ING slashes variable mortgage rates

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*).


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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
GREAT INTEREST RATE
  • Option to add an offset for 0.10%
  • No monthly or ongoing fees
  • Unlimited redraws
GREAT INTEREST RATE

Smart Booster Investor Bundle (Principal and Interest)

  • Option to add an offset for 0.10%
  • No monthly or ongoing fees
  • Unlimited redraws
Variable
More details
GET APPROVED FASTER WITH A DIGITAL APPLICATION
  • Split Loan Option
  • Unlimited additional repayments
  • Free redraw facility
GET APPROVED FASTER WITH A DIGITAL APPLICATION

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

  • Split Loan Option
  • Unlimited additional repayments
  • Free redraw facility
Variable
More details
BUNDLE YOUR HOME LOAN AND YOUR INVESTMENT LOAN FOR MORE SAVINGS
  • Split Loan Option
  • Unlimited additional repayments
  • Free redraw facility
BUNDLE YOUR HOME LOAN AND YOUR INVESTMENT LOAN FOR MORE SAVINGS

Yard Investor Bundle Loan (Bundled with Home Loan)

  • Split Loan Option
  • Unlimited additional repayments
  • Free redraw facility
Variable
More details
100% FULL OFFSET ACCOUNT
  • Free redraw facility
  • Split account option
  • Unlimited extra repayments
100% FULL OFFSET ACCOUNT

Ocean Investment (Amounts < $1m, LVR < 60%)

  • Free redraw facility
  • Split account option
  • Unlimited extra repayments

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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Harrison is Savings.com.au's Assistant Editor. Prior to joining Savings in January 2020, he worked for some of Australia's largest comparison sites and media organisations. With a keen interest in the economy, housing policy, and personal finance, Harrison strives to deliver and edit news and guides that are engaging, thought-provoking, and simple to read.

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