ING raises rates on home loans
Online bank ING has announced that it will hike interest rates by 10 to 30 basis points on a number of its fixed and variable rate home loans, effective tomorrow (3 February).
The changes will increase the floating rates for the Bank’s Orange Advantage loan and the fixed rates for the Fixed Rate Loan and Fixed Rate Loan (with Orange Advantage) products.
As a result, the new lowest interest rates available on each loan will be:
|Orange Advantage||2.14% pa variable rate (2.50% pa comparison rate*) for owner-occupiers (|
|Fixed rate loan||2.44% pa fixed interest rate (3.97% pa comparable interest*) with a 1-year term for owner-occupiers (|
|Fixed Rate Loan (with Orange Advantage)||2.34% pa fixed interest rate (3.96% pa comparable interest*) with a 1-year term for owner-occupiers (|
Since November, 78 different lenders tracked in the Mozo database have raised over 2,500 fixed mortgage rates, so ING’s move to raise a number of its own fixed rates comes as no surprise.
The bank’s decision to raise rates on its Orange Advantage variable rate loan is interesting, as most lenders have shifted variable rates the other way in recent months. In fact, ING only cut interest rates on this loan by up to 25 basis points in November.
However, interest rates on ING’s other adjustable rate loan – the Mortgage Simplifier – remain unchanged.
Owner-occupiers with an LVR below 80% can currently access rates as low as 1.99% pa (2.02% pa comparable rate*) with the Mortgage Simplifier, which is among the lowest variable rates available among lenders in the Mozo database .
CONNECTED: February Home Loan Snapshot: Athena and ANZ Lead Floating Rate Decline
Would you like to see how ING’s tariffs compare to other offers? Visit the Mozo Home Loan Comparison Chart to browse hundreds of loans offered by Australian lenders, or get started now by checking out some of the great deals in the table below.
* WARNING: This rate of comparison applies only to the example or examples provided. Different amounts and maturities lead to different comparison rates. Costs such as withdrawal fees or prepayment penalties and cost savings such as fee waivers are not included in the settlement rate, but may affect borrowing costs. The comparative interest rate shown is for a secured loan with monthly principal and interest payments of $150,000 over 25 years.
** The initial monthly repayment numbers are estimates only, based on the advertised interest rate, loan amount, and entered term. Rates, fees and charges, and therefore the total cost of the loan, may vary depending on the loan amount, loan term and credit history. Actual repayments will depend on your individual circumstances and changes in interest rates.
^See information on the Mozo Experts Choice Home Loan Awards
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