ING started out as a Dutch bank but today is one of the world’s largest and most influential global banks. In Australia, ING is the country’s Most Recommended Bank and has financed over 475,000 home loans to date. While a huge financial institution, ING operates online only, distinguishing them from other big banks. This gives them the ability to pass their cost–savings on to the customer in the form of competitive rates and great loans. They do however have a notably conservative lending policy, which can make qualifying for a home loan with ING difficult for non–traditional borrowers.
Enjoy a home loan complete with no monthly or annual fees
Get a competitive variable rate and save on fees with this straightforward home loan product. You can make free extra repayments and then redraw your additional funds when you want with BPAY. Depending on how much you borrow, you may also be eligible for interest rate discounts, making this an even more affordable loan product.
Reap the benefits of a 100% offset home loan
For borrowers who want more options, ING’s Orange Advantage is a full – featured product. You can use your 100% offset facility to reduce your interest payments or choose to split your loan to balance your loan with the flexibility of a variable rate and the stability of a fixed rate. Put more of your money towards paying down your loan with no application or monthly service fees. Borrow less than 90% of the purchase price and you can benefit from discounted rates.
Enjoy the comfort of knowing exactly what your monthly repayments will be
Fix your home loan interest rate for one to five years with ING’s Fixed Rate Home Loan. You can still take advantage of the interest savings of an offset account of you split your fixed rate loan with the Orange Advantage variable rate loan. As with the other ING loans, you won’t have to pay any monthly service or application fees and you can enjoy rate discounts – the larger your deposit, the lower your rate.
ING offers competitive home loans, even for those with a low deposit. On the downside, those who don’t fit traditional lending criteria may find approval difficult – such as the self-employed – as well as those who have bad credit.
The interest rate on ING home loans differs between products. Please see below for up to date rates.
ING does not have branches. Instead, customers are supported online and over the phone.
Most ING home loan products offer borrowers the ability to borrow up to 95% of the property value, though in amounts above 80% they may be liable to lenders mortgage insurance (LM).
Depending on the product, ING home loan application fees can range from zero to just under $500.
None of ING’s home loans charge monthly fees. Most don’t require you to pay an application fee either, with the exception of the Fixed Rate Home Loan (where a one-off fee of $499 applicable) or the Fixed Rate Lock In (a $749 fee) However, there are some other upfront fees to be aware of when it comes to applying for a mortgage with ING Direct. All ING home loans charge an upfront settlement fee of $299. You will also have to pay a property valuation fee, but ING covers up to $225 of this cost on your first evaluation (or, up to $750 for loans over $1 million) If there are any changes to the letter of offer between disclosure date and settlement, you will also be liable to pay a $250 fee. Like most home loan providers, ING also charges a discharge fee of $250 if you choose to exit or refinance your mortgage early. You can get a full breakdown of all of ING’s Home Loan fees here.
The amount you can borrow for a home loan with ING Direct depends on your individual financial situation and needs. This includes the amount you have saved for a deposit, your spending habits and history and the price, whether you’re a first home buyer and the price of the property. The best way to determine your borrowing power is to use ING’s ‘How Much Can I Borrow’ calculator. While some of ING’s home loans have a maximum LVR (loan to value ratio) of 80%, others like the ING Fixed Rate Home Loan and ING Orange Advantage Loan allow you to borrow up to 95%. eChoice’s experienced brokers can help you compare hundreds of home loans from banks like ING to help you find the right choice for you.
It’s worth being aware that generally, ING Direct does not negotiate on their home loan rates for existing borrowers. This may be because they are already quite competitive with their rates, compared to some of the other large banks. However, if you are unhappy with your rate and looking to switch to another provider, they may be able to make an exception.