You could get a competitive home loan from ING DIRECT
ING DIRECT holds more than 475,000 in mortgages and provides banking service to more than 1.5 million Australian customers and counting every year.
Since 1999, ING DIRECT has been offering Australians a broad selection of home loans, transactions and savings accounts, superannuation options and business products.
ING DIRECT is an online lender, meaning it doen't have physical branches like traditional lenders. The lack of branches means ING DIRECT can deliver lower rates to their customers by saving on overheads. Furthermore, the bank offers a simple application process. Mortgage specialists are available online to handle your queries and requests. Alternatively, you can pick up the phone and speak to a consultant to arrange an appointment.
ING DIRECT Orange Advantage Loan
This special offer with the Orange Advantage Home Loan is for new owner occupier lending with an offset accounts and discounts available.
- Interest rate of 3.94% p.a.
- Comparison rate of 4.26% p.a.
- Application fee of $0
- Maximum LVR: 80%
- Minimum borrowing: $150,000
- Max borrowing: $2,000,000
Compare ING DIRECT home loans
Things to consider about ING DIRECT
ING DIRECT has a range of products that are aimed towards different segments of the market. Whatever your goals as a potential borrower, ING DIRECT could have a loan to suit your needs. It offers loans for first home buyers, investors, those looking to refinance, and borrowers who want to consolidate their debts.
- Maximum LVR: The loan-to-value ratio (LVR) refers to the percentage of the value of the property you want to borrow. ING DIRECT can lend up to 95% of the value of the property you wish to buy with some of their loans. The remaining products carry a maximum LVR of 80%.
- 100% Offset accounts: This is a transaction account linked to your home loan. The funds you have in your offset account are deducted from the principal of the loan. Interest is calculated on the reduced principal loan size.
- Interest-only options: Interest-only loans are well-suited to investors or those building a home. Paying only the interest portion of your loan brings the cost down during the crucial construction phase, or if you plan to buy an investment property and sell it soon after.
- Split loans: Some ING DIRECT loans allow you to split the loan into fixed and variable rate portions. When you split your loan, the fixed rate portion will protect you in times when interest rates rise, and the variable rate portion will mean you get the most out of rate cuts.
- Unlimited free redraws: You can make additional repayments on some ING DIRECT loans. If you happen to need some of these extra repayments, you can access them again through the online platform or via the telephone banking system.
- Interest rate discounts : Some ING DIRECT loans offer discounts off the interest rate of the loan if certain conditions are met - including borrowing over a certain amount and having a certain loan-to-value ratio (LVR).
Comparing ING DIRECT home loans
ING DIRECT offers six different loans which suit different purposes. Each comes with different features and benefits:
Orange Advantage Home Loan
The Orange Advantage Home Loan from ING DIRECT is a full-featured home loan that offers plenty of flexibility along with a low interest rate. It is suited to borrowers looking to buy a home or refinance their existing loan. This loan is not available to people renovating or building a new home.
The product offers a 100% offset account via the Orange Everyday account. This allows borrowers to directly deposit salary, pay bills and expenses via direct debit and use the account to manage their mortgage. The offset account also reduces the amount of interest paid on the home loan.
Repayments can be made fortnightly or monthly for principal and interest repayments, while interest-only repayments must be made monthly.
ING DIRECT will provide further discounts for loan-to-value ratios below 80%.
The Mortgage Simplifier is a basic variable rate home loan with no monthly or annual fees, available to owner-occupiers with borrowings of more than $150,000. Further interest rate discounts may be applied depending on the loan-to-value ratio that you will be borrowing.
Fixed Rate Home Loan
Fixed rate loans are ideal for any borrower wanting to avoid an increase in lending rates. During the fixed term, you'll have the certainty of being able to plan your mortgage budget down to the cent.
ING DIRECT's fixed rate home loans offer the ability to make extra repayments up to $10,000 per year. Keep in mind that the redraw facility on your home loan won't be available until after the fixed term ends. There is also an interest-only option on ING DIRECTs fixed home loans.
Remember that break fees may apply if you repay your mortgage before the fixed term has ended. This usually occurs when you sell your home or refinance over to a different lender. You can avoid paying break fees by considering a shorter fixed term if you already know you intend to sell your home. You may also want to consider waiting until your fixed rate has ended before you refinance.
Split rate home loans
If you don't wish to lock in your entire mortgage, you can choose to split your loan. This lets you lock in a portion of your mortgage and take advantage of stable repayments over the fixed term. At the same time, the variable portion lets you take advantage of the features only available to variable rate borrowers. By splitting your loan you get to hedge your bets against negative rate movements while also taking advantage of the variable rate loan features. A split fee may apply.
What do I do if I'm interested in an ING DIRECT product?
If there is a particular product you are interested in you can click through to the products review page to find out more or place an enquiry about the product with a home loan expert.
Each ING DIRECT home loan product will have its own unique qualifying criteria, however, there are some basics that will apply to all, which include the following.
- Age. You must be over 18 years of age.
- Residency. You should be a resident of Australia.
- Employment. You should have a regular source of income.
During the application process for any home loans product from ING DIRECT you will also be asked to provide certain information so it can be handy to have them ready before you apply. Some of these details include:
- Personal. This includes details like your name, date of birth, phone number, email address and address.
- Financial. This includes information surrounding all your assets and liabilities.
- Employment. Be ready to give your employer’s name and contact information.