A basic home loan with no monthly or annual fees
The ING DIRECT Mortgage Simplifier Home Loan is a variable rate home loan available to owner occupiers or investors. This home loan offers interest rate discounts depending on how much you borrow and your loan-to-value ratio (LVR). It includes a range of other features that allow you to use your funds in any manner you see fit.
|Product Name||ING DIRECT Mortgage Simplifier Home Loan|
|Interest Rate Type||Variable|
|Comp Rate^ (p.a.)|
|Minimum Loan Amount||$50,000|
|Maximum Loan Amount||$2,000,000|
|Minimum Loan Term||1 year|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||95%|
|Mortgage Offset Account||No|
|Mortgage 100% Offset||No|
|Loan Redraw Facility||Yes|
|Split Loan Facility||Yes|
|Fixed Interest Option||No|
|Suitable for Investment||Yes|
|Available as equity loan/line of credit||No|
|Repayment Type||Principal & Interest and Interest Only Options|
|Lender's Legal Fee||$220|
|Ongoing Fees||$0 p.a.|
- $0 application fee.
- $0 ongoing fee.
- $299 Settlement fee.
- $220 legal fee.
- $250 discharge fee for closing the home loan accounts.
- No offset account.
Things to consider about the ING Direct Mortgage Simplifier
The ING Direct Mortgage Simplifier Home Loan is available for owner occupiers or investors. The loan allows you to make extra repayments, redraw your funds and can be used to pay bills using its BPAY feature. If you have an Orange Everyday Transaction Account, this loan enables you to withdraw money from any ATM in Australia without incurring any fees.
Features of the ING DIRECT Mortgage Simplifier
- Maximum loan amount. This varies from case to case. When you visit the Mortgage Simplifier page on the ING DIRECT website, you can find out just how much you can borrow by completing a fairly simple pre-approval form.
- Maximum LVR. You can borrow up to 80% of the property value with this loan without incurring lenders mortgage insurance (LMI), and up to a 95% LVR with LMI. Higher LVRs may attract higher interest rates.
- Interest rate discounts. The interest rate you receive varies in accordance with how much you borrow and your LVR. Better rates are available for higher borrowing amounts and lower LVRs.
- Repayments. You can choose to make your regular repayments fortnightly or monthly. Extra repayments can be made at any point without incurring penalties.
- Interest-only option. You can pay only the interest portion of your loan, which is a popular option for investors. Interest-only payments must be made monthly.
- Redraw. This feature enables you to withdraw any extra repayments you’ve made towards your home loan. There’s no redraw fee or limit on how many redraws you can make.
- Application fees: $0
- Monthly and annual fees: $0
- Valuation fees: While ING DIRECT covers up to $215 of the valuation fee, this is only applicable for the first valuation. Any amount in excess of $215 is billed to you.
- Documentation and settlement fees: $220. This is the minimum amount that may be charged. Settlement of this home loan can also result in solicitor fees and charges.
How to apply for the ING DIRECT Mortgage Simplifier
To find out more or apply for the ING DIRECT Mortgage Simplifier, click ‘Go to Site’ to visit the ING DIRECT website and complete an online application.You will also have to meet certain eligibility criteria, which include the following:
- You must be an Australian resident
- You must be over 18 years of age
- You must have a regular source of income
Applying for this home loan also requires that you submit certain documents. ING DIRECT uses these documents to verify your credentials. As a result, when you apply for an ING DIRECT home loan, keep the following handy.
- Your driver’s licence
- Your passport
- All details surrounding your assets and liabilities
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ING DIRECT Mortgage Simplifier Home Loan Interest Rate History vs RBA Cash Rate Graph
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