ING DIRECT Mortgage Simplifier Home Loan

Rates and Fees verified correct on December 10th, 2016

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.

Interest Rate Max Insured LVR Max LVR
< $150,000 (Owner Occupier or Investor)
4.55% p.a.
Comparison Rate
4.57% p.a.
95% 80%
$150,000+ (LVR <= 80% Owner Occupier)
3.89% p.a.
Comparison Rate
3.91% p.a.
80% 80%
$150,000+ (LVR <=80% Investors)
4.14% p.a.
Comparison Rate
4.16% p.a.
95% 80%
$150,000+ (LVR > 90% Owner Occupier)
4.55% p.a.
Comparison Rate
4.57% p.a.
95% 90%
$150,000+ (LVR >80% <= 90% Owner Occupier)
4.04% p.a.
Comparison Rate
4.06% p.a.
90% 80%
$150,000+ (LVR >80% <=90% Investor)
4.44% p.a.
Comparison Rate
4.46% p.a.
90% 80%
Product NameING DIRECT Mortgage Simplifier Home Loan
Interest Rate TypeVariable
Comp Rate^ (p.a.)
Minimum Loan Amount$50,000
Maximum Loan Amount$2,000,000
Minimum Loan Term1 year
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR95%
Mortgage Offset AccountNo
Mortgage 100% OffsetNo
Loan Redraw FacilityYes
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableYes
Suitable for InvestmentYes
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$0
Lender's Legal Fee$220
Ongoing Fees$0 p.a.
Settlement Fee$299
Discharge Fee$250

Pros

  • $0 application fee.
  • $0 ongoing fee.
  • $299 Settlement fee.

Cons

  • $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.

Fees

  • 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

Enquire about this home loan

ING DIRECT Mortgage Simplifier Home Loan Interest Rate History vs RBA Cash Rate Graph


Enquire about this home loan
Was this content helpful to you? No  Yes

Related Posts

This page was last modified on 30 September 2016 at 11:29.

Ask a Question

You are about to post a question on finder.com.au

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At finder.com.au we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the finder.com.au privacy policy, receive follow up emails related to finder.com.au and to create a user account where further replies to your questions will be sent.

2 Responses to ING DIRECT Mortgage Simplifier Home Loan

  1. Default Gravatar
    yusuf | May 26, 2015

    Centrelink payment is only income. Do you provide loans based on this? I do have property with $25k mortgage.

    • Staff
      Belinda | May 29, 2015

      Hi Yusuf,

      Thanks for your enquiry.

      There are some lenders that provide home loans to Centrelink recipients. You can find out more about these types of loans on this page.

      Thanks,
      Belinda

ING DIRECT Mortgage Simplifier Home Loan

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    $0 / $0

  • Max LVR

    80%

Ask a question
feedback