The ING DIRECT Orange Advantage variable rate home loan includes a 100% offset facility, enabling you to pay off your home loan sooner
The ING Direct Orange Advantage home loan allows regular homeowners or investors to make use of a 100% offset account along with interest rate discounts to help you save more money. The loan offers an interest rate discount if you borrow more than $150,000, and further discounts can apply if your loan-to-value ratio (LVR) is under the 80% mark.
There's no application fee for the ING DIRECT Orange Advantage loan, although it comes with an annual fee (which is waived for the first year). You can also receive cash back if you deposit your salary in an Orange Everyday transaction account.
Split loan special offer
Split your ING DIRECT Orange Advantage home loan with the ING Direct Fixed Rate Home Loan and receive a 0.10% discount on your fixed interest rate, as well as waived application fees.
Terms and conditions may apply.
|Product Name||ING DIRECT Orange Advantage Loan|
|Interest Rate Type||Variable|
|Comp Rate^ (p.a.)|
|Minimum Loan Amount||$250,000|
|Maximum Loan Amount||$2,000,000|
|Minimum Loan Term||1 year|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||95%|
|Mortgage Offset Account||Yes|
|Mortgage 100% Offset||Yes|
|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||$0|
|Ongoing Fees||$199 p.a.|
- You can link a 100% offset account to your home loan
- You can make extra payments without penalty
- You can withdraw extra funds from the mortgage using the free redraw facility
- There is a $0 legal fee
- There is an annual package fee of $199
- A $250 discharge fee applies when you close your home loan account
Things to consider about the Orange Advantage home loan
This is a full documentation loan available to those buying or refinancing a home or investment property. Different rates may be offered based on how much you borrow and your loan-to-value ratio.
Features of the Orange Advantage home loan
- Offset account. You can link a 100% offset account to this home loan and have your salary or any other income credited directly to this account. Calculation of your home loan interest happens on a daily basis and applies on the total outstanding loan amount minus the balance in the offset account. As a result, a higher balance in your offset account translates to lower interest payable on your home loan.
- Maximum LVR. You can borrow up to 80% for this loan without lenders mortgage insurance (LMI), or up to 95% of the property value with LMI. Also keep in mind that different rates are available based on your LVR in some cases.
- Repayments. You can make repayments either fortnightly or monthly, and can make unlimited additional repayments.
- Redraw. If you make additional repayments and later need to access these funds, the Orange Advantage Loan includes a redraw facility.
- Interest-only options. You can choose to pay only the interest component of your loan for five years with the Orange Advantage. During this time your repayments must be made monthly.
- Interest rate. Interest rate discounts are available for higher loan values or lower LVRs.
- Loyalty bonus. Receive 1% cash back into your home loan for all monthly repayments above $3,000 when you also deposit your salary, or an amount of more than $1,000 per month, in an Orange Everyday bank account.
- Application fees: $0.
- Monthly fees: $0
- Valuation fees: ING DIRECT pays up to $215 in the form of valuation fees and this is limited to the first valuation only. You will have to pay the remainder.
- Annual fees: $199. This is charged to maintain your account but is waived for the first year of the loan.
- Documentation and settlement fees: A minimum of $0.
How to find out more about the Orange Advantage home loan
If you'd like an ING Select home loan specialist to get in touch with you, click the ‘find out more’ or ‘Go to Site’ buttons on this page. To qualify for this home loan you have to meet certain criteria:
- Age. You must be over 18 years of age.
- Residency. You must be a resident of Australia.
- Employment. You must have a regular source of income.
As part of the application process you’ll have to provide personal and financial information, as well as details about your employment. Before you start the process, keep the following information handy:
- 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.
A home loan with a 100% offset facility can help minimise how much you pay in interest. Add the Orange Advantage to your comparison today.
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ING DIRECT Orange Advantage Loan Interest Rate History vs RBA Cash Rate Graph
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