ING Orange Advantage Loan

Rates and fees last updated on

The ING Orange Advantage variable rate home loan includes a 100% offset facility, enabling you to pay off your home loan sooner

The ING 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 for owner-occupiers if your loan-to-value ratio (LVR) is under the 80% mark. The maximum LVR for investors is 80%.

There's no application fee for the ING Orange Advantage loan, although it comes with an annual fee.

Interest Rate Max Insured LVR Max LVR
< $150,000 (Investor, IO)
5.4% p.a.
Comparison Rate
5.70% p.a.
80% 80%
< $150,000 (Investor, P&I)
5.05% p.a.
Comparison Rate
5.35% p.a.
80% 80%
< $150,000 (Owner Occupier, IO)
5.15% p.a.
Comparison Rate
5.45% p.a.
95% 80%
$150,000 to $500,000 (LVR <=80% Owner Occupier, P&I)
3.79% p.a.
Comparison Rate
4.11% p.a.
80% 80%
$150,000+ (LVR <= 80% Owner Occupier, IO)
4.14% p.a.
Comparison Rate
4.45% p.a.
80% 80%
$150,000+ (LVR <= 80%Investor, IO)
4.69% p.a.
Comparison Rate
5.00% p.a.
80% 80%
$150,000+ (LVR <=80% Investor, P&I)
4.54% p.a.
Comparison Rate
4.85% p.a.
80% 80%
$150,000+ (LVR > 90% Owner Occupier, P&I)
4.75% p.a.
Comparison Rate
5.05% p.a.
95% 80%
$150,000+ (LVR 80% <= 90% Owner Occupier, P&I)
3.97% p.a.
Comparison Rate
4.29% p.a.
90% 80%
$150,000+ LVR <=90% (Owner Occupier, P&I)
4.75% p.a.
Comparison Rate
5.05% p.a.
90% 80%
$500,000+ (LVR <=80% Owner Occupier, P&I)
3.74% p.a.
Comparison Rate
4.06% p.a.
95% 80%
Product NameING Orange Advantage Loan
Interest Rate TypeVariable
Comp Rate^ (p.a.)
Minimum Loan Amount$250,000
Maximum Loan Amount$2,000,000
Minimum Loan Term1 year
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR95%
Mortgage Offset AccountYes
Mortgage 100% OffsetYes
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$0
Ongoing Fees$299 p.a.
Settlement Fee$299
Discharge Fee$250

Pros

  • 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

Cons

  • There is an annual package fee of $299
  • A $250 discharge fee applies when you close your home loan account

Details 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. Owner-occupiers can borrow up to 80% for this loan without lenders mortgage insurance (LMI), or up to 95% of the property value with LMI, while investors can borrow up to 80%. 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.

Fees

There are a number of fees you should be aware of with the Orange Advantage:

  • Annual fees: $299. This is charged to maintain your account.
  • Discharge fees: $250. This is charged when you close your account.
  • Valuation fees: ING pays up to $225 in the form of valuation fees and this is limited to the first valuation only. You will have to pay the remainder.

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.

Was this content helpful to you? No  Yes

Related Posts

This page was last modified on 30 August 2017 at 11:28am.

Ask an Expert

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

Finder only provides general advice and factual information, so consider your own circumstances, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.

24 Responses

  1. Default Gravatar
    August 28, 2017

    Hi there,

    Can you explain what is settlement fee ? I noticed there is a settlement fee of $299 on this home loan. Can the annual/seetlement fees be waived ?

    • Staff
      DanielleAugust 29, 2017Staff

      Hi Darren,

      Thank you for contacting finder. We are a comparison website and general information service, we’re more than happy to offer general advice.

      Settlement fees, sometimes called legal fees or settlement attendance fees, incorporate the costs to payout your previous lender and to switch the funds to your new mortgage. Settlement costs are sometimes absorbed by the lender and waived for customers. I would suggest contacting the lender directly to verify if they would be able to waive the said fees.

      I hope this helps.

      Cheers,
      Danielle

  2. Default Gravatar
    DMMay 7, 2017

    Home occupied loan is that mean must live by self or family and cannot rent out?

    • Staff
      LiezlMay 7, 2017Staff

      Hi Damien,

      Thank you for your question.

      Yes, owner-occupied means a residence primarily used or lived in by its buyer. You can rent it out at some point but you may need to contact your lender first. Almost all mortgage loans specify when the homes bought with those loans can be rented out.

      You may want to check our extensive comparison of home loans on this page.

      I hope this has helped.

      Cheers,
      Liezl

  3. Default Gravatar
    MalOctober 1, 2016

    Hi,

    I am considering switching from another bank, is the ING Direct Orange loan available as re-finance option? Also are there any credit cards available as part of the package?

    Thanks

    • Default Gravatar
      NaldaNovember 3, 2016

      Looking at refinancing currently pay 4.1 % comparison variable .
      Inner Sydney Studio unit I have as owner occupier 4 years.It measures 49m – are you interested in offering a $251,000 refinance package.Thanks.

    • Staff
      AnndyNovember 10, 2016Staff

      Hi Nalda,

      Thanks for your question.

      Kindly note that we are finder.com.au, a financial comparison and information website that helps users make better decisions. We are not ING DIRECT. It would be best if you directly get in touch with them for your enquiry.

      Alternatively, you may also refer to this page to check your home refinancing options.

      Cheers,
      Anndy

    • Staff
      AnndyOctober 5, 2016Staff

      Hi Mal,

      Thanks for your question.

      The Ing Direct Orange Advantage Loan is a full documentation loan available to those buying or refinancing a home or investment property. A credit card is not part of its package.

      If you are looking for a home loan product that comes with a credit card, you can compare your options here.

      Cheers,
      Anndy

  4. Default Gravatar
    TambenSeptember 25, 2016

    Hi, just wondering if there is a limit to the amount of money you can have in your offset account?

    • Staff
      AnndySeptember 26, 2016Staff

      Hi Tamben,

      Thanks for your question.

      The ING DIRECT Orange Advantage Loan comes with a 100% offset facility. Say you have a mortgage of $100,000 and you also have $100,000 balance retained in your offset account, you would pay absolutely no interest on your mortgage at all.

      Cheers,
      Anndy

  5. Default Gravatar
    WendyAugust 20, 2016

    Hi, would you guys know if ING Direct writes construction loans and if so, can this particular type of loan( orange advantage) be used as construction loan for the knock down and rebuild of a PPOR? Thanks in advance.

    • Staff
      JodieSeptember 7, 2016Staff

      Hi Wendy,

      Thank you for contacting finder.com.au we are a financial comparison website and a general information service.

      As far as we are aware ING DIRECT no longer offers construction loans, however, in regards to using the Orange Advantage Loan for construction you will need to clarify with ING DIRECT directly as I do not believe they allow this.

      Regards
      Jodie

  6. Default Gravatar
    GretaAugust 8, 2016

    How do offset accounts work? I want to refinance an existing property and currently have no offset account, just the loan where additional payment reduce the interest but are still available in redraw. Is Orange Everyday bank account the offset account? Or is the offset account a different account?

    • Staff
      MayAugust 9, 2016Staff

      Hi Greta,

      Thanks for your inquiry.

      Basically, an offset account is like a regular transaction account that has been linked to your mortgage account. It is one of the commonly known features offered on several home loans (usually on variable rate loans and some on fixed rate loans). You can put money into this account and it helps to reduce the interest payable on your home loan.

      The Orange Everyday bank account, for instance, can be linked to your home loan as your offset account.

      Cheers,
      May

  7. Default Gravatar
    DeanAugust 3, 2016

    Can you please confirm my understanding of the following….

    “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.”

    From what I understand, you would have quite a large loan where you are paying a minimum 3000 per month, assuming I meet the other criteria of 1000 or more into the Everyday account per month.

    So if I pay 4000 in monthly repayments, I receive 1% of the difference between 4000 and 3000 which = $10.
    Is this correct?

    • Staff
      MayAugust 3, 2016Staff

      Hi Dean,

      Thank you for your question.

      With ING Orange Advantage Offset Home Loan, if you also have an Orange Everyday transaction account and deposit your salary into it (of at least $1,000 per month), you will receive 1% cash back based on monthly mortgage repayments of up to $3,000.

      For instance, if you are making repayments of $3,000 per month, this could mean you will receive $30 cash back per calendar month.

      Hope this has answered your question.

      Cheers,
      May

  8. Default Gravatar
    WeiNovember 25, 2015

    hi, i have been with ING DIRECT Orange Advantage Loan (4.29% interest rate) for a month now, but i have changed my mind and would like to sell my property. How much fees do i have to pay apart from exit fee ($250)? Mine is variable rate. Cheers

    • Staff
      MarcNovember 26, 2015Staff

      Hi Wei,
      thanks for the question.

      While you won’t be liable to pay break costs as this loan is not a variable rate home loan, the best way of finding out all the charges you would pay is to contact ING DIRECT directly. They’ll be able to give you an accurate quote for the costs you may have to pay to leave your home loan.

      I hope this helps,
      Marc.

  9. Default Gravatar
    HardeepSeptember 27, 2015

    I am interested in home loan around 300000. I am single earner and earning about 46000 annually. I have two children and getting family tax benefits. My husband is unemployed and he is on centrelink payments. We are first home buyers and have a health card. Ready to pay 21000 downpayment. Please guide.

    • Staff
      MarcSeptember 29, 2015Staff

      Hi Hardeep,
      thanks for the question.

      You can contact ING DIRECT by clicking on the ‘Go to Site’ buttons on this page. This will take you to the ING DIRECT website, where you can organise a discussion with an expert from ING DIRECT to find out what home loan options may be available to you.

      I hope this helps,
      Marc.

  10. Default Gravatar
    MickJuly 4, 2015

    Hi,
    Does the ing orange advantage have sub account within the offset account.
    If so, how many accounts.
    Thank you.

    • Staff
      JodieJuly 8, 2015Staff

      Hi Mick,

      Thank you for your comment on finder.com.au, a financial comparison website.

      The 100% offset account attached to the ING DIRECT Orange Advantage Loan is a single transaction account that you can deposit funds in that can then help to reduce the amount of interest charged on your loan.

      Regards
      Jodie

ING Orange Advantage Loan

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    $0 / $299

  • Max LVR

    80%

Ask a question
feedback