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.
|Product Name||ING 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||$299 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 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.
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.