ING Loan Guide

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ING Bank has a reputation for providing simple, customer-focused products and services. It has eliminated ATM fees on everyday transactions and offers some home loans with no ongoing fees. It was named Australia’s Most Recommended Bank by Nielsen Consumer & Media View. ING Bank is regulated by the Australian Prudential Regulation Authority (APRA).

ING Bank has a reputation for providing simple, customer-focused products and services. It has eliminated ATM fees on everyday transactions and offers some home loans with no ongoing fees. It was named Australia’s Most Recommended Bank by Nielsen Consumer & Media View. ING Bank is regulated by the Australian Prudential Regulation Authority (APRA).

ING Bank has held an Australian banking licence since 1994 and offers retail and wholesale banking services. ING has over 1000 employees and its Australian headquarters are in Sydney. It is a part of ING Group, which is based in the Netherlands. ING Group has approximately 52,000 employees across 40 countries around the world.

Awards

ING has won numerous awards for its banking, financial services, and home loan products, including:

In keeping with its reputation for simplicity, ING offers three types of home loans: mortgage simplifier, orange advantage and fixed rate. Its Construction Loans have been discontinued.

Mortgage Simplifier

This is a basic variable-rate home loan with no ongoing monthly or annual account-keeping fees. It is a good option for borrowers who want a simple loan without overloading on extras.

Features include:

  • Redraw facility with unlimited extra repayments
  • Low variable rate
  • Interest rate discounts available for eligible borrowers
Orange Advantage

A notable advantage of this home loan is the inclusion of a full offset facility, allowing borrowers to reduce their interest payments. This loan is slightly more flexible than the mortgage simplifier and has no monthly fees.

Features include:

  • 100% offset account
  • Ability to split between fixed and variable loan
  • Low annual fee of $299
Fixed Rate Home Loan

Borrowers who want to lock in a rate may prefer the fixed rate home loan. Fixed rate terms of one to five years are available. Note that interest-only repayments are not available on any owner-occupied fixed rate loans.

Features include:

  • $499 application fee waived when loan is combined with an orange advantage loan
  • Potential for a discounted rate when the loan reverts to a variable rate
  • No-fee extra repayments up to $10,000

ING’s home loans offer features to suit a range of borrowers. Note that not all features are available with each loan; terms and conditions may apply.

  • Add an Orange Everyday account and get free ATMs across Australia and a rebate on international ATMs and ING international transaction fees.
  • 30% discount when combining home & contents insurance with ING
  • Unlimited extra repayments on variable rate loans
  • Extra repayments up to $10,000 on fixed rate loans
  • 100% interest offset on the orange advantage option
  • Redraw facility on orange advantage and mortgage simplifier options
  • Interest rate discounts on owner-occupier loans of $150,000 or more, with the potential for further discounts if LVR is 90% or less
  • Interest rate discount of 0.10% off advertised fixed rates when combining a fixed rate and orange advantage loan
  • Lock in an advertised fixed rate up to 90 days before settlement, fee applies.

ING offers fixed, variable, and split loans. Interest-only and principal + interest repayments are available.

Interest-only loans
  • Maximum of 10 years for investment property loans
  • Maximum LVR of 80%
  • Not available to new customers taking out owner-occupier fixed rate loans
  • Lower repayments during interest-only period
  • Repayments must be made monthly
Principal + interest loans
  • Available on all ING loan types
  • Interest rate typically lower than an interest-only loan, but repayments are higher as you are paying down the amount borrowed as well as interest
  • Break costs may apply if you pay out a fixed rate home loan before the term ends
  • Repayments can be made fortnightly or monthly

You can apply for an ING home loan online or by calling 1800 100 258. It takes about ten minutes to get your application underway, and ING will keep you up to date with its progress through email, text message, and online tracking. You can also speak with a home loan specialist along the way.

For those who prefer to speak to someone in person, home loan applications can be made in person at their Sydney office.

To streamline the application process, you should have the following details at hand:

  • Income details
  • Current credit obligations
  • Current credit limits
  • Amount you wish to borrow

ING also has an online tool that allows you to estimate your borrowing power by entering information about your income and expenses.

Yes. All ING home loans have a flexible redraw facility, except for the following:

  • Fixed rate loans during the fixed rate period
  • Construction loans before they roll over to the mortgage simplifier

Eligible customers can access additional funds at any time, with no minimum redraw amount, no redraw fee and no restrictions on the number of redraw transactions. Instant redraws are available by linking an ING Orange Everyday transaction account to your home loan.

Redraw facilities are also accessible through the ING mobile app or by using ING online banking. Customers can use BPAY from certain home loans to pay bills using redraw.

ING home loan customers can make extra repayments on a principal + interest or interest-only loan. If you have a fixed rate loan, break fees may apply if you make $10,000 or more in additional repayments in an anniversary year.

You can make additional repayments by using ING online banking or over the phone. These repayments will also be available to redraw as required.

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