$3,000 cashback: ING unveils new incentive for home loan refinancers
Online mortgage lender ING has launched a new cashback scheme for borrowers looking to refinance their home loans.
The bank will provide eligible refinancers with $3,000 cashback if they switch their existing loan from another lender to ING. There are a few loan requirements to meet (listed below) and other terms and conditions may apply (see ING’s website for more details):
- Loan sizes must be $500,000+ with a maximum loan-to-value ratio (LVR) of 80%
- Applications must be received by December 31, 2021
- Loans must be settled by 31 March, 2022
ING is by no means the only lender offering a cashback deal though. In fact, as of September 23, there are 27 lenders in the Mozo database offering cashback deals between $1,500 and $5,000 to eligible refinancers.
Of course, when it comes to comparing home loans there’s more to think about than just a cashback deal, as interest rates, fees and other loan features may all be important factors.
But if you are thinking about refinancing your loan and you’d like to learn more about ING's home loans, we’ve made it easy by wrapping up three of them with mini reviews below.
ING CASHBACK HOME LOANS
Mortgage Simplifier
- Variable rates from 2.45% p.a. (2.48% p.a. comparison rate*)
- Make extra repayments and redraws for free
- $3,000 cashback offer
Looking for a straightforward variable rate home loan? ING’s Mortgage Simplifier could be the match for you. The loan features variable rates from as low as 2.45% p.a. (2.48% p.a. comparison rate*) for owner occupiers with a loan-to-value ratio (LVR) under 80%, plus borrowers will be able to make extra repayments towards their loan balance and even withdraw them down the line via a redraw facility. Eligible refinancers can even score $3,000 cashback (T&Cs apply) when they switch a loan of $500,000 or more (max. 80% LVR) over to ING, as long as they apply by December 31, 2021 and have their loan settled by March 31, 2022. Just bear in mind that while the Mortgage Simplifier doesn’t come with an ongoing annual fee, there are one-off settlement ($299) and discharge ($250) fees to consider.
Orange Advantage (Package)
- Variable rates from 2.50% p.a. (2.85% p.a. comparison rate*)
- 100% offset account, extra repayments and redraws
- $3,000 cashback offer
For borrowers on the hunt for a more feature-packed mortgage option, ING’s Orange Advantage (Package) loan may fit the bill. Owner occupiers (<80% LVR) will be able to grab competitive variable rates from just 2.50% p.a. (2.85% p.a. comparison rate*), but it doesn’t stop there, as they’ll also have access to a range of flexible loan features including a 100% offset account, extra repayments and an online redraw facility. There are a few fees to take into account though, such as the $299 yearly service fee and one-off settlement ($299) and discharge ($250) fees. We can’t forget the cashback offer though! ING is providing $3,000 cashback (T&Cs apply) to eligible new customers who refinance an existing mortgage of $500,000+ (<80% LVR) over to ING. Applications will need to be submitted by December 31, 2021 and loans must be settled by 31 March, 2022.
Fixed Rate Loan (with Orange Advantage)
- 2-year fixed rate of 1.84% p.a. (3.73% p.a. comparison rate*)
- Free extra repayments up to $10k p.a.
- $3,000 cashback offer
Alternatively, if you’re set on locking in a rate while rates are low then you might want to cast your eyes over ING’s Fixed Rate Loan (with Orange Advantage) which is currently offering fixed rates as low as 1.84% p.a. (3.73% p.a. comparison rate*) on a 2-year term for owner occupiers with an LVR under 80%. Borrowers will be able to make up to $10,000 in extra repayments each year during the fixed period, plus there’s no annual services fee to worry about. One-off settlement ($299) and discharge ($250) fees will apply though. Additionally, the bank is offering its $3,000 cashback deal (T&Cs apply) to eligible refinancers who are willing to switch their existing loan of $500k or more (max. 80% LVR) from another lender to ING. It’s a limited-time deal though, because applications must be in before December 31, 2021 and loans will need to be settled by 31 March, 2022.
Interested in seeing how the offers above compare against other loans on the market? Head on over to Mozo’s refinance home loans comparison table to view even more loans available to borrowers wanting to make the switch.
* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
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