ING DIRECT launches new mortgage cash back offer

By Kirsty Timsans ·

ING Direct has announced the launch of a new cash back offer for home loan customers to come into effect from May 1.

Under this new cash back scheme customers with the Orange Advantage Offset Home Loan, offering a standard variable rate of 5.09%, will receive a 1% rebate on their monthly home loan repayments of up to $3000.

The rebate will only be eligible to customers who also have an Orange Everyday transaction account and deposit a minimum of $1,000 into it each month. The home loan rebate will be paid into the transaction account at the end of each month.

This new cash-back offer is one in a series of similar efforts to increase ING DIRECT’s customer loyalty. In 2014 the bank changed its ATM fee rebate scheme so that only customers who deposit at least $1,000 a month into their Orange Everyday transaction account were eligible.

“We are growing the number of customers who see us as their main bank and those customers are becoming strong advocates”, said ING DIRECT CEO Vaughn Richtor.

These efforts have been met with sound results with the number of Orange Everyday account holders growing by 40% to 270,000 in 2014 and the number of customers with more than one ING DIRECT product increasing by 40% in 2014.

Richtor explained that ING DIRECT sees the payment account as “the key to being the true primary bank for our customers, that goes to the heart of our strategy.”

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