ING DIRECT launches new mortgage cash back offer

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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*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, loan amount and term entered. 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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