ING moves on fixed home loan rates

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One of Australia’s largest home loan lenders, ING, has announced that it will be making a number of changes to its fixed rate home loans, including the introduction of tiered pricing for different loan-to-value ratios (LVRs).

Coming into effect tomorrow (May 26), the changes will affect new owner occupier customers on the bank’s Fixed Rate Loan and Fixed Rate Loan (with Orange Advantage) home loan products.

These include cuts of between 15-35 basis points on shorter fixed rate terms (1-3 years) and increases of between 20-35bp on longer fixed rate terms (4-5 years).

As a result, the lowest fixed rates available to owner occupiers with the ING Fixed Rate Loan (with Orange Advantage) will be:

  • 1-year: 2.04% (3.94% comparison rate*)
  • 2-year: 1.84% (3.73% comparison rate*)
  • 3-year: 1.89% (3.56% comparison rate*)
  • 4-year: 2.34% (3.54% comparison rate*)
  • 5-year: 2.49% (3.48% comparison rate*)

ING will also be rolling out a new tiered pricing system tomorrow for borrowers with varying loan-to-value ratios (LVRs).

The new system, which will only apply to new borrowers, will expand the existing number of tiers to include specific rates for LVRs below 80%, between 80%-90% and above 90%.

How do ING’s new rates stack up?

There’s been a fair bit of action in the fixed rate home loan market of late, with plenty of lenders having already made the same moves as ING: sharpening shorter term rates and lifting longer ones.

So with all this movement, how will ING’s new fixed rates actually compare?

Well, ING’s new rates on the Fixed Rate Loan (with Orange Advantage) will be among the ten lowest in the Mozo database for 2-year and 3-year terms. And while not among the very lowest around, the 1-year, 4-year and 5-year fixed rates will also be quite competitive.

For comparison, here are the lowest fixed rates currently in the Mozo database as well as the average fixed rates, both of which are for owner occupiers^.

TermRate leaderFixed rateAverage
1-yearbcu1.67% (3.84% comparison rate*)2.32%
2-yearHomestar1.74% (2.23% comparison rate*)2.29%
3-yearCredit Union SA1.79% (3.33% comparison rate*)2.31%
4-yearBankVic1.95% (2.72% comparison rate*)2.48%
5-yearUBank2.24% (2.33% comparison rate*)2.69%

RELATED: ING crowned 2021 Mozo Experts Choice Home Lender Bank of the year

Interested in comparing even more mortgage offers? Head on over to the Mozo home loan comparison tables for the latest rates, fees and features from a range of lenders.

Or if it’s a fixed home loan rate you’re looking for then check out the hot offers below (including ING’s).

Compare fixed home loans - last updated 3 March 2024

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    Home Fixed Rate

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    5.80% p.a.
    fixed 3 years
    5.91% p.a.

    Enjoy the security of a competitive fixed interest rate from Up. No application, monthly, annual, redraw, or discharge fees to pay. Up to 50 free offset accounts available. Up home loans are only available to owner-occupiers buying or refinancing in major Australian cities. Up is 100% owned by Bendigo Bank. New joiners get $10 by signing up to the app using code UPHOMEMOZO. (T&Cs apply). Mozo Experts Choice award winner.

    Compare
    Details
  • Basic Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR<70%

    interest rate
    comparison rate
    Initial monthly repayment
    5.99% p.a.
    fixed 3 years
    6.13% p.a.

    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.

    Compare
    Details
  • Flex Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR 70-80%

    interest rate
    comparison rate
    Initial monthly repayment
    6.64% p.a.
    fixed 3 years
    6.56% p.a.

    Competitive fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 20% deposit required.

    Compare
    Details
  • Fixed Rate Loan with Orange Advantage

    Orange Advantage, Owner Occupiers, Principal & Interest, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    6.09% p.a.
    fixed 2 years
    6.16% p.a.

    Know exactly what your repayments will be, and you can fix your rate for up to 5 years. No monthly, annual fee or transaction fees. Free additional repayments (less than $10,000 p.a.). Valid for loans of $50,000 up to $2,000,000.

    Compare
    Details
  • Basic Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR 70-80%

    interest rate
    comparison rate
    Initial monthly repayment
    6.09% p.a.
    fixed 3 years
    6.19% p.a.

    Get a flexible loan structure with up to six loan accounts with different rate types. Make free extra repayments. Enjoy free redraw facility. No upfront or ongoing fees. Option to earn Qantas points.

    Compare
    Details
  • Fixed Rate

    Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    6.54% p.a.
    fixed 2 years
    7.10% p.a.

    Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.

    Compare
    Details
  • Flex Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR 70-80%

    interest rate
    comparison rate
    Initial monthly repayment
    6.64% p.a.
    fixed 2 years
    6.52% p.a.

    Competitive fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 20% deposit required.

    Compare
    Details

^Based on an owner occupier making principal and interest repayments on a $400,000 loan with an 80% LVR. For more information on average home loan rates, check out our dedicated Australian home loan statistics page.

* 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.

^See information about the Mozo Experts Choice Home Loan Awards

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