ING moves on fixed home loan rates
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^.
| Term | Rate leader | Fixed rate | Average |
| 1-year | bcu | 1.67% (3.84% comparison rate*) | 2.32% |
| 2-year | Homestar | 1.74% (2.23% comparison rate*) | 2.29% |
| 3-year | Credit Union SA | 1.79% (3.33% comparison rate*) | 2.31% |
| 4-year | BankVic | 1.95% (2.72% comparison rate*) | 2.48% |
| 5-year | UBank | 2.24% (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).
Fixed home loan comparisons on Mozo
Promoted
-
Fixed Home Loan
- Owner Occupier
- Principal and Interest
Go to site- Interest rate
-
5.54
%
p.a.
Fixed 2 years
- Comparison rate
-
5.93
%
p.a.
- Initial monthly repayment
-
$2,852
Competitive fixed rate on up to a 30 year loan term. No application fees to pay. Additional repayments up to $20,000 per year without penalty. Free online redraw. Optional 100% offset feature ($10/month) 10% minimum deposit. Fees & charges apply, Australian Credit Licence 237879 is held by Bendigo and Adelaide Bank Limited, the credit provider.
- Interest rate
-
1 year - 5.84% p.a. (6.01% p.a.*)
2 years - 5.54% p.a. (5.93% p.a.*)
3 years - 5.94% p.a. (6.01% p.a.*)
4 years - 6.14% p.a. (6.08% p.a.*)
5 years - 6.14% p.a. (6.09% p.a.*)
- Fixed loan revert rate
-
5.98% p.a.
- Upfront fees
-
$495
- Ongoing fees
-
$0.00
- Discharge fee
-
$325.00
- Package
-
- Maximum loan to value ratio
- 90.00%
- Minimum borrowing amount
- $50,000
- Maximum borrowing amount
- $3,000,000
- Type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- -
- Extra repayments
- -
- Redraw facility
- yes - free
- Minimum redraw amount
- -
- Offset account
- yes- optional with $10/month
- Split account
- -
- Other restrictions
- Settlement fee comprises of settlement fee and loan processing fee. Valuation fee varies.
- Other benefits
- -
- Special offers
- -
Read reviews and learn more about NRMA Insurance home loans
Go to site -
Mozo experts choice awards won:
- Exceptional Value Home Lender - 2024
Fixed Express Home Loan
- Owner Occupier
- Principal & Interest
Go to site- Interest rate
-
5.54
%
p.a.
Fixed 2 years
- Comparison rate
-
6.11
%
p.a.
- Initial monthly repayment
-
$2,852
Lock in a low 2 year fixed rate with the Mozo award winning Home Lender of the Year. Available for live-in borrowers with just a 10% deposit required. Free extra repayments (up to 20% in fixed period), free redraw and partial offset available. $10 monthly service fee. Aussie support centre. Fast approvals. Up to 6 free offset accounts (T&Cs apply).
- Interest rate
-
1 year - 5.84% p.a. (6.19% p.a.*)
2 years - 5.54% p.a. (6.11% p.a.*)
3 years - 6.04% p.a. (6.21% p.a.*)
4 years - 6.04% p.a. (6.20% p.a.*)
5 years - 6.04% p.a. (6.20% p.a.*)
- Fixed loan revert rate
-
6.09% p.a.
- Upfront fees
-
$134
- Ongoing fees
-
$10.00 monthly
- Discharge fee
-
$350.00
- Package
-
- Maximum loan to value ratio
- 90.00%
- Minimum borrowing amount
- $5,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Extra repayments
- yes - up to 20% during the fixed period
- Redraw facility
- yes - free
- Minimum redraw amount
- $0.00
- Offset account
- yes - partial only
- Split account
- no
- Other restrictions
- Electronic Valuation: $134. Full Valuation <$1m: $220 and>$1m: $440. Loan applicable when buying or refinancing an established property in a capital city or major regional centre.
- Other benefits
- -
- Special offers
- -
Read reviews and learn more about Bendigo Bank home loans
Go to site
-
Fixed Home Loan
- Owner Occupier
- Principal and Interest
Go to site- Interest rate
-
5.54
%
p.a.
Fixed 2 years
- Comparison rate
-
5.93
%
p.a.
- Initial monthly repayment
-
$2,852
Competitive fixed rate on up to a 30 year loan term. No application fees to pay. Additional repayments up to $20,000 per year without penalty. Free online redraw. Optional 100% offset feature ($10/month) 10% minimum deposit. Fees & charges apply, Australian Credit Licence 237879 is held by Bendigo and Adelaide Bank Limited, the credit provider.
- Interest rate
-
1 year - 5.84% p.a. (6.01% p.a.*)
2 years - 5.54% p.a. (5.93% p.a.*)
3 years - 5.94% p.a. (6.01% p.a.*)
4 years - 6.14% p.a. (6.08% p.a.*)
5 years - 6.14% p.a. (6.09% p.a.*)
- Fixed loan revert rate
-
5.98% p.a.
- Upfront fees
-
$495
- Ongoing fees
-
$0.00
- Discharge fee
-
$325.00
- Package
-
- Maximum loan to value ratio
- 90.00%
- Minimum borrowing amount
- $50,000
- Maximum borrowing amount
- $3,000,000
- Type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- -
- Extra repayments
- -
- Redraw facility
- yes - free
- Minimum redraw amount
- -
- Offset account
- yes- optional with $10/month
- Split account
- -
- Other restrictions
- Settlement fee comprises of settlement fee and loan processing fee. Valuation fee varies.
- Other benefits
- -
- Special offers
- -
Read reviews and learn more about NRMA Insurance home loans
Go to site -
Mozo experts choice awards won:
- Exceptional Value Home Lender - 2024
Fixed Express Home Loan
- Owner Occupier
- Principal & Interest
Go to site- Interest rate
-
5.54
%
p.a.
Fixed 2 years
- Comparison rate
-
6.11
%
p.a.
- Initial monthly repayment
-
$2,852
Lock in a low 2 year fixed rate with the Mozo award winning Home Lender of the Year. Available for live-in borrowers with just a 10% deposit required. Free extra repayments (up to 20% in fixed period), free redraw and partial offset available. $10 monthly service fee. Aussie support centre. Fast approvals. Up to 6 free offset accounts (T&Cs apply).
- Interest rate
-
1 year - 5.84% p.a. (6.19% p.a.*)
2 years - 5.54% p.a. (6.11% p.a.*)
3 years - 6.04% p.a. (6.21% p.a.*)
4 years - 6.04% p.a. (6.20% p.a.*)
5 years - 6.04% p.a. (6.20% p.a.*)
- Fixed loan revert rate
-
6.09% p.a.
- Upfront fees
-
$134
- Ongoing fees
-
$10.00 monthly
- Discharge fee
-
$350.00
- Package
-
- Maximum loan to value ratio
- 90.00%
- Minimum borrowing amount
- $5,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Extra repayments
- yes - up to 20% during the fixed period
- Redraw facility
- yes - free
- Minimum redraw amount
- $0.00
- Offset account
- yes - partial only
- Split account
- no
- Other restrictions
- Electronic Valuation: $134. Full Valuation <$1m: $220 and>$1m: $440. Loan applicable when buying or refinancing an established property in a capital city or major regional centre.
- Other benefits
- -
- Special offers
- -
Read reviews and learn more about Bendigo Bank home loans
Go to site -
Fixed Rate Home Loan
- Owner Occupier
- Principal & Interest
- LVR <60%
- Interest rate
-
5.59
%
p.a.
Fixed 5 years
- Comparison rate
-
6.27
%
p.a.
- Initial monthly repayment
-
$2,867
Get repayment certainty with HSBC’s low 2 Year Fixed Rate Home Loan. Make up to $10,000 of extra repayments a year. The option to split your home loan between fixed and variable. Plus, score $3,288 cashback when you refinance an existing home loan of $250,000. Must apply by 28 February 2023 and settle by 30 April 2023.
- Interest rate
-
1 year - 5.79% p.a. (6.47% p.a.*)
2 years - 5.59% p.a. (6.40% p.a.*)
3 years - 5.59% p.a. (6.35% p.a.*)
4 years - 5.59% p.a. (6.31% p.a.*)
5 years - 5.59% p.a. (6.27% p.a.*)
- Fixed loan revert rate
-
6.14% p.a.
- Upfront fees
-
$0
- Ongoing fees
-
$390.00 yearly
- Discharge fee
-
$300.00
- Package
-
Home Loan Package
- Maximum loan to value ratio
- 60.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- $7,500,000
- Type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Extra repayments
- yes - free up to $10,000 p.a.
- Redraw facility
- no
- Minimum redraw amount
- -
- Offset account
- no
- Split account
- yes
- Other restrictions
- -
- Other benefits
- -
- Special offers
- -
Read reviews and learn more about HSBC home loans
Interested in a HSBC home loan? Lendi specialists can help you refinance your home loan.
Compare 25+ lenders with our trusted partner, Lendi.
Talk to one of their experienced home loan specialists by answering a few questions online.
-
Fixed Rate
- Owner Occupier
- Principal & Interest
- <80% LVR
- Interest rate
-
5.74
%
p.a.
Fixed 3 years
- Comparison rate
-
6.81
%
p.a.
- Initial monthly repayment
-
$2,915
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.
- Interest rate
-
1 year - 6.14% p.a. (7.13% p.a.*)
2 years - 5.74% p.a. (6.94% p.a.*)
3 years - 5.74% p.a. (6.81% p.a.*)
4 years - 5.89% p.a. (6.75% p.a.*)
5 years - 5.99% p.a. (6.69% p.a.*)
- Fixed loan revert rate
-
7.24% p.a.
- Upfront fees
-
$160
- Ongoing fees
-
$0.00
- Discharge fee
-
$160.00
- Package
-
- Maximum loan to value ratio
- 80.00%
- Minimum borrowing amount
- $20,000
- Maximum borrowing amount
- -
- Type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Extra repayments
- yes - free up to to lesser of 5% of original fixed loan amount, or $5,000 each year
- Redraw facility
- no
- Minimum redraw amount
- -
- Offset account
- Optional - $10 per month - 1 year fixed term only
- Split account
- yes
- Other restrictions
- -
- Other benefits
- No monthly fee after end of fixed rate term. Lock your fixed rate for 90 days for a fee of $750 per $1m in lending (or part thereof).
- Special offers
- $3,000 cashback for eligible First Home Buyers borrowing $250k+, $2,000 cashback when you refinance loans of $250k+, <80% LVR, settle within 180 days for first home buyers, 120 days for refinances. Excludes refinances from ANZ, ANZ Plus and Suncorp.
Read reviews and learn more about ANZ home loans
Interested in an ANZ home loan? Lendi specialists can help you refinance your home loan.
Compare 25+ lenders with our trusted partner, Lendi.
Talk to one of their experienced home loan specialists by answering a few questions online.
Your selected home loans
^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
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.