ING offers relief to variable rate customers, cuts rates by 0.19%
25 Jun 2020
After being crowned Australia’s best bank in the 2020 Mozo Experts Choice Awards, ING has given Aussies one more reason to get on board, reducing variable home loan rates by 0.19% this morning.
Owner occupiers looking to borrow between $150,000 and $1 million (P&I, ≤80% LVR) will now be able to take advantage of a low 2.59% p.a. variable rate (2.62% p.a. comparison rate*) with the Mortgage Simplifier home loan.
For existing customers paying off a $400,000 loan over 25 years (P&I, LVR <80%), that will see monthly repayments reduced by $39, resulting in savings of $468 over the year.
ING also sharpened rates for its Orange Advantage home loan, which now comes with a 2.64% p.a. variable rate (2.98% p.a. comparison rate*) for owner occupiers borrowing between $150,000 and $1 million (P&I, ≤80% LVR).
The changes come after the online bank hiked fixed rates last week by as much as 0.20%, giving up its market leading position for a number of fixed rate options.
Key changes to Mortgage Simplifier
• $1 million+ (≤80%): 2.55% p.a. (2.58% p.a. comparison rate*)
• $500k+ (≤80%): 2.59% p.a. (2.62% p.a. comparison rate*)
• $150k+ (≤80%): 2.59% p.a. (2.62% p.a. comparison rate*)
• $150k+ (80-90%): 2.69% p.a. (2.72% p.a. comparison rate*)
Key changes to Orange Advantage
• $1 million+ (≤80%): 2.60% p.a. (2.95% p.a. comparison rate*)
• $500k+ (≤80%): 2.64% p.a. (2.98% p.a. comparison rate*)
• $150k+ (≤80%): 2.64% p.a. (2.98% p.a. comparison rate*)
• $150k+ (80-90%): 2.74% p.a. (3.08% p.a. comparison rate*)
Since the RBA’s out-of-cycle decision to reduce the cash rate to 0.25% back in March, the majority of cuts to home loans have been applied to fixed rates. That said, there have still been pockets of activity on the variable rate front.
Bank of Melbourne reduced variable rates by 0.10% for owner occupiers and between 0.20% and 0.30% for investors this month. Its Basic Home Loan now offers 2.64% p.a. (2.66% p.a. comparison rate*) on loans with an LVR of between 60% and 80%.
Westpac also made changes, cutting rates for its Flexi First Option Home Loan by 0.24% for owner occupiers. It now offers rates as low as 2.69% p.a. (2.70% p.a. comparison rate*).
Meanwhile, Reduce Home Loans introduced the Super Saver Variable home loan, which currently sports the lowest variable rate in our database at just 2.19% (2.19% comparison rate*).
If you’re looking to compare what else is on the market, head over to or home loans comparison page, or browse the selection below.
Home loan rates
Rates updated daily. Advertiser disclosure.
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Mozo experts choice awards won:
- Offset Home Loan - 2021
- Low Cost Home Loan - 2021
1.99% p.a.variable for 12 months and then 2.48% p.a. variable
2.47% p.a.
$1234
Product details Close detailsMozo experts choice awards won:
- Offset Home Loan - 2021
- Low Cost Home Loan - 2021
Smart Booster Home Loan
1 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR
1.99% p.a.variable for 12 months and then 2.48% p.a. variable
2.47% p.a.
A super low introductory rate home loan with no monthly or ongoing fees. Unlimited free redraws and unlimited additional repayments to help you build your equity and own your home sooner. Multiple loan splits available. (Rates revert after introductory period ends). 20% minimum deposit required. Winner of two Mozo Expert's Choice Award for 2021.
Smart Booster Home Loan
A super low introductory rate home loan with no monthly or ongoing fees. Unlimited free redraws and unlimited additional repayments to help you build your equity and own your home sooner. Multiple loan splits available. (Rates revert after introductory period ends). 20% minimum deposit required. Winner of two Mozo Expert's Choice Award for 2021.
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1.99% p.a.variable for 12 months and then 2.48% p.a. variable
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2.47% p.a.
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$520
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$0.00
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$0.00
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yes - free
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yes - free
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Optional - with 0.10% additional interest
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$520
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80.00%
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$50,000
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$1,000,000
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Variable
-
Principal & Interest
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Owner Occupier
-
Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the Smart Booster Home Loan
Details Close
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1.75% p.a.
fixed 3 years2.22% p.a.
$1234
Product details Close detailsUHomeLoan
Owner Occupier, Principal & Interest
1.75% p.a.
fixed 3 years2.22% p.a.
$0 fees and easy application. Choose between weekly, fortnightly or monthly repayments. 3 year fixed rates are for new Owner Occupier Principal & Interest loans.
UHomeLoan
$0 fees and easy application. Choose between weekly, fortnightly or monthly repayments. 3 year fixed rates are for new Owner Occupier Principal & Interest loans.
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1.75% p.a.
fixed 3 years -
2.22% p.a.
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$0
-
$0.00
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$0.00
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yes - free up to $20,000 p.a.
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no
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no
-
$0
-
80.00%
-
$100,000
-
$2,000,000
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Fixed
-
Principal & Interest
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Owner Occupier
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Weekly, Fortnightly, Monthly
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$395 Establishment fee waived for fixed rate loans that settle by 30 September 2022. Receive 1.75% 3 year fixed rate when you apply by 29 April 2021 and settle within 90 days.
Read our Mozo Review to learn more about the UHomeLoan
Details Close
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2.09% p.a.
fixed 3 years2.43% p.a.
$1234
Product details Close detailsBasic Home Loan
Fixed, Owner Occupier, Principal & Interest, LVR<70%
2.09% p.a.
fixed 3 years2.43% 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.
Basic Home Loan
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.
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2.09% p.a.
fixed 3 years -
2.43% p.a.
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$0
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$0.00
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$400.00
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yes - free
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yes - free
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no
-
$0
-
70.00%
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$150,000
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$750,000
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Fixed
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Principal & Interest
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Owner Occupier
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Monthly
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Read our Mozo Review to learn more about the Basic Home Loan
Details Close
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Mozo experts choice awards won:
- Home Loan Innovation - 2021
- Investor Home Loan - 2021
- Low Cost Home Loan - 2021
2.19% p.a. variable
2.19% p.a.
$1234
Product details Close detailsMozo experts choice awards won:
- Home Loan Innovation - 2021
- Investor Home Loan - 2021
- Low Cost Home Loan - 2021
Celebrate Variable Home Loan
<60% LVR, Owner Occupier, Principal & Interest
2.19% p.a. variable
2.19% p.a.
Fast and efficient online application. Automatic discounts as loan is paid off. Free extra repayments and redraw facility. Zero fees to consider. Min 40% deposit required. Winner of three Mozo Expert's Choice Award for 2021.
Celebrate Variable Home Loan
Fast and efficient online application. Automatic discounts as loan is paid off. Free extra repayments and redraw facility. Zero fees to consider. Min 40% deposit required. Winner of three Mozo Expert's Choice Award for 2021.
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2.19% p.a. variable
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2.19% p.a.
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$0
-
$0.00
-
$0.00
-
yes - free
-
yes - free
-
no
-
$0
-
60.00%
-
$100,000
-
$2,000,000
-
Variable
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Principal & Interest
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Owner Occupier
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Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the Celebrate Variable Home Loan
Details Close
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^See information about the Mozo Experts Choice Home loans Awards
