ING offers relief to variable rate customers, cuts rates by 0.19%

Niko Iliakis

25 Jun 2020

Ing cuts variable rates content

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.

  • UBank
    Mozo Expert Choice Badge" style="width:60px;">

    2.09% p.a.
    fixed 3 years

    2.19% p.a.

    $1234

    Product details Close details
    UHomeLoan

    Owner Occupier, Principal & Interest

    2.09% p.a.
    fixed 3 years

    2.19% 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.

    • 2.09% p.a.
      fixed 3 years

    • 2.19% p.a.

    • $0

    • $0.00

    • $0.00

    • yes - free up to $20,000 during fixed rate term

    • no

    • no

    • $0

    • 80.00%

    • $100,000

    • $2,000,000

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    • $395 Establishment fee waived for fixed rate loans that settle by 30 September 2022.

    Read our Mozo Review to learn more about the UHomeLoan

    Details Close

  • Hot Deal For a chance to win $100K towards your home loan, apply with Athena before Oct 31 & approved by Dec 15 (Please read the full T&C's)

    Athena
    Mozo Expert Choice Badge" style="width:60px;">

    1.99% p.a. variable

    1.99% p.a.

    $1234

    Product details Close details
    Celebrate Variable Home Loan

    <60% LVR, Owner Occupier, Principal & Interest

    1.99% p.a. variable

    1.99% p.a.

    Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required. Winner of three Mozo Expert's Choice Awards for 2021.

    Celebrate Variable Home Loan

    Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required. Winner of three Mozo Expert's Choice Awards for 2021.

    • 1.99% p.a. variable

    • 1.99% p.a.

    • $0

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • $0

    • 60.00%

    • $100,000

    • $2,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Celebrate Variable Home Loan

    Details Close

  • Macquarie

    2.09% p.a.
    fixed 3 years

    2.32% p.a.

    $1234

    Product details Close details
    Basic Home Loan

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

    2.09% p.a.
    fixed 3 years

    2.32% 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.

    Basic Home Loan

    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.

    • 2.09% p.a.
      fixed 3 years

    • 2.32% p.a.

    • $0

    • $0.00

    • $400.00

    • yes - free

    • yes - free

    • no

    • $0

    • 70.00%

    • $150,000

    • $750,000

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Monthly

    Read our Mozo Review to learn more about the Basic Home Loan

    Details Close

  • HSBC

    2.09% p.a.
    fixed 3 years

    2.87% p.a.

    $1234

    Product details Close details
    Fixed Rate Home Loan Home Loan Package

    Owner Occupier, Principal & Interest, LVR <80%

    2.09% p.a.
    fixed 3 years

    2.87% p.a.

    Ability to split your home loan between Fixed and Variable. Dedicated Relationship Manager. Min 20% deposit. Refinancers borrowing $250,000 or more could receive $3,288 cashback (T&Cs, eligibility and lending criteria apply).

    Fixed Rate Home Loan Home Loan Package

    Ability to split your home loan between Fixed and Variable. Dedicated Relationship Manager. Min 20% deposit. Refinancers borrowing $250,000 or more could receive $3,288 cashback (T&Cs, eligibility and lending criteria apply).

    • 2.09% p.a.
      fixed 3 years

    • 2.87% p.a.

    • $270

    • $390.00 yearly

    • $300.00

    • yes - free up to $10,000 p.a.

    • no

    • no

    • $270

    • 80.00%

    • $500,000

    • $7,500,000

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    • Receive $3,288 cashback when you refinance an existing home loan of $250,000. Must apply by 31 December 2021 and settle by 28 February 2022.

    Read our Mozo Review to learn more about the Fixed Rate Home Loan

    Details Close

^See information about the Mozo Experts Choice Home loans Awards