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

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 - last updated 12 August 2022

Search promoted home loans below or do a full Mozo database search . Advertiser disclosure
  • Variable Home Loan 70

    interest rate
    comparison rate
    Initial monthly repayment
    3.10% p.a. variable
    3.12% p.a.

    Affordable home loan rate for buyers or refinancers.. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 30% deposit required.

    Details
  • Unloan Variable

    Owner Occupier, Refinance Only

    interest rate
    comparison rate
    Initial monthly repayment
    3.14% p.a. variable
    3.06% p.a.

    For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.

    Details
  • PAYG Home Loan

    Owner Occupier, Principal & Interest, LVR<80%

    interest rate
    comparison rate
    Initial monthly repayment
    3.29% p.a. variable
    3.33% p.a.

    Low variable rate. Ideal for new home buyers or refinancers. Unlimited additional repayments. Unlimited free redraw. Application completely online. Optional 100% offset can be added for $120 p.a.. 20% deposit required.

    Details

* 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.

^See information about the Mozo Experts Choice Home Loan Awards

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