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

By Niko Iliakis · · 2 min read
Fact Checked
Advertiser disclosure

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.

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Last updated 5 December 2025 Important disclosures and comparison rate warning*
What are your home loan needs?
Loan purpose
Buying or Refinancing
  • Promoted

    Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.19 % p.a.
    Variable
    Comparison rate
    5.10 % p.a.
    Initial monthly repayment
    $2,742
    Go to site
    • The first home loan with an automatic loyalty discount (conditions apply)
    • No application or banking fees
    • Built by CommBank

  • First Home Buyer Loan

    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    • For first home buyers
    • Offset available
    • Redraw available
    Interest rate
    4.99 % p.a.
    Variable
    Comparison rate
    5.04 % p.a.
    Initial monthly repayment
    $2,681
    Go to site
    • Competitive interest rate – 4.99% p.a. (comparison rate* 5.04% p.a.)
    • Offset account to reduce interest and save on repayments
    • No establishment or monthly fees, plus valuation fees waived up to $1,000 (limited time)

  • Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    Interest rate
    5.09 % p.a.
    Fixed 2 years
    Comparison rate
    5.43 % p.a.
    Initial monthly repayment
    $2,712
    Go to site
    • No ongoing annual fees
    • Make up to $25,000 extra repayments during a fixed period, fee free (T&Cs apply)
    • Lock in for up to 5 years.

  • Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.19 % p.a.
    Variable
    Comparison rate
    5.10 % p.a.
    Initial monthly repayment
    $2,742
    Go to site
    • The first home loan with an automatic loyalty discount (conditions apply)
    • No application or banking fees
    • Built by CommBank

  • Discount Great Rate Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.19 % p.a.
    Variable
    Comparison rate
    5.20 % p.a.
    Initial monthly repayment
    $2,742
    Go to site
    • Get up to $3,000 cashback when you apply online (T&Cs apply)
    • No paperwork or payslips required (see site for details)
    • Low variable rate

  • Variable Home Loan 90

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.29 % p.a.
    Variable
    Comparison rate
    5.33 % p.a.
    Initial monthly repayment
    $2,773
    Go to site
    • No monthly or ongoing fees
    • Option to add an offset for 0.10% p.a.

  • Offset Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.39 % p.a.
    Variable
    Comparison rate
    5.42 % p.a.
    Initial monthly repayment
    $2,805
    Go to site
    • No ongoing monthly loan maintenance fees to pay.
    • Pre-approval valid for 3 months
Showing 6 results from 380 home loans. Use the filters to see more

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* 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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