ING to cut fixed home loan rates by up to 60 basis points

By Tom Watson · · 2 min read
Fact Checked
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One week on from the Reserve Bank’s November rate cut, ING has announced that it will be reducing rates on a number of its fixed home loans by between 5 and 60 basis points.

The changes, which come into effect this Friday (November 13), mean that the online banks’ lowest interest rate will drop to just 1.99% (3.43% comparison rate*) on a 4-year fixed term for owner occupiers.

Here’s what the new rates^ available on ING’s Fixed Rate Loan (Owner Occupiers with Orange Advantage) product for owner occupiers with an LVR below 80% will look like:

RateChange
1-year fixed2.19% (3.95% comparison rate*)-0.15%
2-year fixed2.09% (3.77% comparison rate*)-0.10%
3-year fixed2.04% (3.60% comparison rate*)-0.30%
4-year fixed1.99% (3.43% comparison rate*)-0.60%
5-year fixed2.19% (3.37% comparison rate*)-0.40%

To put ING’s new 4-year fixed rate into perspective, the average 4-year fixed rate for an owner occupier in the Mozo database was 2.90% at the start of this month - so a full 101 basis points higher.

However, given that lenders have been particularly focused on fixed rate home loan cuts since the RBA decision - at least so far - our average rates are likely to drop in the coming weeks.

While ING’s decision to cut fixed rates may be welcome news to refinancers or new borrowers, existing customers with a variable rate home loan may be less thrilled. That’s because the bank also revealed that there would be no changes to variable rates.

ING isn’t alone in failing to pass on the Reserve Bank’s 15 basis point cut to variable rate customers though - none of the big four passed on the latest cut, nor did a number of other large lenders.

In fact, at the time of publishing, just nine lenders being tracked in the Mozo database have so far announced a variable rate cut of at least 15 basis points.

RELATED: November RBA cut: Which banks have cut home loan rates?

Interested in locking in your mortgage rate? Check out some of the great fixed rate offers in the table below, or head on over to the Mozo home loan comparison hub for even more deals!

^It’s worth noting that ING has stated that these new fixed rates will be available for home loans which are settled between November 13 and January 31, 2020.

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Last updated 30 October 2024 Important disclosures and comparison rate warning*

Fixed home loan comparisons on Mozo

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  • Fixed Home Loan

    • Owner Occupier
    • Principal and Interest
    Interest rate
    5.54 % p.a.
    Fixed 2 years
    Comparison rate
    5.93 % p.a.
    Initial monthly repayment
    $2,852
    Go to site

    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.

  • Fixed Express Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.54 % p.a.
    Fixed 2 years
    Comparison rate
    6.11 % p.a.
    Initial monthly repayment
    $2,852
    Go to site

    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).

  • Fixed Home Loan

    • Owner Occupier
    • Principal and Interest
    Interest rate
    5.54 % p.a.
    Fixed 2 years
    Comparison rate
    5.93 % p.a.
    Initial monthly repayment
    $2,852
    Go to site

    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.

  • Fixed Express Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.54 % p.a.
    Fixed 2 years
    Comparison rate
    6.11 % p.a.
    Initial monthly repayment
    $2,852
    Go to site

    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).

  • 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.

  • 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.

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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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