Rate change: ING raises home loan rates

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Online bank ING has announced that it will be lifting interest rates on a number of its fixed and variable home loans by 10-30 basis points effective tomorrow (February 3).

The changes will see variable interest rates increase on the bank’s Orange Advantage loan, and fixed rates increase on both its Fixed Rate Loan and Fixed Rate Loan (with Orange Advantage) products.

As a result, the new lowest rates available on each loan will be:

LoanInterest rate
Orange Advantage2.14% p.a. variable rate (2.50% p.a. comparison rate*) for owner occupiers (<80% LVR)
Fixed Rate Loan2.44% p.a. fixed rate (3.97% p.a. comparison rate*) on a 1-year term for owner occupiers (<80% LVR)
Fixed Rate Loan (with Orange Advantage)2.34% p.a. fixed rate (3.96% p.a. comparison rate*) on a 1-year term for owner occupiers (<80% LVR)

Since November, 78 different lenders being tracked in the Mozo database have increased over 2,500 fixed mortgage rates, so ING’s move to lift a number of its own fixed rates doesn’t come as a surprise.

What is interesting is the bank's decision to lift rates on its variable Orange Advantage loan, because most lenders have been moving variable rates in the other direction in recent months. In fact, ING reduced rates on that loan by up to 25 basis points as recently as November.

However, rates on ING’s other variable rate loan - the Mortgage Simplifier - will remain unchanged.

Owner occupiers with an LVR below 80% can currently access rates as low as 1.99% p.a. (2.02% p.a. comparison rate*) with the Mortgage Simplifier, which is among the lowest variable rates available among lenders being tracked in the Mozo database.

RELATED: Home loan rate check: How do ANZ, CBA, NAB and Westpac compare?

Want to see how ING’s rates stack up against other offers? Head on over to the Mozo home loan comparison table to browse through hundreds of loans available from Australian lenders, or get started straight away by checking out some of the great deals in the table below.

Home loan comparison - February 2022 - last updated 6 July 2022

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  • Smart Booster Home Loan

    2 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    2.60% p.a.variable for 24 months and then 3.00% p.a. variable
    2.96% p.a.

    New super low introductory rate home loan for two years. Min 20% deposit. No monthly or ongoing fees. Fast settlement times. Mozo award-winning online lender. Friendly, local Australian based team.

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  • Unloan Variable

    Owner Occupier, Refinance Only

    interest rate
    comparison rate
    Initial monthly repayment
    2.64% p.a. variable
    2.56% 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.

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  • Mozo Expert Choice Badge
    Variable Rate Home Loan

    Owner Occupier, Principal & Interest, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    2.59% p.a. variable
    2.49% p.a.

    $5000 refinance cashback. Owner-occupier refinancers only living in NSW/VIC/SA metro and inner regional areas. Receive up to an additional 0.15% off your rate as you pay off the loan. Receive bonus payments up to $2,500. T&Cs apply. Mozo Experts Choice Award winner for 2022^.

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  • Basic Home Loan

    Owner Occupier, LVR<60%, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    2.84% p.a. variable
    2.84% p.a.

    Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. Apply online in as little as 15 minutes.

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  • Variable Home Loan

    Owner Occupier, Principal & Interest, LVR <60%

    interest rate
    comparison rate
    Initial monthly repayment
    2.64% p.a. variable
    2.66% p.a.

    Purchase and Refinance. Yard’s low-rate variable special home loan is packed with all features – unlimited additional repayments, free redraw, optional 100% offset account. Enjoy a simple online application.

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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, 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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