Rate change: ING raises home loan rates

By Tom Watson · · 2 min read
Fact Checked
Advertiser disclosure
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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 25 April 2024

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure
  • Featured Product
    Mozo Expert Choice Badge
    Unloan Variable

    Owner Occupier, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    5.99% p.a. variable
    5.90% p.a.

    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 online in minutes.

    Compare
    Go to site
    Details
  • Mozo Expert Choice Badge
    Express Home Loan

    Owner Occupier, Principal & Interest, LVR <90%

    interest rate
    comparison rate
    Initial monthly repayment
    6.01% p.a. variable
    6.14% p.a.

    Get fast online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.

    Compare
    Go to site
    Details
  • Discounted Home Value Loan

    Owner Occupier, Principal & Interest, LVR 70-80%

    interest rate
    comparison rate
    Initial monthly repayment
    6.09% p.a. variable
    6.09% p.a.

    Enjoy competitive rates for owner occupiers. Enjoy unlimited free extra repayments. Flexibility to redraw additional payments for free. No ongoing monthly service fee. Settlement fee waived on new borrowings from $50,000 (T&Cs apply).

    Compare
    Details
  • Basic Home Loan

    Fixed, Investment, Interest Only, LVR <70%

    interest rate
    comparison rate
    Initial monthly repayment
    6.49% p.a.
    fixed 2 years
    6.56% p.a.

    Compare
    Go to site
    Details
  • Featured Product
    Mozo Expert Choice Badge
    Unloan Variable

    Investment, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    6.29% p.a. variable
    6.20% p.a.

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for investors. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

    Compare
    Go to site
    Details
  • Fixed Rate

    Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    6.54% p.a.
    fixed 2 years
    7.10% p.a.

    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.

    Compare
    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. 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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