Will ING deal inspire consumers to compare home loans?

Monday 08 November 2010

Article by Mozo

Australian consumers could be encouraged to compare home loans following the launch of a new switching incentive by one of the nation's smaller banks.

ING Direct is looking to take advantage of the recent controversy surrounding larger financial institutions by offering a $1,000 incentive to customers who switch their mortgage, it has been reported.

Under the terms of the deal, anyone bringing their mortgage across to the foreign-owned bank will receive $1,000, provided the switch is completed before June next year.

Don Koch, ING Direct's chief executive commented: "Switching banks should be easier and this $1,000 is an incentive for people to start the process.

"If customers become more mobile, banks will be forced to offer better value and better service."

The deal could inspire a number of consumers across the country to compare home loan rates to see if switching could help to save them money in the long run.

This article is brought to you by Mozo – Helping you compare home loans
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