For those looking for the security that comes with locking in a favourable home loan rate, the 2020 Mozo Experts Choice Award winning ING Fixed Rate Loan is a real contender. It offers a seriously competitive 2.34% 3 year fixed rate (3.67% comparison rate), scratches ongoing transaction fees, and provides further benefits when combined with an ING Orange Everyday transaction account or Orange Advantage variable home loan.
The ING Fixed Rate Loan (Owner Occupiers with Orange Advantage) can be taken out on loans of $50,000 up to $2,000,000. You can choose fixed rate periods of between 1 - 5 years, but the interest rates vary depending on the loan term. The most competitive rate is the three year rate at 2.34% p.a. (3.67% comparison rate). See product details panel below for other terms.
There are no upfront or ongoing fees, and customers can make extra repayments of up to $10,000 p.a. without incurring any costs. However, there isn’t a redraw facility for this home loan, meaning you won’t be able to tap into those extra repayments if you need the funds down the track.
This loan must be combined with an Orange Everyday variable home loan, but the duality provides a discount of 0.10% on the advertised fixed rate. More bonus fun comes along with the linked Orange Everyday transaction account. You’ll receive all the standard benefits of the product (free ATMs across the country and rebates on ING international transactions and ATM use) plus the everyday roundup feature, which brings all your account transactions to the nearest $1 or $5 and transfers the leftovers to your home loan balance for extra micro repayments.
Repayments can be made fortnightly or monthly, so you’ve got some flexibility around when you’re parting with your hard-earned cash. With each repayment, you’ll be chipping away at the loan principal, as interest-only repayments are not currently available on any of ING's owner occupied fixed rate loans. At the end of the fixed rate period, you’ll be rolled over to the ING Orange Advantage variable home loan, so be sure to shop around and make sure this is the most competitive rate and convenient loan for your circumstances.
The ING Fixed Rate Loan is made for any prospective homeowners looking to lock in a rate and be sure about their regular repayment schedule, with some flexibility to make extra contributions.
You can lock in your fixed rate up to 90 days prior to your loan settlement to avoid rising interest rates, but a one-off fee of $749 applies. It could be a quick save if rates are in flux while your loan is being processed.
n/a
n/a
n/a
n/a
2.34% (3.96%*)
2.19% (3.79%*)
2.34% (3.67%*)
2.59% (3.63%*)
2.59% (3.52%*)
n/a
n/a
4.10% p.a.
$0.00
$0.00
$0.00
$299.00
n/a
$0.00
$250.00
$50,000
$2,000,000
none
95.00%
Fortnightly, Monthly
yes - free up to $10,000 pa
none
no
none
yes
no
Must be combined with an Orange Advantage variable home loan.
Everyday round up available, a feature that automatically rounds purchases made on INGs Orange Everyday transaction account to the nearest $1 or $5 and transfers the difference against your loan balance.
none
ING have a very competitive offering, and their app is easy to use and lets you set up multiple accounts as well.
Read full reviewING have a very competitive offering, and their app is easy to use and lets you set up multiple accounts as well.
Being a longstanding banking customer and after being conditionally approved for a mortgage to suck us in, ING ran us around and then let us down on finance. This meant we missed our finance deadline finding out a day before the clause was due. After being told everything was good right up till then we have been quite upset. According to a broker I found out after that they are assessing you at at much higher rates. (Something like 8% compared to 5.5% at the other banks). Poor communication, lack of understanding for clients position has taken me from a strong promoter of ING to a major detractor and I would not recommend anyone deal with them.
Read full reviewBeing a longstanding banking customer and after being conditionally approved for a mortgage to suck us in, ING ran us around and then let us down on finance. This meant we missed our finance deadline finding out a day before the clause was due. After being told everything was good right up till then we have been quite upset. According to a broker I found out after that they are assessing you at at much higher rates. (Something like 8% compared to 5.5% at the other banks). Poor communication, lack of understanding for clients position has taken me from a strong promoter of ING to a major detractor and I would not recommend anyone deal with them.
Horrible! Would give 0 stars if I could. Uncompassionate and uncaring. Long term loyal customer and have never missed a payment. However I am completely dissatisfied with the actions of this global "caring" bank". Given the current economy and challenges we are all facing, it is amazing no compassion is shown. Every financial institution is fighting for our business offering competitive home loans both in the fixed and variable options. This bank is not willing to look at any flexibility in the fixed home rate even though I'm getting charged close to 4% and some institutions are offering just over 2%. Although I said I'm happy to re-enter into a new contract with ING, they still want to charge me the enormous breakout cost close to $9000 to sign up to another contract with them. WOW! Losing a customer and their network forever over $9000. That money might not be a lot for you banks but at the moment, that money goes a long way to help every day folks. Okay ING, thanks for nothing and after a couple more months, you will never have my business again and I'll be sure to share my unfortunate experience.
Read full reviewHorrible! Would give 0 stars if I could. Uncompassionate and uncaring. Long term loyal customer and have never missed a payment. However I am completely dissatisfied with the actions of this global "caring" bank". Given the current economy and challenges we are all facing, it is amazing no compassion is shown. Every financial institution is fighting for our business offering competitive home loans both in the fixed and variable options. This bank is not willing to look at any flexibility in the fixed home rate even though I'm getting charged close to 4% and some institutions are offering just over 2%. Although I said I'm happy to re-enter into a new contract with ING, they still want to charge me the enormous breakout cost close to $9000 to sign up to another contract with them. WOW! Losing a customer and their network forever over $9000. That money might not be a lot for you banks but at the moment, that money goes a long way to help every day folks. Okay ING, thanks for nothing and after a couple more months, you will never have my business again and I'll be sure to share my unfortunate experience.
All going well so far, nearly three years in.
Read full reviewAll going well so far, nearly three years in.
ING is an easy home loan that helps us manage our money. We love the app.
Read full reviewING is an easy home loan that helps us manage our money. We love the app.
ING is part of the ING Group, one of the world's largest financial institutions, but it isn't like other banks. ING pioneered branch-less banking in Australia, getting rid of branches and passing on the savings to customers in the form of better rates and lower fees. From high interest savings accounts and term deposits to low rate home loans, ING aims to keep your banking simple.
See ING home loans
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