There are different rate tiers for the ING Orange Advantage home loan depending on the amount you are borrowing and your loan-to-value ratio. The rates are most favourable if you've already paid off a large sum of your mortgage, but even if you're just starting out all loans over $150,000 will get a 3.68% variable rate.
Here's how the rate tiers work. If you're purchasing an investment property and if you're looking for a loan between $150,000 - $2,000,000, you would be looking at a variable rate of 4.24%.
For owner occupier loans $150,000 - $1,000,000 with an LVR under 80% the rate is 3.68%. If you're borrowing above that, you'll snag a 3.64% rate.
For borrowers with an LVR between 80 - 90%, the rate is 3.97% no matter how much you're borrowing, and if your LVR is above 90%, you'll get a 4.75% rate. The maximum LVR available is 95%.
There is an 100% interest offset option if you link your home loan to the Orange Everyday Transaction Account which can save you a bunch of interest over the life of your loan.
You can make extra repayments anytime for free and if you find yourself in need of some extra cash down the line you can take advantage of the free redraw facility.
While there are no application fees for the Orange Advantage home loan there are still some upfront costs to be aware of. You'll need to pay a $299 upfront settlement fee and there is a property valuation fee to pay but ING will cover up to $225 of this cost on your first property evaluation ($750 for loans over $1 million). There is also a split loan option if you decide that you want to fix some of your loan for a set period if rates start to climb.
Be sure you take advantage of the 'free' options with this account like extra payments, free redraws and split loan options.
Who it's good for:
Anyone looking for competitive rates and loan flexibility.
You can make payments fortnightly or monthly but loan repayments must be done either via direct debit or salary credit so if you need an alternative payment method you'd need to consider an alternative loan.