ING joins low rate party with release of new Unsecured Personal Loan
Whether it’s using some time off over the winter holidays to renovate your home before spring selling season, or getting organised for a summer vacation by buying flights to Europe, ING has a new funding solution to help you make things happen.
The online bank released a new Unsecured Personal Loan yesterday, and with a combination of a low fixed rate of 8.99% and no monthly service fees, it could well prove a handy solution for any number of projects or goals Aussies are looking to accomplish.
Australians will be able to borrow up to $30,000 over a two to five year period with the new personal loan, although they will need to fork out a $100 establishment fee upon applying.
The good news though is that ING will waive that $100 establishment fee for any existing customers with an active Orange Everyday account at the time of application.
It will also waive the fee for new applicants who request to open a Mozo Experts Choice award-winning Orange Everyday account when applying for the new loan.
The introduction of the new, low rate Unsecured Personal Loan from ING comes amid a recent downward rate trend among personal loan providers, with figures from the Mozo database indicating that there have been five rate cuts and just a single rate increase in personal loans over the last month.
Personal loans July 2018 - last updated 27 April 2024
How much could you save with an ING unsecured personal loan?
While a personal loan without a monthly service fee plus an application fee waiver for certain applicants might sound tempting, when it comes to the amount of interest you actually pay, is there really that much difference between loans from different providers?
Well according to the Mozo personal loan comparison calculator, a homeowner who borrowed $23,000 to fund a kitchen renovation using a personal loan with the average unsecured rate currently* in the Mozo database (11.68%) would end up paying $5,899 in total interest over a four year period.
However, the same homeowner would pay just $4,468 in total interest for the same $23,000 renovation if they used ING’s Unsecured Personal Loan with the 8.99% instead - a saving of $1,431.
Which just goes to show that it’s never a bad idea to compare different rates before you lock down a personal loan deal.
Interested in jumping on a low rate personal loan deal to fund your own project? Compare a range of great low rate offers using Mozo’s handy personal loan comparison tables.
*Correct as of 29 June, 2018.
* WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. 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.
^See information about the Mozo Experts Choice Personal Loan Awards
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