ING Home Loan Products
ING Fixed Rate
Some consumers may want to have the reliability of a fixed rate of interest for at least part of the term of the loan. ING recognises this, and provides the customer with five different fixed rate products.
The shortest period for an ING fixed rate mortgage. After one year, this product reverts to the variable interest rate.
A way for customers to achieve a little bit more peace of mind from their home loan. This product reverts back to a variable rate after two years.
The mid-period fixed rate product from ING. Once three years are up, the loan reverts back to a variable rate.
Customers looking for extended periods of fixed interest rates will find their needs covered by ING. This product reverts to a variable rate after four years.
The longest terms of fixed interest available from ING, this time providing five years before reverting to a variable rate.
Each tier of ING’s fixed interest rate products feature the following;
- Discounts during the fixed rate term
- No recurring fees
- Discounts apply also when the loan reverts to a variable rate
- Withdrawals are available in conjunction with an Orange Everyday account
- Rates can be secured up to 90 days before settlement is made
- Fixed interest rates are secured for a period of between one and five years
ING Mortgage Simplifier
The Basic Mortgage Simplifier from ING is the institution’s entry level variable interest rate mortgage, providing competitive interest rates to consumers in Australia. This is the product to which fixed rate loans will revert to at the end of the fixed period.
Customers selecting this home loan package receive the following features;
- High levels of flexibility on additional payments, allowing you to pay back the loan as quickly as you want to
- Ability to redraw money from additional payments
- No recurring fees to worry about
- Owner occupiers are eligible for discounted interest rates
- Compatible with the Orange Everyday transaction account
ING Standard Variable Orange Advantage
Orange Advantage is a variable interest rate home loan which is designed with transparency and reliability in mind. With this product, ING aims to take the complication out of applying for a home loan and receiving a settlement.
The Orange Advantage is 100% interest offset, instantly providing an attractive advantage to the consumer. Customers can also receive the following benefits as part of their Variable Orange Advantage loan;
- No charge for loan application
- No charge to split the loan into variable and fixed rate components
- No fee levied by ING for loan variations
- Small annual fee charged each year
- Interest rate discounts for eligible customers across the full lifetime of the loan
About ING Refinancing
ING offers a wide variety of choices in mortgages, giving customers between 80% to 90% on owner-occupied homes. In their ING Guide On Refinancing, they make the following suggestions to help homeowners get a better deal.
Verify the Interest Rate
Verify that the interest rate promised will be the actual rate throughout the life of the mortgage, rather than just an introductory offer that is raised later. Some lenders raise the rates after an introductory period to a higher than average amount, which could easily make it more difficult to pay.
Apply to Multiple Lenders
Applying to many lenders simultaneously can lead to a lower credit score. Lenders see this as a move of desperation and will question a borrower’s ability to handle credit wisely. It is better to find a lender that looks promising and deal with them first.
Make Advance Payments
ING also suggests that borrowers be able to make advance payments on their mortgage, which will enable them to pay less interest and overall costs, as well as being able to pay the loan off sooner. It is also a good idea, they say, for borrowers to have enough extra money to be able to afford rate hikes when the mortgage shifts to a variable rate loan from a fixed rate loan.
Compare Home Loans
Comparing loans can be made easier and more accurately when comparison rates are used. This is because the figure given for a comparison rate takes into consideration the interest and the other applicable fees. It also reveals more accurately what the costs will be if dealing with an introductory rate or a fixed rate at the start of the mortgage.
Consider the Costs
It is also suggested by ING that all the costs of a mortgage be taken into account when looking at a mortgage. Fees will vary between lenders, and it could make a difference of thousands of dollars. Also, check to see if there are some fees that may be unnecessary in the borrower’s situation, which only means paying more for a mortgage. Features have extra charges, too, and some may not have any value to the particular borrower.
When looking to refinance a home loan, ING provides good financial advice. With their many mortgage options and excellent customer service, it is certainly worth a look.