ING Home Loans Australia – Compare Fees & Rates 2020

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ING Home Loans

Before anything else, it can be quite difficult and nerve-wracking to find an offer that works for you. In this article, we’re going to be talking about ING Home loans specifically and why you should consider them.

About ING Australia Home Loans

ING Australia is part of the ING Group which is a Multinational bank from the Netherlands with assets totaling US$1.1 trillion. This has allowed it to be ranked among the top largest 30 banks in the world.

ING is a purely online institution, which may understandably rub some people the wrong way. However, we feel that the two biggest concerns with online lenders are mitigated in ING’s case. First of all their home loan interest rate is well within the average rage. Typically online lenders have a tendency to charge more than regular banks. In addition, the former is more likely to go out of business, compared to the latter. However, as mentioned above, ING has enough assets to stay afloat during times of crisis.

Best ING Home Loans Alternatives

Here is a list with the best loans companies that might be better than ING:

Name Interest Rate (p.a.) Loan Features Review
From 35% $2000 or more + 5 Minute Application GO TO SITE

If you are unemployed, there are some companies that can give you a loan.

ING Track Record in Australia

With an Australian banking license since 1994 and ING has handled over 4 million mortgages to date. Hence they’re experienced lenders with a solid reputation and large customer base all across the country.

What do they specialize in?

ING primarily focuses on savings accounts, superannuation options, transactions and business products including ING refinance. They offer services and products to a wide variety of demographics including investors, homeowners, borrowers consolidating debts, those looking to refinance…etc.

ING Home Loan Features

1. Deposit Size

In order to be eligible for a mortgage, you need to have a certain percentage of the mortgage’s total value already deposited in your account. This percentage can vary vastly between lenders. With ING, the deposit size needed is 5% and so the remaining 95% will be issued. As of now, 5% seems to be the average in the mortgage market so it’s definitely not a bad deal.

2. Offset Account

Borrowers use offset accounts to offset the amount of interest they pay. Every dollar that you place in your account goes directly towards reducing it. For instance, let’s say you take out a mortgage of $350,000 but you had $20,000 saved in the offset account. In this case, your interest charges will be calculated based on $330,000 instead of $350,000.

ING offers a 100% offset account which means that the exact scenario above will apply. However, certain other lenders may offer partial offsets. These only discount a percentage from the total amount you’ve saved in the account.

3. Split Rate

A lot of home buyers have trouble deciding between fixed and variable home loan rates. If rates are predicted to drop, then the latter can more favourable. However, there’s always the fear that the market could suddenly take a turn for the worse.

Fortunately, with ING’s split rate feature, you don’t have to choose. You can have certain portions of the home loan as a fixed rate and the rest as variable. This allows you to take advantage of reduced rates in the future while also having some stability.

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4. Interest-Only

ING offers interest-only options with two of its home loan products: Mortgage Simplifier and Orange Advantage. Interest-only loans are basically loans where you only pay interest each month. The lump sum of the home loan will be paid at once at an agreed-upon date in the future.

Interest-only loans are beneficial if your finances aren’t all that great right now but you expect it to become better in the future. By paying only interest, you get the opportunity to save up.

5. International fee waiver

If you open a Orange Everyday account, ING will give you a pass on international transaction fees. This can be very beneficial for those looking to buy a vacation home abroad or perhaps get an Airbnb started.

ING Home Loans – the Numbers

Lets answer some frequently asked questions. Leave a comment below, if you have more questions.

With a loan from ING, how much can I borrow?

ING’s home loans let you borrow between $150,000 to $500,000. Of course, your maximum borrowing power will depend on your credit score. If you don’t know exactly how much you need to (or should) borrow, we recommend consulting an online home calculator first.

What are the interest rates for an ING direct line of credit?

ING home loans charge fairly standard interest rates, ranging from 3.03 % to 3.49%. Again, depending on your credit score, this can vary. For a more accurate indicator of the total cost of each home loan, you’ll need to pay attention to the comparison rate. The comparison rate factors in charges and fees as well, not just the interest.

Are there any ongoing fees?

The Mortgage Simplifier loan does not charge an annual or a monthly fee. On the other hand, the Orange Advantage charges an annual fee of $300 a month.

Is there an application fee?

ING does not charge an application for their home loan products.

Who is Eligible for an ING Home Loan?

While each loan product has its own criteria, there are basics that apply to each. These include:

  • Being over 18 years of age
  • Holding an Australian residence visa
  • Having a stable income

In addition to these eligibility criteria, you’ll have to provide the right documentation in order to be approved. These include:

  • Identification such as your passport or driver’s license
  • Proof of income – this can be a job confirmation letter or better yet, your recent payslips
  • Assets and liabilities – these include documents of your savings, investments and any outstanding debts.

What about Personal Loans?

In certain cases, personal loans can be a better alternative to home loans because they’re unsecured. This means that you don’t have to offer up collateral or 5% deposit in order to qualify. Personal loans are best if you’ve already procured most of the amount required but need a little bit more.

For personal loans, we highly recommend NowFinance. It’s got a competitive fixed interest rate and lets you borrow up to $40,000.

Home loan interest rates

Orange Advantage

Owner occupiers – Principal + Interest

Owner occupiers – Interest only

Investors- Principal + Interest

Investors – Interest only

The variable rates above include a discount that is applied to the relevant reference rate. These variable rates are only available for new ING security property and borrowings. All rates and information are correct at time of publication and are subject to change.

Owner occupiers – Principal + Interest

LVR is 80% or less

LVR is above 80% and less than or equal to 90%

LVR is more than 90%

Owner occupiers – Interest only

LVR is 80% or less

Investors – Principal + Interest

LVR is 80% or less

Investors – Interest only

LVR is 80% or less

The variable rates above include a discount that is applied to the relevant reference rate. These variable rates are only available for new ING security property and borrowings. All rates and information are correct at time of publication and are subject to change.

Owner occupiers – Principal + Interest

LVR is 80% or less

LVR is above 80% and less than or equal to 90%

LVR is more than 90%

Owner occupier – Interest only

LVR is 80% or less

Investors – Principal + Interest

LVR is 80% or less

Investors – Interest only

LVR is 80% or less

The variable rates above include a discount that is applied to the relevant reference rate. These variable rates are only available for new ING security property and borrowings. All rates and information are correct at time of publication and are subject to change.

Owner occupiers – Principal + Interest

LVR is 80% or less

LVR is above 80% and less than or equal to 90%

LVR is more than 90%

Owner occupier – Interest only

LVR is 80% or less

Investors – Principal + Interest

LVR is 80% or less

Investors – Interest only

LVR is 80% or less

The variable rates above include a discount that is applied to the relevant reference rate. These variable rates are only available for new ING security property and borrowings. All rates and information are correct at time of publication and are subject to change.

Mortgage Simplifier

Owner occupiers – Principal + Interest

Owner occupiers – Interest only

Investors – Principal + Interest

Investors – Interest only

The variable rates above include a discount that is applied to the relevant reference rate. These variable rates are only available for new ING security property and borrowings. All rates and information are correct at time of publication and are subject to change.

Owner occupiers – Principal + Interest

LVR is 80% or less

LVR is above 80% and less than or equal to 90%

LVR is more than 90%

Owner occupiers – Interest only

LVR is 80% or less

Investors – Principal + Interest

LVR is 80% or less

Investors – Interest only

LVR is 80% or less

The variable rates above include a discount that is applied to the relevant reference rate. These variable rates are only available for new ING security property and borrowings. All rates and information are correct at time of publication and are subject to change.

Owner occupiers – Principal + Interest

LVR is 80% or less

LVR is above 80% and less than or equal to 90%

LVR is more than 90%

Owner occupiers – Interest only

LVR is 80% or less

Investors – Principal + Interest

LVR is 80% or less

Investors – Interest only

LVR is 80% or less

The variable rates above include a discount that is applied to the relevant reference rate. These variable rates are only available for new ING security property and borrowings. All rates and information are correct at time of publication and are subject to change.

Owner occupiers – Principal + Interest

LVR is 80% or less

LVR is above 80% and less than or equal to 90%

LVR is more than 90%

Owner occupiers – Interest only

LVR is 80% or less

Investors – Principal + Interest

LVR is 80% or less

Investors – Interest only

LVR is 80% or less

The variable rates above include a discount that is applied to the relevant reference rate. These variable rates are only available for new ING security property and borrowings. All rates and information are correct at time of publication and are subject to change.

Fixed Rate Home Loan

Important: Interest Only repayments are not currently available on any of our Owner Occupied fixed rate loans.

Term Deposits interest rates

Personal Term Deposits

Competitive interest rates, fixed for the term. Minimum opening deposit of $10,000.

Business Term Deposits

Get competitive fixed interest rates on deposits of between $10,000 and $10 million.

Important Information

Information and interest rates are current as at the date of publication and are subject to change.

Personal and Business Term Deposits require a minimum opening deposit of $10,000. The interest rates that apply to Personal and Business Term Deposits are the interest rates that are current on the date the term deposit is opened.

Any advice on this website does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. Before making any decision in relation to any of our savings products you should read the relevant Terms and Conditions booklet. These documents are available in Documents and Forms. To view these documents you may need Adobe Acrobat. Products are issued by ING, a business name of ING Bank (Australia) Limited.

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