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ING Direct has introduced its lowest ever variable rate for one of its owner-occupier home loan products, as well as reducing a number of its fixed rates.
Effective today, the non-major bank has reduced the variable rate on its Orange Advantage loan by 15 basis points to 3.79 per cent for owner-occupiers.
The new rate is available for loans that are formally approved with a minimum LVR of 80 per cent.
ING Direct has also cut rates on some of its fixed-rates when split with an Orange Advantage loan.
The bank’s one-year rate has seen the biggest reduction, down 20 basis points to 3.89 per cent, while its three-year rate has been cut by 19 basis points to 3.69 per cent.
ING Direct’s two-year and four-year fixed rates have also been reduced, down 17 basis points and 15 basis points respectively to 3.74 per cent and 4.34 per cent.
[Related: Banks slash investor rates by up to 70 basis points]
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