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The non-major bank has become the latest lender to reduce its variable rates for investor and owner-occupier loans.
ING Australia (ING) has confirmed it will be reducing the variable rates to a select range of its owner-occupier and investors loans, with the changes coming into effect from today (11 November) onwards.
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Included in these changes are the variable rates for the Mortgage Simplifier loan and the Orange Advantage loan.
For an owner-occupier Mortgage Simplifier loan with principal and interest repayments (for a loan of over $150,000 with an LVR of 80 per cent or less), rates will decrease from 2.24 per cent per annum (comparison rate 2.27 per cent per annum) to 1.99 per cent per annum (comparison rate 2.02 per cent per annum).
For interest-only repayments, variable rates will drop from 2.94 to 2.90 per cent per annum (comparison rate 2.92 per cent to 2.96 per cent per annum) to 2.69 per cent per annum (comparison rate 2.71 per cent per annum).
Owner-occupier loans of $150,000 and over with an LVR of 80 per cent or less and principal and interest repayments under the Orange Advantage loan will see a drop from 2.29 per cent per annum (comparison rate 2.64 per cent per annum) to 2.04 per cent per annum (comparison rate 2.40 per cent per annum).
The rates for interest-only repayments will also see a decline, moving down from 2.95 per cent to 2.99 per cent per annum (comparison rate 3.29 per cent to 3.33 per cent per annum) to 2.74 per cent per annum (comparison rate 3.08 per cent per annum).
Variable rates for investor loans similarly have seen a decline, with loans under the Mortgage Simplifier package at $150,000 and above with principal and interest repayments and an LVR of 80 per cent or less dropping from 2.39 per cent (comparison rate 2.42 per cent per annum) to 2.29 per cent per annum (comparison rate 2.32 per cent per annum).
Interest-only repayments will see a rate change of 20 basis points, changing from 2.89 per cent per annum (comparison rate 2.91 per cent per annum) to 2.69 per cent per annum (comparison rate 2.71 per cent per annum).
Loans of over $150,000 with an LVR of 80 per cent or less with principal and interest repayments under the Orange Advantage package are now 2.34 per cent (comparison rate 2.69 per cent per annum), dropping from the previous 2.44 per cent per annum (2.79 per cent per annum).
Interest-only repayments will now feature a variable rate of 2.74 per cent per annum (comparison rate 3.08 per cent per annum), switching from the previous 2.94 per cent per annum (comparison rate 3.28 per cent per annum).
However, the non-major bank has stated that fixed rate increases will come into effect tomorrow (11 November), with rises between 0.15 and 0.50 per cent.
The announcement of ING’s changes to both its variable and fixed rates comes less than a week after Commonwealth Bank of Australia (CBA) and Westpac confirmed they too would be increasing their fixed rates.
Earlier this month (2 November), the Reserve Bank of Australia (RBA) confirmed that the cash rate would remain at 0.1 per cent for the month.
[Related: CBA raises fixed rates]
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