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ING Direct has decided to end its $1 LMI promotion at the end of today, less than a month after it was introduced.
To remain eligible for the promotion, applications must be received by December 15 and must be unconditionally approved by January 30.
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A spokesperson said the promotion may return at a later date.
"We know that mortgage insurance premiums can sometimes make it difficult for customers to get into the market," the spokesperson told The Adviser.
"This promotion was intended to run for a limited time to enable us to test its effectiveness. It has been very well received and we may look to roll it out again in future."
Another condition of the promotion is that loans must be new Orange Advantage applications with new-to-bank security property.
Applications must have an LVR greater than 80 per cent and no higher than 90 per cent.
The loan must be for an owner-occupied property and the repayment type must be principal and interest.
The application will no longer be eligible for the promotion if an unconditional approval is re-issued or loan documents expire after January 30.
Meanwhile, ING Direct's Orange Advantage interest rate promotion is due to end on December 31.
Orange Advantage is available at a current variable rate of 4.63 per cent for new residential borrowing of at least $750,000 with a maximum LVR of 80 per cent.
Any owner-occupied component must be principal and interest, with interest-only available for investment purposes.
Loan applications must be unconditionally approved by December 31.
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