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ISCOVER
Staff Reporter
Fixed rates remain as competitive as ever, with one non-major slashing its one and two year fixed rate product to just 6.09 per cent.
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From today onwards, ING DIRECT will also offer a newly reduced three year fixed rate of just 6.19 per cent.
Speaking about the interest rate cuts, ING DIRECT's executive director customer Brett Morgan said there was still an ongoing appetite amongst home owners to fix home loan rates.
"Generally, a deterrent to fixing loans is the inability to pay extra on many fixed rate loans, but all ING DIRECT fixed rate loans allow additional repayments of up to $10,000 per year," Mr Morgan said.
"We've seen a strong uptake of fixed rate loans on our own portfolio because we're able to offer a rate which is significantly lower than most variable rates due conditions in the wholesale funding markets."
ING DIRECT's latest Financial Wellbeing Index shows a trend for Australians to make additional mortgage repayments – with 43 per cent paying extra on their mortgage in Q3 2011.
