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ING Direct cuts variable rate to under 4pc

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Huntley Mitchell 3 minute read

ING Direct has reduced the variable rate for one of its home loans by 14 basis points.

The non-major bank’s Orange Advantage home loan has been reduced from 4.13 per cent to 3.99 per cent with a comparison rate of 4.19 per cent.

The offer applies to new owner-occupier principal-and-interest loan applications with an LVR that is less or equal to 80 per cent and received by 31 October.

ING Direct said the previously applicable loan size of $500,000 has been removed as part of the offer.

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AMP Bank announced earlier this week that it has reduced interest rates across its variable and fixed-rate home loans for new customers.

The rate reductions apply to the AMP's owner-occupied mortgages, including its Essential Home Loan, which has been reduced to 4.09 per cent from 4.20 per cent.

The bank's basic variable rate has been reduced to 4.19 per cent from 4.50 per cent.

In addition, AMP's basic two-year fixed-rate loan has been reduced to 4.18 per cent from 4.55 per cent.

[Related: Bendigo Bank raises investor home loan rates]

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