One of Australia’s biggest challenger banks has just announced that it is increasing variable rates on existing investment property loans.
Property investors with an ING Direct variable home loan will see their rate increase by 0.37 per cent from 5 November 2015.
Existing customers who hold both owner-occupied and residential investment loans with the non-major bank will not be subject to this interest rate change.
The current rates for new investment property borrowers remain unchanged.
ING Direct Orange Advantage is priced at 4.84 per cent per annum (5.03 per cent comparison rate) for investors.
ING Direct achieved the top position in The Adviser’s Third Party Banking Report 2015 – Non-Major Lenders.
James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.
He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.
He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.
James holds a BA (Hons) in English Literature and an MA in Journalism.
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