Effective Friday, 7 July, the challenger bank is making a number of changes to variable rates across its home loan portfolio.
The reference rates for the following segments will change as follows:
• For owner-occupier borrowers with our Orange Advantage home loan, the principal and interest rates will decrease by 0.05 per cent p.a.
• For owner-occupier borrowers (with either an Orange Advantage or Mortgage Simplifier home loan), interest-only rates will increase by 0.20 per cent p.a.
• For investor borrowers (with either an Orange Advantage or Mortgage Simplifier), interest-only rates will increase by 0.35 per cent p.a.
ING will waive any switching fees until the 31 August for existing customers with interest-only loans wishing to switch to principal and interest repayments. With a principal and interest loan customers may be eligible for lower interest rates.
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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