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ING pulls back residential offering for non-individual borrowers

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Reporter 3 minute read

Effective immediately, ING DIRECT will no longer provide non-individual borrowers, such as trusts and companies, with residential loans.

ING DIRECT has announced changes to its residential lending platform, introducing new restrictions and rate changes.

The lender will no longer offer non-individual borrowers residential loans, but has made an exception for loan applications that have already been submitted, and existing borrowers will be permitted to make loan variations.

ING also announced that, as of 10 November, the two-year fixed rates for investor loans have risen to 4.34 per cent (5.44 per cent comparison).

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Further, the bank has announced that, effective immediately, it will offer construction loans to existing customers.

An interest rate of 4.70 per cent will be placed on owner-occupier construction loans, and investor construction loans will be offered at 5.32 per cent.   

ING has also announced that they have removed fees for international credit, debit and ATM transactions.

Orange Everyday customers and Orange One credit card holders will no longer be subject to ATM withdrawal fees, and they will not be liable to pay transaction fees for purchases made overseas or when shopping on online websites.

Only customers that deposit at least $1,000 into their Orange Everyday accounts and that make at least five purchases per month from March 2018 will be eligible.

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[Related: Challenger bank working on commercial turnaround times]

 

ING pulls back residential offering for non-individual borrowers
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