Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

ING drops mortgage rates

ing bank branch ta ing bank branch ta
Reporter 5 minute read

The non-major has reduced fixed rates by up to 65 bps across its owner-occupied and investor home loans.

ING has announced fixed rate reductions for both owner-occupiers and investors, effective for new and existing customers from Friday, 20 December.

For owner-occupiers:

  • Standard P&I fixed rates have been cut by up to 45 bps and now start from 2.94 per cent (three-year fixed rate) – 4.01 per cent comparison rate
  • Orange Advantage P&I fixed rates have been cut by up to 45 bps and now start from 2.84 per cent (three-year fixed rate) – 3.98 per cent comparison rate

For investors:

  • Standard P&I fixed rates have been cut by up to 60 bps and now start from 3.09 per cent (three-year fixed rate) – 4.53 per cent comparison rate
  • Standard interest-only fixed rates have been cut by up to 65 bps and now start from 3.29 per cent (three-year fixed rate) – 4.98 per cent comparison rate

ING is the latest lender to drop its fixed rates, with Teachers Mutual Bank announcing reductions of up to 102 bps earlier this month.

An additional cut to the cash rate will likely place further downward pressure on interest rates.

The Reserve Bank of Australia (RBA) is expected to lower the cash rate for the fourth time in February when its monetary policy board next meets.

Shane Oliver, chief economist at AMP Capital, is expecting back-to-back cuts in February and March, which would take the cash rate to 0.25 per cent.

According to Mr Oliver, the RBA would then consider quantitative easing in the absence of fiscal policy stimulus in the federal government’s budget in May.


[Related: TMB announces fixed rate changes]

ING drops mortgage rates
ing bank branch ta
TheAdviser logo

Grow your business exponentially in 2022!

Discover the right strategies to build a more structured, efficient and profitable businesses at The Adviser’s 2022 Business Accelerator Program.

Visit the website here to secure your ticket.

ing bank branch ta


more from the adviser

Breaking News

RBA makes December cash rate call

The Reserve Bank has declared its last cash rate decision for 202...

digital technology user

Breaking News

Aggregator launches ‘fully digital home loan’

Connective Home Loans has launched a new digital home loan to its...


Breaking News

Bill to expand First Home Super Saver Scheme delayed

With the final sitting day of Parliament over, the bill expand...