Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

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 4 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:

Advertisement
Advertisement
  • 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.

PROMOTED CONTENT


[Related: TMB announces fixed rate changes]

ING drops mortgage rates
ing bank branch ta
TheAdviser logo

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Tickets are on sale now. Work smarter, not harder, this year.

ing bank branch ta

 

more from the adviser
Mike Felton new mb e12d

Breaking News

Association working to ‘fix’ reference checking laws

The MFAA has been working with Treasury to “fix” reference c...

digital technology user

Breaking News

Money management app flags broker push

Clever, a new money management platform, has launched to market, ...

mortgage calculator

Breaking News

Bank increases maximum loan amounts

A non-major bank has raised its maximum loan amounts by up to $90...