ING DIRECT is the latest in a spate of lenders to slash the interest on its fixed rate products.
The bank announced this morning that it would cut up to 50 basis points from its two, three, four and five year fixed rates.
Effective from today, ING DIRECT will cut 50 basis points from its five and four year fixed rates, taking them both to 7.44 per cent respectively.
In addition, the lender has slashed 10 basis points from its two and three year fixed rates, taking them to 6.79 per cent and 6.89 per cent respectively.
According to a company statement, the bank has seen recent demand for fixed rate products continue to grow, with more customers now considering fixing their interest rate.
A competitive 4 or 5 year fixed interest rate will cater to customers looking for repayment certainty over the longer term.
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