In a bid to increase market share, another second tier lender has slashed its home loan rate for certain customers.
Yesterday ING DIRECT announced that customers who have combined residential borrowings of $500,000 or more with the bank will now receive a discount of 0.35 per cent p.a. on the Orange Advantage interest rate for the life of the loan - resulting in a current variable interest rate of 6.99 per cent p.a.
According to a company statement, the rate cut was the product of long discussions with ING Direct’s broker partners.
“This is yet another example of ING DIRECT delivering product enhancements to meet the changing needs of our customers. It not only offers a very competitive interest rate for customers but it also gives these customers a genuine alternative for their loan and transactional account, outside of the major banks,“ ING Direct’s head of mortgage products Ray Esho said.
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