In a sign that the mortgage market will be highly competitive in 2014, one non-major has moved to reduce its variable interest rates for new applications for selected products.
ING DIRECT has reduced the LVR-based interest rates for its Orange Advantage and SmartPack Mortgage Simplifier products, offering rates from 4.83 per cent.
Mark Woolnough, head of third party distribution, said the bank was comitted to offering competitive rates and is looking to start the year on the front foot.
"We want a strong start to 2014 and to set the tone for another great year by offering competitive rates, teamed with market leading customer advocacy.
ING DIRECT was recently recognised as the most recommended bank in Australia by retaining a number one NPS (Net Promoter Score) against competitors.
This is a measure of how likely a customer is to recommend ING DIRECT to their friends and family.
“This is one of our most important success measures and we’re excited about making it a real proof point for our broker partners in 2014,” Mr Woolnough said.