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ING DIRECT cuts variable rate to 4.63pc

by Staff Reporter7 minute read
The Adviser

ING DIRECT has unveiled a promotional rate of 4.63 per cent for new residential loans.

The special applies to loans of at least $1 million with maximum LVRs of 80 per cent, and is available for applications unconditionally approved by September 30.

The non-discounted rate is 4.83 per cent.

The bank’s head of third-party distribution, Mark Woolnough, said there was a misconception among some brokers that ING DIRECT only offers basic loans to a specific target audience.

“Almost all of these changes are in direct response to feedback from our third-party partners, which is valuable in enhancing the products and services we offer through our brokers,” he added.

This new promotion comes after ING DIRECT announced in May that it would reward brokers who provided successful referrals to its Orange Everyday transaction account.

[Related: Competition driving rate cuts]

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