ING DIRECT has dropped the interest rate on its two, three, four and five year fixed rate residential mortgage products.
Effective from today, the new rates will be some of the most competitively priced fixed rate mortgage products on the market.
“Even though fixed rate volumes are currently low across the industry, we expect an increase in fixed rate applications in the current rising variable rate environment,” the bank’s executive director of mortgages Lisa Claes said.
According to Ms Claes, at the expiry of the fixed rate term, the home loan will revert to ING DIRECT’s mortgage simplifier loan rather than the standard variable rate.
Ms Claes said by reverting the fixed rate to the mortgage simplifier loan, fixing a home loan has become a more attractive proposition for customers.
ING DIRECT's new two, three, four and five year fixed rates are now 7.24 per cent p.a, 7.59 per cent p.a, 7.84 per cent p.a, and 7.94 per cent p.a respectively.