One bank will become the first in Australia to reward borrowers with cash in return for repayments on their home loans.
ING Direct yesterday revealed plans to introduce a loyalty rewards program for customers who have the Orange Advantage Offset Home Loan.
Effective May 1, existing and new Orange Advantage customers will receive 1 per cent cash back based on monthly mortgage repayments of up to $3,000.
Lisa Claes, executive director of customer delivery at ING Direct, said the rewards scheme was a way of saying thank you to customers.
“We are focused on becoming the primary bank for our customers, and over the past few years we have been expanding our product and service offering to meet the broader financial needs of Australians, whether they’re looking for a transaction account, home loan, savings account or superannuation,” Ms Claes said.
“Our customers have responded well and supported us on our journey, so this is our way of saying thank you to those who have adopted ING Direct as their main bank,” she said.
“We truly appreciate our loyal customers and the brokers who have introduced many of these customers to us.”
To be eligible for the home loan loyalty reward, Orange Advantage customers must also have an Orange Everyday transaction account and deposit their salary (of $1,000 or more) into it each month. The home loan rebate will be paid into their Orange Everyday transaction account at the end of each month, giving customers money to either pay off their home loan a little faster or simply spend, save or invest as they please.
[Related: Bank extends broker referral program]