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ING Direct has dropped the rates on its fixed home loan products to record lows.
The lender is now offering one- to three-year fixed rates at 4.24 per cent, while its four- and five-year fixed rates now start at 4.49 per cent.
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Borrowers with an Orange Advantage loan also receive a further 0.10 per cent discount off the new rates.
Mark Woolnough, ING Direct’s head of third-party distribution, said the new rates are the bank’s lowest ever, reinforcing its strong offering for brokers and clients.
Mr Woolnough said the bank will also be making its first loyalty reward cash payment for their eligible Orange Advantage customers, providing even more opportunity for customers to get ahead.
ING Direct’s announcement comes after non-bank lender Loan Ave cut rates to 4.29 per cent for its Platinum three-year fixed-rate products – the lowest fixed rate in the group’s 10-year history.
[Related: Discounting continues as two more lenders drop rates]
