By: Jessica Darnbrough
ING DIRECT has officially rolled out its new offset product through the broker channel.
Speaking at a broker breakfast in Sydney this morning, the bank’s executive director of mortgages Lisa Claes said the new product was developed in response to broker demand.
“You asked for it and we listened,” Ms Claes said.
“The offset market accounts for 15 per cent of the entire market, so we have developed an offset product that can cater to this sector.”
The new product is directly linked with ING DIRECT’s everyday transaction account and has a standard variable rate of 6.24 per cent p.a for aggregated borrowing of $300,000 or more.
For home loans below $300,000, the rate increases to 6.49 per cent p.a.
Ms Claes said the product was first created at the end of last year however, the timing to launch the product has not been right until now.
“There is a solid appetite for offset products, and that demand is not going to wane. We believe the time is right,” she said.
The third party channel accounts for more than 90 per cent of ING DIRECT’s business.