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ING DIRECT cuts rates on Advantage product

by Staff Reporter7 minute read
The Adviser

Staff Reporter

ING DIRECT has moved to decrease the interest rate on its Orange Advantage 100 per cent offset home loan following strong demand for the product.

In a product update sent to brokers last week, the lender said it would decrease the interest rate on the product by 0.08 per cent for new and existing customers, where total ING DIRECT residential borrowings were $300,000 or more, in a bid to “encourage and further reinforce the ING DIRECT value for money proposition”.

The reduction, effective today, brings the interest rate to 6.71 per cent.

The Orange Advantage offset loan forms part of the bank’s first transaction account product suite, launched in September 2009, which gave the bank’s customers access to everyday transactional banking for the first time.

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