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ING DIRECT sharpens rates

by Staff Reporter8 minute read
The Adviser

Staff Reporter

In a move to capture a greater market share, ING DIRECT has sharpened the pricing on a handful of its mortgage products.

The second tier lender announced yesterday that it would offer a 0.10 per cent discount on the loans included in its SmartPack offering – the Mortgage Simplifier and Smart Home Loan.

The discount, which lasts for the life of the loan, is accompanied by an additional reduction on the SmartPack fee.

ING DIRECT head of mortgage products Ray Esho said the bank had developed the new offering in a bid to increase competition in the industry.

“We recently reduced the interest rate on our offset loan, Orange Advantage, and noticed that some competitors followed with their own offers,” Mr Esho said.

“We believe this SmartPack promotion will let the market know we are keen to do business.”

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