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Jessica Darnbrough
Competition is heating up in Australia's banking sector, with one second tier lender announcing it will lend up to 95 per cent LVR.
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ING DIRECT yesterday announced it would increase its loan to value ratio by 5 per cent.
Effective immediately, the new offering will be available to all new purchases for owner occupiers and investors.
The maximum LVR for refinances will also increase to 90 per cent plus capitalised premium for LMI deals.
ING DIRECT’s head of mortgage products Ray Esho told The Adviser that the changes were made following extensive consultation with the lender’s broker partners.
“The market seems more comfortable with what are viewed as higher LVR settings as compared to the past couple of years” Mr Esho said.
“This initiative will support our strong plans for growth in 2011. As the fifth largest retail bank in Australia, it’s important we offer alternatives to the major banks and these changes this allow brokers to offer ING DIRECT products to more of their customers.”
