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Bank trims variable rate

by Staff Reporter8 minute read
The Adviser

Staff Reporter

ING DIRECT has slashed the rate on one of its most popular loan products in a bid to drive more business to the bank.

From today onwards, ING DIRECT will cut 10 basis points from its Orange Advantage 100 per cent offset home loan.

For customers with total residential borrowings of between $300,000 and below $500,000, the interest rate will drop to 6.99 per cent, and for customers with $500,000 or more it will reduce to 6.89 per cent p.a.

“We’re keen to encourage more brokers to promote Orange Advantage as a great option for customers looking for a solution which involves more than just a basic home loan,” said ING DIRECT’s head of broker distribution Mark Woolnough.

“To date, broker and customer feedback has been extremely positive and we see this decision as an opportunity to capitalise on the proposition. So much so that we have some product enhancements in the pipeline which will bolster the offering further.”

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