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ING DIRECT cuts rates

by Staff Reporter8 minute read
The Adviser

Staff Reporter

In a bid to establish itself as a true alternative to the majors, ING DIRECT has slashed the interest on its one, two and three year fixed rates.

From today, the bank will offer a one year fixed rate of 6.79 per cent, while its two and three year products sit at 6.99 per cent.

ING DIRECT’s head of broker sales Mark Woolnough said the rate reduction is part of the bank’s ongoing strategy to become a stronger player in the ever-competitive lending landscape, and adds to the list of positive mortgage initiatives the bank has implemented in the past year.

“Even though the expectation of an increase in the cash rate has diminished, we’re seeing a healthy appetite amongst borrowers for shorter term fixed rate loans, particularly given they sit below most variable rates on offer,” he said.

“Another factor contributing to the popularity of fixed rate loans at ING DIRECT is that customers have the flexibility to split their loan with ING DIRECT’s competitive variable rate products, and they can choose their preferred product at expiry of the fixed rate.

“Customers opt for our fixed rates for the certainty they provide but also because they have the option to move into another ING DIRECT loan, like the popular Mortgage Simplifier at no cost.

“This gives customers the best possible option for them and maintains a broker’s trail income in the process.”

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