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Bank cuts variable rates

by Staff Reporter7 minute read
The Adviser

Staff Reporter

One of Australia’s banks has reduced its variable interest rates in order to provide a more compelling broker proposition.

From today, ING DIRECT will reduce its rates in line with its LVRs.

“By offering brokers a more competitive price point for their customers, together with our great range of products and award-winning customer service, we’re giving brokers more reason to choose ING DIRECT for their customers’ home loan needs,” ING DIRECT’s head of third party distribution, Mark Woolnough said.

The rate reductions apply to LVR-based interest rates for Orange Advantage and SmartPack Mortgage Simplifier loans.

For new applications with an LVR of 80 per cent or less, with borrowings of $500,000 or more, ING DIRECT now offers a standard variable rate of 5.13 per cent.

“Since we introduced our LVR-based rates last year, we’ve been able to attract lower exposure, larger loan amounts. These rate reductions will help us attract more of this segment and reward those customers with a lower LVR,” Mr Woolnough said.

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