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ING Direct

Discussion in 'Property Finance' started by lilbilly, 20th Sep, 2015.

  1. lilbilly

    lilbilly New Member

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    Pros/Cons for PPOR lending?
     
  2. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    Pro - often had cheap rates.
    Cons - if you want to access equity to fund IPs they have very conservative servicing and policy.
    Also, lenders are falling over themselves to lend for ppors, so the rate may not even be that low comparatively.
     
  3. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    For a set and forget ppor loan that you want to pay off as soon as possible - ING are great. That 3.99 promo is pretty awesome.
     
  4. Corey Batt

    Corey Batt Finance Strategist Business Plus Member

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    A very competitive PPOR rate, if you're not reliant on drawing from your PPOR it's a great offering.

    We're writing a lot of the 3.99% special at the moment, as it's a strong fit.

    As always though, it's a case of looking at your greater portfolio and plans to ensure the right finance strategy is used. No point saving $10/wk on interest and forgoing the ability to invest as much as you'd like.
     
  5. Redom

    Redom Mortgage Broker Business Member

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    As others have said, great PPOR rate. I use them for mainly for PPOR activity and have generally heard positive client feedback regarding service.

    In terms of ongoing service - great reviews from clients who are happy about the technology platform for an online bank. Periodic customer reward offers on savings/spending on their accounts can be neat too.

    Will need to consider broader objectives too, for all their pro's, they are better geared towards certain profile of client (own home + perhaps one or two IPs, rather than those with ambitions to grow large portfolios) as their cons don't make them suitable for other objectives.

    Cheers,
    Redom
     
  6. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    I forgot to mention - even if you're planning to invest in the future - if you're purchasing with an lvr of sub 80 and keep it variable - the costs to refinance/release equity with another lender later on shouldn't be too costly (assuming it's possible to do so).

    Cheers

    Jamie
     
  7. Redom

    Redom Mortgage Broker Business Member

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    With ING budget in some extra time/hassle cost for an external refi - from my experience they can be significantly painful to do a discharge with. More so than the others (some are actually quite good). Getting it in nice and early should help, but even then it can take a wee bit longer than usual.
     
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  8. Waterboy

    Waterboy Well-Known Member

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    How about refinancing out of ING and into another bank, are they a pain in the arse delayers?
     
  9. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    No better or worse than other lenders in my experience. Just need to get the discharge form into ING early and it's all good.

    Cheers

    Jamie
     
  10. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    In this regard I'd suggest they're actually easier to deal with than some of the major lenders.
     
  11. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Agreed - the big 4 tend to give me more grief with post approval hassles.

    Cheers

    Jamie
     
  12. Corey Batt

    Corey Batt Finance Strategist Business Plus Member

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    And let's not forget *cough* STG *cough*
     
  13. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    I can imagine their conversations go something like this:

    "Here's a great idea - let's send the broker a really cryptic email outlying conditions that make no sense whatsoever.....and just to fool him even further, let's request some documents we already have on file"

    "Ha - sounds good! - but don't send it yet. Wait two weeks"
     
  14. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    Don't get me started. This morning I had a conversation with the BoM pointing out that the two pieces of outstanding information they've requested were sent a fortnight ago. They managed to find them when I gave them the date and time of the email. They had previously acknowledged receipt of this information.

    Seems to me they have a lot of manual processes, not much continuity and there's a lot of human error going on with the St George group. Even their own staff recognise this.

    Sadly their combination of current offers and reasonable servicing does put them on the radar at the moment.
     
    Last edited: 21st Sep, 2015
  15. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Had a message the other day from them on my phone:

    "Jamie - call Carlos at St George"

    That was it. No context for the call - no reference number, no client name, no return number. Nothing. We still haven't located the elusive Carlos - we still don't know what he wants.
     
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  16. charpj

    charpj Well-Known Member

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    Agree with the above, additionally I was told if the file was moved to a different assessor (as application progressed) it resets the SLA timeframe

    Good luck with locating Carlos
     
  17. Perthguy

    Perthguy Well-Known Member

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    I refinanced from AMP to ING earlier this year for an investment loan against a PPoR and an investment loan agaist an IP. No issues but they were really slow with the refinance. Lucky I wasn't in a hurry! ;)
     
  18. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    U-bank are at almost 5 weeks and counting for one of mine at the moment.
     
  19. Redwood

    Redwood Well-Known Member

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    A few years ago - after some deals went through to BOM, I concluded they were incompetent, unfortunately a few more deals lately have supported my initial assessment. I only go to BOM/ St George if the client wants to. They are deadset awful, and generally results in a poor client experience.

    Will be reading this thread closely as we have a couple of owner occupiers going to ING currently.

    Cheers Ivan
     
  20. Waterboy

    Waterboy Well-Known Member

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    Has anyone successfully negotiated with ING Direct to lower interest rates on the threat of refinancing with other lenders?