ING increase their rates for 2nd time in 3 months

They went 10 bpts in June - for O/Occ loans

They went 15 bpts today for INV loans - effective 25 September

They arent a big player in the INV space, but nevertheless...

ING increases interest rates

 

No big deal. ING is hardly a lender you'd go to for an investment loan. Their niche is really in the basic owner occupier space and their rates and products still work well there.

 

I have an ING INV loan IO fixed @4.4% coming off in early 2020. What are the chances of getting this extended and what rate is currently being offered ? It was a set and forget for me until now. Also any one know ING's INV PI variable rate ? LVR is <80%

 

ING are transparent with their pricing
Home loan rates

You will need a full assessment and new application with ING

 

That's not my experience. They 'rate creep' just like any other lender, but their repricing later on never gets close to the advertised rates for new business. I'd like to recommend ING more, but repeated experience tells me that they're going to be painful a couple of years later.

 

I guess I will find out in a few months' time. But new assessment will be interesting...

 

To clarify above.. NEW pricing is transparent on their website. Unlike with the majors as an example where you'll need to run pricing requests to see what discounted rates are available.

Either way ING don't have much of an appetite for IO... that is reflected in their pricing (their vanilla P&I OO much more competitive)

 

I definitely agree with that. The way the majors price loans is deliberately designed to gouge consumers. I'm hoping the ACCC enquiry announced recently will expose this, but I suspect they'll just focus on the funding costs & RBA decisions, with little transparency on how they present to borrowers.

 

Hmm....when I read this, I get tempted to fix my loans.

 

Useful for OO's, FHB's, etc - good (but limited) product, great tech, good service, good rates.

They target their market pretty well & have a product/price proposition to suit it. I wouldn't really treat them as an investment type lender though (and their product pricing servicing all reflect this).

 

Rang them a bit over a month ago...still applying 8% assessment rate - WTF?!

 

We have our PPOR with ING.
< 50% LVR, P&I.
Currently 3.17% Variable and 3.89% fixed, ending in February. (thank goodness, I have never won against the banks in the fixed rate arena, who knew two years ago 3.89% was going to be a bad rate!! haha)

Whenever they drop their advertised variable rate my broker calls them and gets our rate matched. Only once have they said no. Good customer service, good net bank, can't fault them.

For this purpose they are very competitive. But as mentioned above, they are not overly interested in IO or Investors.