ING Orange Advantage

ING are offering 3.99% variable at the moment. Against the backdrop of the big 4 being around 4.30-4.35% after max 130bps discounts and their recent rate rises, it looks like a fairly attractive offer.

What are peoples thoughts on the limitations of ING versus the majors for a PPOR loan? Are ING's features lacking in any major way? From what I can read, they're fairly comparable.

Do you think they're likely to increase their rates outside of the cycle too, or will their desire to increase market share and lower ROE hurdles mean they continue at this level? I think they'll probably increase sooner or later, but interested in views.

 

For a set and forget PPOR loan they're fine.

If you're planning on investing/releasing equity later on then they're quite painful. Having said that - if your PPOR LVR is sub 80% then refinancing to a lender that's more conducive towards investors later on shouldn't be too costly.

Cheers

Jamie

 

ING are great for PPOR lending, and this rate is pretty sharp for under 80% LVR. if you want to equity release, or do investment lending, choose another lender. They are starting to get a bit of a rep for not passing on these new specials to existing customers, which is disappointing, but seems to be happening with a lot of lenders lately.

 

Jamie summed it up well.

Pros:
Great rate, great service, great technology platform (well thats the feedback i get).

Cons:
Not great for investment - equity release policy is poor and servicing is tight.

Use for set and forget PPOR lending.

Cheers,
Redom

 

Just to offer a comparison to the ING offer, there's currently a Macq white label product that's priced at 3.89% atm which has the benefit of Macq's cash out policy which is really good under 80%. So while ING's low rate is attractive there may be options that will fit better with your big picture.

 

I've got my PPOR, IP, LOC, and another equity release with them and yes its been a big pain in the arse.

 

If its JUST rate, than you can do better than this too with some online providers too.

If its a combo between price + service = ING are very good.

ING in my opinion offer more than just a rate (some of the other pro's mentioned). They do what they say well and have pretty good customer raps in general. For investors, not very useful though.

 

ING = Investor No Go

 

I'm guessing with inflation data this weak, RBA may have a kinder surprise in store shortly - which will be all but eaten up by the "funding cost" hikes.

http://www.smh.com.au/business/the-...why-is-inflation-so-weak-20151028-gkkztb.html

 

This afternoon, ING said NO.

 

BOQ is doing the same 3.99% variable for IP & PPOR. 5 year fixed rate at 4.3% and 3 year fixed rate at 3.95%.

How do they compare for investors with sub 80% loans?

 

Hmmm now they are telling me 4.3% variable and 3.99% on some other new loan thingy.... alas inconsistencies.

 

Members Equity Bank have announced they too are hiking their variable rates by 0.20%.

That is straight out embarrassing after all the carry on about level playing fields to do with capital adequacy they have been carping on about for the last 5 years. They finally get a more level playing field and what do they do?. Price match the majors. This is why they and those like them will never be real competitions to the majors.They have the biggest chance in history to rip some real market share away and what do they do? Go for short term increase in ROE for their union owners. I'm astounded.

 

In its fortnightly update today, ING Direct decided to keep interest rates unchanged, instead of giving in to the temptation of grabbing more money from customers as the competitors have done.

 

How nice of them not to raise rates today given that they raised the variable rate on their Orange Advantage investment loans last week (on the 5th Nov if I recall) by 0.37% from 4.66 to 5.03%.

 

Wasn't that from the previous updates long before the latest big 4 brouhaha, and took effect only this week?

It's an IP thing anyway. Everyone does it.

NB. The update says IP loans are 4.84% effective 13/11/15.

 

I really don't understand why any half serious investor would consider ING - rates aside, their investment lending policy is matt damon at best.

 

Not bad for plain vanilla ppor

 

That's what ING is good for... plain vanilla PPOR with offset. You wont get very far with them as a cornerstone lender for an INV portfolio