ING Direct cuts fixed rates
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9/08/2010 5:56:00 AM
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ING Direct has moved to lower interest rates on its fixed rate home loan products.
In what will be the third rate cut in a month for the lender, both the two and three-year fixed rate products will be priced at 7.09%. Previously offered at 7.19%, the two-year fixed rate will drop by 0.10%, while the three-year fixed rate will come down by 0.20% from 7.29% p.a.
ING Direct executive director of mortgages Lisa Claes said fixed rate mortgages are becoming more attractive to customers. “This rate decrease offers further value for money for customers who want stability in repayments,” she said.
Claes said ING Direct “are determined to offer the best possible value for customers”, and that this recent rate cut is another example of how ING Direct is challenging the Big Four.
The move by ING Direct follows a month of mortgage rate cuts across the board, with RateCity consumer advocate Michelle Hutchinson claiming “almost every type of mortgage rate has fallen on average in the past month.”
NAB has just dropped its two and three-year fixed mortgage rate to 7.29%, a cut of 20 basis points each, while ANZ cut between four and six basis points from its fixed rate loans.
The past month has seen the average two-year fixed rate loans fall eight basis points to 7.38%. The average four-year fixed rate now sits at 7.93%, a drop of six basis points.
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