ING Direct lowers fixed rates
By
Andrea Lavigne
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11/01/2010 9:30:00 AM
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ING Direct is ready for customers looking to switch from variable to fixed rate loans ahead of potential increases to the official cash rate.
The lender announced it is lowering interest rates on two, three, four and five year fixed rate residential mortgage products.
"Even though fixed rate volumes are currently low across the industry, we expect an increase in fixed rate applications in the current rising variable rate environment," said Lisa Claes, executive director of mortgages, adding that the decrease will make ING DIRECT fixed rate products amongst the most competitive in the market.
ING Direct's fixed rate loan automatically reverts to a Mortgage Simplifier loan at the expiry of the fixed rate term.
The changes became effective 8 January.
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