ING increases interest rates

The bank previously hiked rates for owner occupiers by 15 basis points

ING increases interest rates


By Rebecca Pike

One of Australia’s banks has announced an increase to its home loan interest rates.

ING is increasing variable rates for investor mortgage customer by 15 basis points.

The changes come into effect from Tuesday 25 September for both new and existing investor loan customers.

ING increased its rates in June by 10 basis points for owner occupier loans, whereas many lenders had chosen to increase rates for investors first. 

Over the past month three of the four major banks have increased their rates by a similar amount. Experts have predicted rates will continue to rise.

WestpacANZ and CBA all chose to increase rates for all variable home loans, both investors and owner occupiers. 

According to Cameron Kusher from CoreLogic, "Higher mortgage rates have already driven a slowing of demand for investors over the past year."

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