A non-major bank has announced it is to reduce the rate on two of its home loans by 17 basis points each, as competition heats up across the market.
The reduction of 0.17% comes in anticipation of the RBA’s first rate cut in almost three years – the announcement on which is due next Tuesday.
ING’s Mortgage Simplifier home loan will now be offered at 3.63%p.a. when a home loan of $150,000 to $1m is approved. Loans above $1m will receive a 3.59% p.a. rate
The promotion is valid for P&I repayments on new owner occupier applications, where a minimum deposit of 20% is provided along with a security property, that is new to ING.
Further changes are being made to ING’s Orange Advantage home loan. Here, the offer is valid for P&I repayments on new owner occupier applications, with a minimum deposit of 20% as well as the security property.
Following another 0.17% reduction, Orange Advantage is now offered at 3.68% p.a. for loans between $150,000 and $1m and 3.64% p.a. for loans of more than $1m.
The reduced rates will apply for new loan applications formally approved from today, Thursday 30 May 2019.
ING is the second lender to announce a rate cut this week, following the news that Mortgage House is now funding a 3.29% loan through uno Home Loans.
