Non-major cuts three-year fixed rates

ING Direct has cut its three-year fixed rates for both owner occupiers and investors



ING Direct has cut its three-year fixed rates for both owner occupiers and investors.

Effective today, ING’s Orange Advantage loan will be reduced to 3.88% (comparison rate 4.47%), and the three-year fixed interest rate for investors will be reduced to 3.97% (comparison rate 4.49%).

Over the year to May 2016, ING increased its owner occupied housing book by 11% to $29.1 billion. The non-major also recorded growth in investment loans, increasing its housing investment book by 3% over the year to $9.4 billion, according to figures from APRA.

ING also recently announced a new partnership with ZipID to help streamline its verification process and speed up loan approval turnaround, to compete in the ever competitive mortgage market.

ING head of third party distribution Mark Woolnough said the non-major was the first to pilot ZipID and made the decision to launch it its wider broker network after positive feedback.   

“We were the first in the industry to pilot ZipID in late 2015 and the feedback has been fantastic, so we’re now making it available more broadly. Borrowers love it because of its flexibility and convenience and brokers stay in control of the application process,” he said. 

“ZipID can make a huge difference to the home loan application process, essentially removing a pain point for both borrowers and for brokers.”

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