Non-major cuts variable rate below 4%

by Julia Corderoy02 Sep 2015
ING Direct has cut the variable rate for its Orange Advantage home loan below 4% on new owner occupier lending.

Effective 1 September through to 31 October, the variable interest rate will be reduced to 3.99% (comparison rate 4.19%) on new principal-and-interest owner occupier lending with than LVR less than or equal to 80%. 

The non-major lender, who has a mortgage book of $38 billion, has also removed the minimum loan size of $500,000 as part of this offer.

Last week, AMP reduced variable and fixed home loan rates for new owner occupier customers. The non-major’s Essential Home Loan was reduced to 4.09%, down from 4.20%, while the Basic variable was reduced to 4.19%, down from 4.50%. The Basic two year fixed rate loan was also reduced to 4.18%, down from 4.55%.


  • by John Nelson 2/09/2015 12:59:25 PM

    Why is the comparison rate 4.19% for the ING loan if the rate is 3.99%? Set up is only $220 and the annual fee $199. Seems very high to me!