Non-major slashes fixed rates

by Julia Corderoy01 May 2015
ING Direct has announced discounts on a range of its fixed residential home loans, effective 1 May 2015.

The one, two and three-year fixed rates have been slashed to 4.24%, while the four and five-year fixed rates have been reduced to 4.49%. Customers with an Orange Advantage loan will also receive a further 0.10% discount off these fixed rates.

“Our new fixed interest rates are the lowest we have ever seen, and coupled with our extremely competitive variable rates and ongoing focus on service and value, we have a very strong offering for brokers and their clients,” Mark Woolnough, head of third party distribution at ING Direct said.

 “On 1 May when our new fixed rates kick in, we’ll also be making our first loyalty reward cash payment for our eligible Orange Advantage customers, providing even more opportunity for customers to get ahead.”

Comparison rates for the one, two and three-year fixed rates are 4.90%, 4.84% and 4.78% respectively, while the comparison rates for the four and five-year fixed rates are 4.81% and 4.77% respectively. 

These latest fixed rate changes follow reductions to variable rates introduced in March which saw additional low LVR discounts extended to new loans at or above $150,000 and $500,000.