Non-major tips rate discount

by Julia Corderoy17 Jul 2014
A non-major bank has announced a new rate discount for high-value home loans.

ING Direct has launched a new promotional interest rate of 4.63% for residential loans of $1 million or more.

The promotion is a part of several recent changes made at ING Direct. Mark Woolnough, the lender's head of third-party distribution, said the bank wants to prove that non-majors can be competitive.

“Brokers often have the misconception that we only offer basic loans to a specific target audience, but that’s not the case,” Woolnough said.

The promotional interest will apply for Orange Advantage loan applications unconditionally approved by 30 September 2014, with an LVR up to and including 80%, and any owner occupied component must be principal and interest.

“Almost all of these changes are in direct response to feedback from our third party partners which is valuable in enhancing the products and services we offer through our brokers,” Woolnough said.


  • by wHeregroup 17/07/2014 3:03:46 PM

    If ING assessed the loans for pre approvals in full so you could rely on a pre approval for your clients, then yes they could be seen as a key player, until then, sorry Mark, you are a basic lender? Easy fix really..

  • by Papery 18/07/2014 9:40:51 AM

    Assessment rate remains at 8%.....Owner occupier debts with 80% lvr & P&I, investors IO. A good Broker could get this low risk vanilla-client a great deal anywhere without too much effort.... consider the equity position this client would possess not to mention the income position.

  • by Curious 18/07/2014 10:42:37 AM

    Papery, Which lender (that deals with brokers) are you speaking of that will do 4.63% on a variable rate over a mill at 80%?