Non-major ups variable rates

by Julia Corderoy16 Nov 2015
Non-major lender, ING Direct has announced it will increase interest rates across its variable owner occupier and investor residential loan portfolio by 18 basis points.

Effective 15 January 2016, the announcement will see the variable interest rate on the Orange Advantage offset home loan for residential owner occupier borrowers rise to 5.02% p.a. (5.21% comparison rate).

In the wake of widespread tightening in residential lending, ING Direct recently established a specialist commercial property team to help brokers capitalise on the opportunities in commercial investment.

Speaking about the new commercial property team, the head of third party distribution at ING, Mark Woolnough, said there is a growing appetite for commercial lending as investors look beyond residential opportunities, meaning now is a better time than ever for brokers looking to build a sustainable and diversified business.