ING Home Loans - From 3.64%

ING's strength is in its owner occupied offset variable loans at up to 80% lend:

- 3.64% for >$1m loan (4.04% IO repayment)
- 3.69% for >$500k loan (4.09% IO repayment)
- 3.79% for >$150k loan (4.14% IO repayment)

The above can be split with ING's 3 years fixed rate @ 3.79%.

ING's Niche:
1. Lenient cashout policy. Many lenders require written substantiation of what funds are to be used for when >$50,000 - $100,000 is cashed out from a property. ING may allow up to 80% cash out for an owner-occupied property
2. Refinance of business debts at residential interest rate
3. May lend to borrowers on paternal/maternal leave if resuming work within the next 3 months
4. The option of servicing guarantee from parents to meet the borrowing power test. This may be unique in the market.

ING's limitation:
1. Slow assessment process
2. ING may only fully assess a loan application for purchases when a contract is in place i.e. no pre-approvals
3. Interest-only repayment unavailable for fixed rate owner occupied mortgage
4. May not lend for high density apartments in postcode 2000, 2008, 2017, 2019, 2077, 2138, 2150, 2205, 2216
5. New and better home loan offer in future is most unlikely to be provided to existing mortgage customers

Posted in: Interest rates

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