Rate change: ING raises home loan rates

By Tom Watson · · 2 min read
Fact Checked
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Online bank ING has announced that it will be lifting interest rates on a number of its fixed and variable home loans by 10-30 basis points effective tomorrow (February 3).

The changes will see variable interest rates increase on the bank’s Orange Advantage loan, and fixed rates increase on both its Fixed Rate Loan and Fixed Rate Loan (with Orange Advantage) products.

As a result, the new lowest rates available on each loan will be:

Loan Interest rate
Orange Advantage 2.14% p.a. variable rate (2.50% p.a. comparison rate*) for owner occupiers (<80% LVR)
Fixed Rate Loan 2.44% p.a. fixed rate (3.97% p.a. comparison rate*) on a 1-year term for owner occupiers (<80% LVR)
Fixed Rate Loan (with Orange Advantage) 2.34% p.a. fixed rate (3.96% p.a. comparison rate*) on a 1-year term for owner occupiers (<80% LVR)

Since November, 78 different lenders being tracked in the Mozo database have increased over 2,500 fixed mortgage rates, so ING’s move to lift a number of its own fixed rates doesn’t come as a surprise.

What is interesting is the bank's decision to lift rates on its variable Orange Advantage loan, because most lenders have been moving variable rates in the other direction in recent months. In fact, ING reduced rates on that loan by up to 25 basis points as recently as November.

However, rates on ING’s other variable rate loan - the Mortgage Simplifier - will remain unchanged.

Owner occupiers with an LVR below 80% can currently access rates as low as 1.99% p.a. (2.02% p.a. comparison rate*) with the Mortgage Simplifier, which is among the lowest variable rates available among lenders being tracked in the Mozo database.

RELATED: Home loan rate check: How do ANZ, CBA, NAB and Westpac compare?

Want to see how ING’s rates stack up against other offers? Head on over to the Mozo home loan comparison table to browse through hundreds of loans available from Australian lenders, or get started straight away by checking out some of the great deals in the table below.