ING DIRECT recently reduced its shorter term fixed rates, resulting in market leading rates that sit well below competitors’ variable rates. Its one year rate is 6.79% and both two and three year rates sit at 6.99%.
ING DIRECT’s Head of Broker Sales, Mark Woolnough says it’s part of the bank’s strategy to be an even stronger player in the ever-competitive lending landscape, and adds to the list of positive mortgage initiatives the bank has implemented in the past year.
“Even though the expectation of an increase in the cash rate has diminished, we’re seeing a healthy appetite amongst borrowers for shorter term fixed rate loans, particularly given they sit below most variable rates on offer.”
Another factor contributing to the popularity of fixed rate loans at ING DIRECT is that customers have the flexibility to split their loan with ING DIRECT’s competitive variable rate products, and they can choose their preferred product at expiry of the fixed rate.
“Customers opt for our fixed rates for the certainty they provide but also because they have the option to move into another ING DIRECT loan, like the popular Mortgage Simplifier at no cost.
“This gives customers the best possible option for them and maintains a broker’s trail income in the process,” said Woolnough.
Caroline Thomas, ING DIRECT
Ph: 02 9018 5160
About ING DIRECT
ING DIRECT began operating in Australia in 1999. By doing business online, over the phone and through intermediaries, ING DIRECT keeps it overheads low and passes the savings onto customers in the form of competitive rates. Today, it has grown to become Australia’s fifth largest retail bank, with $24 billion in deposits, more than $37 billion in loans and around 1.4 million customers.
Please note ING DIRECT is never abbreviated to ING.