ING DIRECT will slash its 1 and 2 year fixed rates by 0.35% p.a. effective from Friday 18 March 2011, bringing the 1 year fixed rate down to 6.89% p.a. and the 2 year fixed rate down to 6.99% p.a.

This follows ING DIRECT’s decision to reduce its 3 year fixed rate earlier this month.

“With the current level of uncertainty on interest rates, there seems to be a customer appetite for sharply-priced short tenure fixed rates” said Ray Esho, Head of Mortgage Products at ING DIRECT.

“What’s more, our fixed rates revert to the very competitive Mortgage Simplifier loan on expiry if the customer doesn’t wish to re-fix, so this offers great value for our customers.

“Whilst there’s currently a lot of activity in the Australian mortgage market, our recent initiatives seem to be driving competition and that is very much our intention at ING DIRECT,” said Esho.

Media contact:
Caroline Thomas, ING DIRECT
Ph: 02 9018 5160 / 0413 317 225
Email: caroline.thomas@ingdirect.com.au

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 $23 billion in deposits, more than $37 billion in loans and around 1.4 million customers.

Please note ING DIRECT is never abbreviated to ING.