ING DIRECT will lower the interest rate on its variable mortgages by 0.25%, effective Monday 24 December 2012.
ING DIRECT considered its funding position and the RBA’s own reduction in the official cash rate to make the decision to decrease its home loan rates.
ING DIRECT CFO Glenn Baker said, “Our funding position has eased recently allowing us to pass on 25 basis points, however, the threat of elevated funding costs has not passed completely”.
The RBA cash rate is one element we looked at, however, our own funding position was the driver of the decision.”
Its most popular home loan the Mortgage Simplifier will be 5.72% p.a.
ING DIRECT is the fifth largest home lender in the country with $38 billion in mortgages.
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About ING DIRECT
ING DIRECT pioneered branchless banking in Australia by offering the first online, high interest, fee free savings account. Our low cost operating model allows us to pass these savings on to the customer in the form of great value products and services. Today, ING DIRECT has more than 1.4 million customers with $26 billion in deposits and $38 billion in mortgages and a range of innovative banking products.
Please note ING DIRECT is never abbreviated to ING.