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ING DIRECT To Decrease Variable Home Loan Rates By 0.25%

Published on 12/04/2012

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.

Media contact:

Caroline Thomas
PR Manager, ING DIRECT
+61 2 9018 5160
+61 413 317 225
caroline.thomas@ingdirect.com.au

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.

 

Media Enquiries

David Breen
Head of Corporate Affairs
0412 933 060
David.Breen@ing.com.au

Megan Landauro
Public Relations Manager
0413 317 225
Megan.Landauro@ing.com.au

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60 Margaret Street
Sydney NSW 2000

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