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Supporting our customers impacted by COVID-19

Published on 25/03/2020

ING Australia today announced new measures to continue supporting customers and small businesses impacted by COVID-19.

The unprecedented spread of COVID-19 is having a wide reaching impact on individuals and communities across the country. ING wants to assure customers that we are ready to support their needs.

We encourage customers who are facing difficulties to contact us so that we can provide help with their home loans, personal loans or commercial loans.

Measures to support our customers

Customers may be eligible for:

  • Repayment deferrals of up to 6 months on commercial loans for small business customers.
  • A 3 to 6 month payment pause on home loans and personal loans for those in need.
  • A 3 to 6 month payment pause on credit cards.
  • Record low fixed rates for home loan borrowers and higher term deposit rates for savers.
  • A cut of 0.35% p.a. to rates for existing commercial variable loans (under $3 million), effective from 9 April 2020.

ING’s dedicated specialist support team is available on 133 464.

 

Home loan rates

 

Owner Occupied Fixed Rates with Orange Advantage (Principal & Interest)

Principal & Interest New Interest Rate (p.a.) New Comparison Rate (p.a.)*
1 Year Fixed Rate 2.19% 3.95%
2 Year Fixed Rate 2.09% 3.77%
3 Year Fixed Rate 2.14% 3.62%
4 Year Fixed Rate 2.49% 3.59%
5 Year Fixed Rate 2.54% 3.50%

 

Owner Occupied Fixed Rates (Principal & Interest)

Principal & Interest New Interest Rate (p.a.) New Comparison Rate (p.a.)*
1 Year Fixed Rate 2.29% 3.96%
2 Year Fixed Rate 2.19% 3.79%
3 Year Fixed Rate 2.24% 3.65%
4 Year Fixed Rate 2.59% 3.63%
5 Year Fixed Rate 2.64% 3.54%

 

Investor Fixed Rates (Principal & Interest)

Principal & Interest New Interest Rate (p.a.) New Comparison Rate (p.a.)*
1 Year Fixed Rate 2.74% 4.60%
2 Year Fixed Rate 2.64% 4.41%
3 Year Fixed Rate 2.69% 4.25%
4 Year Fixed Rate 3.04% 4.18%
5 Year Fixed Rate 3.09% 4.03%

 

Investor Fixed Rates (Interest Only)

Interest Only New Interest Rate (p.a.) New Comparison Rate (p.a.)*
1 Year Fixed Rate 2.89% 4.99%
2 Year Fixed Rate 2.79% 4.83%
3 Year Fixed Rate 2.84% 4.70%
4 Year Fixed Rate 3.19% 4.66%
5 Year Fixed Rate 3.24% 4.57%

Variable home loan rates remain unchanged.

 

Savings rates

Increases of up to 0.25% p.a. have been introduced for some term deposit rates, effective 26 March 2020, as follows.

Term New Fixed Interest Rates (p.a.) Change
180 Day 1.80% +0.25%
270 Day 1.80% +0.25%
1 Year 1.85% +0.25%
2 Year 1.85% +0.25%

 

-ENDS-

*Comparison rates: The comparison rate is based on a home loan amount of $150,000 over a loan term of 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Important Information

During a payment pause, a customer will not be required to make any repayments, however interest and fees will continue to accrue on their loan. This means at the end of the deferral period the loan balance will be higher, and minimum repayments will increase so that the loan can still be paid within its term.

Information and interest rates are correct on the date of publication and are subject to change. All applications for credit are subject to ING’s credit approval criteria. Fees and charges apply.

Any advice does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you.

Before making any decision in relation to our products, you should read the relevant Terms and Conditions booklet and Fees & Limits Schedule available at ing.com.au. If you have a complaint please call 133 464 at any time, as we have procedures in place to help resolve any issues you, or your customer may have. Credit provided by ING, a business name of ING Bank (Australia) Limited ABN 24 000 893 292, AFSL and Australian Credit Licence 229823.

About ING

ING changed the way Australians bank 20 years ago by launching the country’s first high interest, fee free online savings account. Since then, we’ve brought continued value to home loans, transactional banking, credit cards, personal loans, superannuation and insurance.

Media contacts

Deanna Rose, PR Manager, ING, M:  +61 413 317 225, E: deanna.rose@ING.com.au

David Breen, Head of Corporate Affairs, ING, M: +61 412 933 060, E: david.breen@ing.com.au

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

ING
60 Margaret Street
Sydney NSW 2000

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