ING DIRECT Increases Residential Variable Mortgage Rates

Due to increased funding costs and the decision by the Reserve Bank to increase the cash rate, ING DIRECT will increase variable mortgage interest rates by 0.30% p.a. effective from 13 April 2010.
ING DIRECT's most popular product, Mort...

April 09, 2010

Due to increased funding costs and the decision by the Reserve Bank to increase the cash rate, ING DIRECT will increase variable mortgage interest rates by 0.30% p.a. effective from 13 April 2010.

ING DIRECT's most popular product, Mortgage Simplifier, will remain competitive and increase to 6.49% p.a.

ING DIRECT will continue to consider the impact on its home loan customers when managing difficult funding conditions.

Existing residential variable rate customers will receive a letter advising them of the rate change in late April 2010 and full details will also be published in national newspapers on 13 April 2010.

For further information, please contact:


David Breen


ING DIRECT


T: 02 9028 4347


M: 0412 933 060

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 $21 billion in deposits, more than $37 billion in loans and around 1.4 million customers.