ING DIRECT to launch LVR based pricing

ING DIRECT will offer LVR based interest rates on its popular Orange Advantage and SmartPack Mortgage Simplifier products to reward customers taking loans with lower LVRs.
As of July 9, customers for new borrowings with LVRs of less tha...

July 03, 2012

ING DIRECT will offer LVR based interest rates on its popular Orange Advantage and SmartPack Mortgage Simplifier products to reward customers taking loans with lower LVRs.

As of July 9, customers for new borrowings with LVRs of less than 80% will be eligible for reduced interest rates. Lower LVR customers borrowing $500,000 or more will receive an interest rate of just 5.88% p.a. with an Orange Advantage or SmartPack Mortgage Simplifier.

“We’re looking to attract additional sub 80% LVR business and this pricing structure will make us more attractive to upgraders and investors. We’ve also taken on feedback and reduced the threshold under Orange Advantage and SmartPack from $300,000 down to $250,000 which will appeal to a wider market.

“Whilst we’ve made various improvements to our service proposition this year, we certainly haven’t overlooked the importance of sharply priced, competitive products, and these changes highlight this.

“Another positive, based on feedback from our broker partners, is that we’ve aligned Orange Advantage and SmartPack Mortgage Simplifier price points for loan amounts above $250,000 with LVRs below 80%.” said Mark Woolnough, Head of Broker Distribution at ING DIRECT.

ING DIRECT will also continue to waive SmartPack and Fixed Rate application fees, until further notice.

LVR Based Interest Rates - from 9 July 2012




ORANGE ADVANTAGE

Interest Rate

Comparison Rate

Aggregate Borrowings <$250k

6.34% p.a.

6.52% p.a.

Aggregate Borrowings $250k+

6.16% p.a.

6.34% p.a.

LVR BASED INTEREST RATES   where LVR is ≤ 80%
1.

 

 

 Aggregate Borrowings   $250k to <$500k

5.98% p.a.

6.16% p.a.

 Aggregate Borrowings   $500k+

5.88% p.a.

6.06% p.a.

SMARTPACK MORTGAGE SIMPLIFIER *

Interest Rate

Comparison Rate

Aggregate Borrowings $250k+

6.16% p.a.

6.20% p.a.

LVR BASED INTEREST RATES   where LVR is ≤ 80%
1.

 

 

Aggregate Borrowings $250k to <$500k

5.98% p.a.

6.02% p.a.

Aggregate Borrowings $500k+

5.88% p.a.

5.92% p.a.

Information is current as at the date of this update and is   subject to change. The comparison   rates are based on a loan amount of $150,000 over a loan term of 25   years. WARNING: The comparison rates are true only for the examples given and   may not include all fees and charges. Different terms, fees or other loan   amounts might result in different comparison rates. ING DIRECT is a division   of ING Bank (Australia) Limited ABN 24 000 893 292. AFSL and Australian   Credit Licence Number 229823. Aggregate borrowing refers to total residential   ING DIRECT borrowings, excluding lo-doc loans. * Interest rate discounts   under SmartPack available when borrowing $250,000 or more in aggregate.   SmartPack fee applies. 1. LVR based interest rates apply to new loans with a   new security property only. LVR based interest rates do not apply to applications   for fixed rate or construction loans.