{"id":2080,"date":"2018-10-15T08:32:26","date_gmt":"2018-10-14T22:32:26","guid":{"rendered":"https:\/\/newsroom.ing.com.au\/?p=2080"},"modified":"2018-10-15T08:32:26","modified_gmt":"2018-10-14T22:32:26","slug":"anxious-aussies-take-the-fast-lane-to-pay-off-their-home-loan-early","status":"publish","type":"post","link":"https:\/\/newsroom.ing.com.au\/anxious-aussies-take-the-fast-lane-to-pay-off-their-home-loan-early\/","title":{"rendered":"Anxious Aussies take the fast lane to pay off their home loan early"},"content":{"rendered":"<p><strong><span style=\"color: #ff6600;\">15 October 2018:<\/span> <\/strong>New research by ING reveals more than half (51%) of all Aussie home loan holders fear they\u2019ll never be able to pay off their home loan and 40% are concerned they\u2019ll carry their mortgage into retirement.<\/p>\n<p>The research comes as ING launches Everyday Round Up for Home Loans, a digital tool that enables ING customers to round up the loose change from their card purchases to pay down their ING mortgage.<\/p>\n<p>The research also suggests that Aussies are so eager to stay a step ahead of their mortgage repayments that 82% are paying down more than what\u2019s required most years and 45% expect to pay off their mortgage at least five years prematurely.<\/p>\n<p>With Everyday Round Up for Home Loans, card purchases made through ING\u2019s Orange Everyday account are rounded up to the nearest $1 or $5 and the extra amount is automatically shifted from the customer\u2019s Orange Everyday account to pay down the mortgage.<\/p>\n<p>ING\u2019s head of retail banking, Melanie Evans says:<\/p>\n<p>\u201cEveryday Round Up for Home Loans is about helping our customers to stay a step ahead by enabling them to use their small change to pay off their biggest purchase \u2013 their home.<\/p>\n<p>\u201cWe launched Everyday Round Up a year ago to help Aussies round up their loose change into a savings account where it would earn interest.\u00a0 In less than a year we\u2019ve helped over 160,000 customers collectively save $32 million.\u201d<\/p>\n<p>ING estimates that customers who round up $50 each month to their 30 year owner occupier Mortgage Simplifier mortgage of $350,000 could shave 19 months or save $14,000 in interest by rounding up their loose change. This assumes the customer puts down a 20% deposit and makes principal and interest repayments.*<\/p>\n<p>For more information about Everyday Round Up for Home Loans please go to: <a href=\"https:\/\/www.ing.com.au\/everydayroundup\">https:\/\/www.ing.com.au\/everydayroundup<\/a><\/p>\n<p>Ends<\/p>\n<p>* This an example only and the potential benefits from using Everyday Round Up with a Mortgage Simplifier home loan will depend on a range of factors including how much is rounded up each month and the nature of a customer\u2019s home loan with ING. The current variable interest rate for an owner occupier Mortgage Simplifier home loan of $350,000 with an LVR &lt;80% when making principal &amp; interest repayments is 3.73% p.a.. Variable interest rates will likely change over the term of the home loan which will alter the benefits from using Everyday Round Up. The average amount round up over May 2018 was $50 for an ING customer using Everyday Round Up to round up card purchases to the nearest $5. ING recommends you seek independent financial or taxation advice where appropriate.<\/p>\n<p><span style=\"color: #ff6600;\"><strong>For more information please contact:<\/strong><\/span><\/p>\n<ul>\n<li>David Breen, 0412 933 060, <a href=\"mailto:david.breen@ing.com.au\">breen@ing.com.au<\/a><\/li>\n<li>Megan Landauro, 0413 317 225, <u><a href=\"mailto:megan.landauro@ing.com.au\">landauro@ing.com.au<\/a><\/u><\/li>\n<\/ul>\n<p>This study was conducted by YouGov Galaxy in August 2018. The sample comprises 1,038 Australians aged 20 years and older who either have a home mortgage or had paid off their home mortgage in full within the last 5 years.<\/p>\n<ul>\n<li>Age, gender and region quotas were applied to the sample.<\/li>\n<li>Following the completion of interviewing, the data was weighted by age, gender and region to reflect the latest ABS population estimates.<\/li>\n<\/ul>\n<p><span style=\"color: #ff6600;\"><strong>About ING<\/strong><\/span><\/p>\n<p>ING changed the way Australians bank 19 years ago by launching the country\u2019s first high interest, fee free online savings account. Since then, we\u2019ve brought continued value to home loans, transactional banking, superannuation, insurance, credit cards and personal loans.<\/p>\n<p>ING has the highest Net Promoter Score of any Australian bank.<\/p>\n<p><span style=\"color: #ff6600;\"><strong>Australia\u2019s most recommended bank.<\/strong><\/span><\/p>\n<p>Source: Nielsen Consumer &amp; Media View Jan\u201918 \u2013 Jun\u201918 (n = 11,837)\u00a0when compared by customers of 15 other banks operating in Australia.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>15 October 2018: New research by ING reveals more than half (51%) of all Aussie home loan holders fear they\u2019ll never be able to pay off their home loan and 40% are concerned they\u2019ll carry their mortgage into retirement. The research comes as ING launches Everyday Round Up for Home Loans, a digital tool that [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[8,9,17],"tags":[],"class_list":["post-2080","post","type-post","status-publish","format-standard","hentry","category-everyday-banking","category-property","category-savings"],"acf":[],"_links":{"self":[{"href":"https:\/\/newsroom.ing.com.au\/wp-json\/wp\/v2\/posts\/2080","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsroom.ing.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsroom.ing.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsroom.ing.com.au\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/newsroom.ing.com.au\/wp-json\/wp\/v2\/comments?post=2080"}],"version-history":[{"count":2,"href":"https:\/\/newsroom.ing.com.au\/wp-json\/wp\/v2\/posts\/2080\/revisions"}],"predecessor-version":[{"id":2082,"href":"https:\/\/newsroom.ing.com.au\/wp-json\/wp\/v2\/posts\/2080\/revisions\/2082"}],"wp:attachment":[{"href":"https:\/\/newsroom.ing.com.au\/wp-json\/wp\/v2\/media?parent=2080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsroom.ing.com.au\/wp-json\/wp\/v2\/categories?post=2080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsroom.ing.com.au\/wp-json\/wp\/v2\/tags?post=2080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}