Today ING reduced the interest rate on its Orange Advantage product by 0.80%. This effectively brings the interest rate to 6.71%.  This is available for new and existing customers who initially  borrow more than $300,000.

This product is the first from ING Direct that offers a 100% offset facility that acts like a transactional account.

ING – Orange Advantage Products

Minimum Borrow Amount – $300,000

Interest Rate Discount – 0.8% or 6.71% as of 16th August 2010

Application Fee – Nil

Ongoing Fee – $199 yearly

Valuation Fee – $200 for rural areas

Offset Facility – 100% Offset, transactional, ATM, EFTPOS, VISA Debit, Phone Banking

Redraw Facility – No minimum amount or fees

Early Exit Fees -  Year 1: $1,400, Year 2: $1,050, Year 3: $700, Year 4: $350

Advantages

• Competitive interest rate but there are better for a similar product
• 100% offset account that is full transactional
• Solid lender and held up well during the GFC here in Australia
• No up front fee or fees for redraw

Disadvantages

• Annual fee expensive at $199 yearly
• Early exit fee for first two years higher than most major banks
• No branch access (if that is important to you)

Are There Better Products on The Market

We believe there are better products on the market that offer similar features but at a greater interest rate discount and lower ongoing fees.

To find out if this loan or any other loan is suitable for your lending needs submit a free mortgage quote to compare multiple lenders.

Below are current specials offered by various lenders.

Commonwealth Bank – 3 Year Rate Saver – $0 loan service fee for new borrowing

Homeloans – $0 upfront for their Premium Full Doc Loan

St George Basic Variable – Low rate at 4.99%, no up front and ongoing fees for new customers only.

Westpac – .20% discount on all fixed rates under Premier Advanatge Package. Nil upfront fee for Flexi First Option Home Loan for first home buyers.

Lender specials are usually offered for a limited time only and differ from their typical offerings.

Commonwealth Bank Home and Investment Loans

$0 Establishment Fee and Loan Service Fee for the life of the loan on our 3 Yr Special Rate Saver on new borrowings only.  Saving $600 upfront and $8 monthly

Citibank Home Loans

$0 Application Fee Basic Variable Loan. Saving $345 in application fees

ING Home Loans

Fixed Rate Application Fee will be waived  where borrowing 80% or less of the properties value

St George Fixed Rate Loans

0.15% off Fixed Rates when applying for the Mortgage Advantage Package For a Limited Time.

Available for new applications and existing customers for borrowings of $150K or more.

Introductory 1 Year Fixed Rate, Low Doc and No Deposit Home Loans are not eligible. 

This discount is not available on Interest in Advance Loans.Pre-approvals are not eligible for the 0.15% p.a. discount

Rams Home Loans

For the month of January 2009 only, RAMS is waiving the application fee for all new applications of $150,000 or more. Saving $395 in upfront fees this offer is available across our entire range of full doc home loans, including the popular RAMS Rate Relief home loan.

Westpac Fixed Rates

Customers will receive 0.20% discount on all fixed rate loans under the Premier Advantage Package. The discount will be available on the following loans:

Fixed Options Home/Investment Property Loan

Fixed Options Home/Investment Property – Low Doc

This not applicable to the existing fixed rate loans, unless the customer is re-fixing their loan when their current fixed rate term expires or the customer breaks their fixed rate term.

To find out more about these specials or a home or investment loan suitable to your lending needs please contact us or submit a mortgage enquiry.