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.
