ING DIRECT – Advantage Home Loan & Investment

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


  • 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


  • 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.


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