|
Note: The
rates shown
in the above
header do
not reflect
ING Directs
current
interest
rates. For
the latest
ING Directs
rates please
contact our
office on
1300 726 136
or visit the
ING Direct
website |
|
Lender |
 |
|
Lender Name |
ING |
|
Product Name |
ACTION
EQUITY LOAN |
|
Product Type |
EQUITY |
|
Redraw
Facility |
Yes Cheque
access
Conditions
apply for
access to
Telephone
and Internet
Banking |
|
Offset |
Not
available |
|
Fees |
Establishment
Fess Nil
Account
keeping fee
- Nil
Additional
Splits -
$100
Additional
Valuation
fees
commence at
$200 for a
standard
valuation
which are
paid
upfront,
refer to
Postcode
Valuation
Costs in the
INGD Loan
Applications
folder.
A legal fee
of $220
minimum
applies and
is charged
directly by
the
solicitor
(displayed
as Mortgage
Preparation).
Additional
fees may be
payable, for
further
information
please
consult your
local INGD
BDM or refer
to ING
DIRECT’s
Pre-Settlement
Fees &
Charges
brochure.
A $250 fee
is charged
if you make
changes to
the ING
DIRECT’s
letter of
offer
between date
of issue and
settlement.
Increase/Decrease
- $100
10 free
transactions
per month
Deferred
Establishment
Fee:
1 Year
$1400
2 Year
$1050
3 Year
$700
4 Year
$350 |
|
LVR |
LVR without
Mortgage
Insurance up
to 80%
LVR with
Mortgage
Insurance
Maximum up
to 90% |
|
Repayment
Type |
Interest
Only |
|
Repayment
Options |
No
repayments
required
until
balance
reaches 90%
of approved
loan limit |
|
Repayment
Method |
Direct Debt,
Salary
Credit,
Cheque,
Automatic
payment or
deposits at
any Westpac
branch
(using
encoded
deposit slip
) , Internet
Banking, B
Pay |
|
Extra
Repayments |
Yes
No early
payout fees
applicable |
|
Special
Offers |
|
|
Term |
Reviewed
every 5
years |
|
Loan Size |
Minimum $50K
Maximum $2M
Investment
90% for loan
amounts up
to $300,000 |
|
Mortgage
Insurance |
Required for
loans over
70-80% LVR
(refer to
postcode
policy) |
|
Acceptable
Income |
Applicant
Types
PAYG Income
Earners
Self
Employed
Retirees
evidence of
ongoing
capacity to
repay after
retirement
is mandatory |
|
Product
Change |
A fee of
$250 applies
to switch
from any
existing
loan type to
another. |
|
Statements |
Statements
issued six
monthly. |
|
Portability |
Yes-subject
to approval
(fees apply) |
|
Split Loan
Facility |
Yes- fees
apply |
|
Special
Notes |
|
|
Target
Market |
Borrowers
who require
ready access
to their
equity for
wealth
creation or
lifestyle
improvement
opportunities.
Can be in a
Company
Name. |
