ING Bank has operated in Australia since 1994 and has become one of the biggest banks in the country. It's part of the wider ING group which began in the Netherlands - the cumulative assets of which actually exceed those of any other Australian bank.
As of February 2025, ING has the sixth largest owner occupier home loan book in Australia, and ranked ninth for investment loans.
What home loans does ING offer?
ING offers variable and fixed-rate home loans to both owner occupiers and investors. It allows borrowers to use a guarantor, and also has interest-only options.
ING variable rate home loans
For both owner occupiers and investors, ING offers two types of variable rate home loan. There's the Mortgage Simplifier, which has no annual or account keeping fees, or the Orange Advantage which comes with a $299 annual fee in exchange for a 100% offset account. As you'd expect, rates on the Orange Advantage tend to be slightly higher on the product with an offset.
Both products allow unlimited additional repayments and a redraw option.
ING fixed-rate home loans
ING also offer fixed terms of anywhere from one to five years. Extra repayments are allowed, but only up to $10k a year, and there's no offset account or redraw. ING fixed-rate home loans don't have any annual fees or account keeping fees, but like most fixed products there can be a substantial break cost for ending the loan term early.
ING Green Upgrade Loan
The Green Upgrade Loan is in a bit of a grey area between home loans and personal loans. You can borrow up to $50,000 - typically at an attractively low rate - to upgrade your property with approved energy efficient additions including:
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Solar panels
-
Induction stove
-
Non ducted single split air conditioning
This product is available to customers with an existing ING loan (variable or fixed) with an outstanding balance of $150,000 or more and provided the LVR of the existing loan remains at 80% or less once combined with the green upgrade loan.
Check out some of ING's home loans for owner occupiers in the table below.
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Additional Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.59% p.a. | 5.86% p.a. | $2,867 | Principal & Interest | Fixed | $0 | $350 | 80% | |||||||||||||
5.59% p.a. | 5.83% p.a. | $2,867 | Principal & Interest | Fixed | $0 | $350 | 80% | |||||||||||||
5.69% p.a. | 5.88% p.a. | $2,899 | Principal & Interest | Fixed | $0 | $350 | 80% | |||||||||||||
5.69% p.a. | 6.04% p.a. | $2,899 | Principal & Interest | Fixed | $0 | $350 | 90% | |||||||||||||
5.69% p.a. | 6.01% p.a. | $2,899 | Principal & Interest | Fixed | $0 | $350 | 90% | |||||||||||||
5.69% p.a. | 5.86% p.a. | $2,899 | Principal & Interest | Fixed | $0 | $350 | 80% | |||||||||||||
5.74% p.a. | 5.86% p.a. | $2,915 | Principal & Interest | Fixed | $0 | $350 | 80% | |||||||||||||
5.74% p.a. | 5.85% p.a. | $2,915 | Principal & Interest | Fixed | $0 | $350 | 80% | |||||||||||||
5.74% p.a. | 6.01% p.a. | $2,915 | Principal & Interest | Fixed | $0 | $350 | 80% | |||||||||||||
5.74% p.a. | 5.90% p.a. | $2,915 | Principal & Interest | Fixed | $0 | $350 | 80% |
What makes ING home loans different?
'Round up' feature
ING allows mortgage holders to 'round up' spending on a linked transaction account to go towards the loan. You can round up to the nearest $1 or $5 - every time you spend, the rounded amount is automatically debited from the transaction account to go into the home loan. For example, if you set the round up to $5 and you spend $4 on a coffee every day, you'll be putting an extra dollar towards your loan each time.
Stronger rates for high LMI borrowers
George Samios, broker and founder of Madd home loans, says ING treats high-LVR borrowers better than most lenders.
"When you're buying with LMI and you have less than a 20% deposit, like if you have a 10% or 12% deposit, that's when they have [comparatively] very cheap rates," he told Savings.com.au.
A quick look at current rates backs this up. At the time of writing, the difference between advertised variable rates at ING for owner occupiers with an LVR below 60% and for those between 90 and 95% LVR is 55 basis points. Compare that to the ANZ Simplicity Plus (124 bps difference between LVR<60% and LVR<95%) or the CommBank Standard Variable (140 bps difference).
ING home loans review
Interest rates
Mr Samios says ING usually offers decent interest rates to home loan customers.
"Out of what you would call second tier lenders, [ING] are pretty competitive with interest rates," he told Savings.com.au.
Fees
ING's home loans have the following fees pre settlement as of February 2025:
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A $350 settlement fee for all products
-
The Orange Advantage has an annual fee of $299
-
A $749 'lock in' fee applies for fixed loans
Post settlement, the following charges may apply:
|
Mortgage Simplifier |
Orange Advantage |
Fixed Home Loan |
Green Update Loan |
|
|---|---|---|---|---|
|
Annual account keeping fee |
$0 |
$299 |
$0 |
$0 |
|
Late payment fee |
$30 |
$30 |
$30 |
$30 |
|
Arrears Default letter (per letter) |
$40 |
$40 |
$40 |
$40 |
|
Variation fee |
$300 |
$0 |
$300 |
$300 |
Turnaround time
On its broker guide, ING says it has the following indicative turnaround times, assuming all outstanding documentation has been provided:
-
For new borrowers/refinancers: 3 days
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Non assessed pre-approval: 3 days
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Changes to existing loans: 5 days for assessment, 2 days for a loan offer, 2 days for a switch or split
First published on February 2022
Image by Ansie Potgieter via Unsplash
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