Surprise moves comes as RBA poised to lift borrowing costs
Australia’s sixth-largest home lender ING has made the surprising move to cut interest rates on certain home loan products, on a day when the Reserve Bank of Australia (RBA) is widely expected to increase borrowing costs.
Up to 15 basis points were knocked off the majority of ING’s ‘Mortgage Simplifier’ range, including both principal and interest (P&I) and interest-only products.
New rates include:
-
P&I, LVR 60% – 5.74% (previously 5.89%)
-
P&I, LVR 60.01% to 70% – 5.74% (previously 5.89%)
-
P&I, LVR 70.01% to 80% – 5.79% (previously 5.89%)
-
P&I, LVR 60% – 5.74% (previously 5.89%)
-
Interest only, LVR 60% or less – 6.19% (previously 6.29%)
-
Interest only, LVR 60.01% to 70% – 6.19% (previously 6.29%
"Delivering competitive products that offer strong value for Australians, remains a key focus for ING,” said ING’s national sales manager, retail broker channel, Sergio Delvescovo (pictured). “We're pleased to announce that we’re reducing rates for new Mortgage Simplifier customers at a time where many Australian households are contending with cost-of-living increases.
"As a leading mortgage provider, we encourage all Australians to check the interest rates on their home loan and to get in touch with their broker if they're wanting to find a better deal."
The market will be closely watching how the banking majors react to today’s RBA announcement.
If, as the market widely anticipates, the central bank does lift the cash rate to 4.35%, it could lead to a major market repricing on mortgage rates and limit homeowners’ borrowing capacity.
ING overtook Bendigo Bank as Australia’s sixth-largest home lender in June 2025.
