Reductions apply to owner-occupied principal and interest loans
ING has lowered fixed interest rates on a selection of new owner-occupied, principal and interest home loans, with cuts of between 0.1 and 0.2 percentage points taking effect for loans settled on or after 17 July.
The reductions apply across one- and two-year fixed rate products at three loan-to-value ratio (LVR) tiers.
For borrowers with an LVR of 80% or below, the one-year fixed rate falls by 0.20 percentage points to 6.34% per annum (comparison rate: 6.05%), while the two-year rate drops by 0.15 percentage points to 6.29% per annum (comparison rate: 6.08%).
The non-major lender, which recently recorded the highest home loan customer satisfaction among Australian banks, has set the one-year rate at the 80.01–90% LVR tier at 6.49% per annum (comparison rate: 6.29%), down 0.15 percentage points, and the two-year rate at 6.44% per annum (comparison rate: 6.31%), down 0.10 percentage points.
Borrowers with an LVR above 90% will see the one-year rate reduced by 0.15 percentage points to 6.59% per annum (comparison rate: 6.71%), with the two-year rate falling by 0.10 percentage points to 6.54% per annum (comparison rate: 6.69%).
"We're focused on delivering value to customers, and these fixed rate reductions mean eligible borrowers can secure a competitive lower rate while enjoying the certainty of knowing what their repayments will be for years to come," said David Jackson (pictured right), mortgages tribe lead at ING Australia.
"For customers looking to manage their household budget with confidence, these lower rates provide another way to save on their home loan and plan ahead."
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