ING Direct is Reducing The Variable Interest Rate On Home Loan
On 30 May 2011, ING Direct is reducing the variable interest rate by 0.10 per cent p.a. on its 100 per cent offset home loan product, Orange Advantage amid competition among Australian lenders. The interest rate for Orange Advantage customers with total ING Direct residential borrowings $500,000 or more it will reduce to 6.89 per cent p.a and for customers between $300,000 and below $500,000 will reduce to 6.99 per cent p.a.
The Orange Advantage home loan has a key feature. It is the additional benefit of 100 per cent offset via the Orange Everyday transaction account. By selling discounted mortgages online on Monday last week, National Australia Bank Ltd has taken the pricing war to new heights. The bank’s offer all standard variable rate mortgages sold online priced at 6.59 per cent which will last until the end of this month.
St.George Bank fixed packaged home loan to 6.99 per cent per annum. It followed shortly as it slashed its two-year. The Westpac-owned bank increased its Advantage Package discount from 0.15 to 0.25 per cent p.a. The offer applies for applications from May 25 until 20 June 2011 and is available for new and existing customers, for new St.George two-year Fixed Rate Advantage Package loans of $150,000 or more.
