ING Australia
Lender Overview
ING is a Dutch banking group that has operated in Australia since 1999. It is an authorised deposit-taking institution regulated by APRA but operates without physical branches, relying entirely on digital and telephone banking. ING is consistently ranked highly for customer satisfaction and offers competitive home loan rates.
Loan Products Offered
Mortgage Simplifier
ING's no-frills variable rate loan with competitive pricing and basic features. No annual fee. Unlimited extra repayments and redraw.
Orange Advantage
Variable rate package with a 100% offset account, linked to an ING transaction account. Monthly fee of $10. Competitive all-up cost for borrowers who use the offset account actively.
Fixed Rate Home Loan
Fixed terms of 1 to 5 years with ING. Break costs apply for early exit or extra repayments above the annual limit.
Pros and Cons
Pros
- +Consistently competitive rates, often below the major banks
- +High customer satisfaction scores for digital experience and service
- +No annual fee on the Mortgage Simplifier product
- +Orange Advantage offset account is competitive when factoring in the monthly fee
Cons
- -No physical branches, which may not suit all borrowers
- -Processing times can be longer than digital-only non-bank lenders
- -Limited product range compared to the major banks
Typical Rates
| Loan Type | Indicative Rate |
|---|---|
| Owner-Occupier Variable (P&I) | RBA cash rate + 2.30% to 2.80% (indicative) |
| Owner-Occupier Fixed | Market rate at time of fixing, varies by term |
| Investor Variable (P&I) | RBA cash rate + 2.60% to 3.20% (indicative) |
ING rates are generally more competitive than the big four. Rates vary by LVR and product. Confirm with ING directly or via a broker.
Application Process
- 1
Apply entirely online via ING's website
- 2
Upload identification and income documents through the online portal
- 3
ING orders a property valuation
- 4
Conditional approval typically 3 to 7 business days
- 5
Settlement coordinated with your conveyancer
Who ING Australia Suits Best
- ✓Borrowers comfortable with fully digital banking
- ✓Those seeking a competitive rate with solid customer service
- ✓Borrowers who want a fee-free variable rate option
