ING Direct has announced is will be making a number of changes to variable rates across its home loan portfolio, effective Friday 7 July,
Reference rates for the following segments will change as follows:
- For owner-occupier borrowers with ING’s Orange Advantage home loan, the principal and interest rates will decrease by 0.05% p.a.
- For owner-occupier borrowers (with either an Orange Advantage or Mortgage Simplifier home loan), interest-only rates will increase by 0.20% p.a.
- For investor borrowers (with either an Orange Advantage or Mortgage Simplifier), interest-only rates will increase by 0.35% p.a.
ING said it will waive any switching fees until the 31 August for existing customers with Interest Only loans wishing to switch to Principal and Interest repayments. With a Principal and Interest loan customers may be eligible for lower interest rates.