ING DIRECT lifts rates, cuts exit fees

Effective from today, ING DIRECT will increase its residential variable home loan rates by 0.38 per cent p.a – taking the rate on its mortgage simplifier to 7.12 per cent p.a.

Speaking about the rate hike decision, a bank spokesperson said the increase reflects a continued rise in the cost of funding home loans and the recent Reserve Bank cash rate increase.

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But while the lender has raised rates out of step with the RBA, it is determined to remain competitive within the industry – abolishing its Deferred Establishment Fees for new and existing residential home loan customers.

The decision is expected to encourage further competition in the Australian home loan market.

 

 

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