Founded in 1999 as a subsidiary of the multinational Dutch ING Group, ING was Australia’s first direct bank. Since then, it’s gone on to become one of Australia’s leading challenger banks, both in the everyday banking and lending spaces.
| Offset accounts available | ✅ |
| Redraw facilities available | ✅ |
| Line of credit available | ❌ |
| Split rate option available | ✅ |
| Green loan available | ❌ |
| Ability to make extra repayments | ✅ |
| Internet banking available | ✅ |
| Salary crediting | ✅ |
| Choice of repayment flexibility | ✅ |
| Refinance available | ✅ |
| Services first home buyers | ✅ |
ING’s range of home loan products on offer currently includes:
ING offers home loans that can suit first home buyers (whether they’re looking to buy with the aid of a guarantor or not), refinancers, those looking for bridging finance between their current home loan and their next loan, property investors and more.
However, when it comes to what types of borrowers ING lends to, there are a few points that you should keep in mind.
The first is that ING has a minimum required loan-to-value ratio (LVR) of 95% meaning it is unlikely that you will be approved for a home loan with ING if your saved deposit is less than 5% of your total proposed loan size.
ING also likely won’t give you a home loan if you don’t have the capacity to repay your proposed home loan at a rate 3% higher than the advertised interest rate. This is because the Australian Prudential Regulation Authority (APRA) requires all lenders to assess an applicant’s ability to service their proposed home loan in the event of interest rate hikes.
Yes, ING provides home loans to first home buyers. While they don’t have a specific home loan product designed for first home buyers, they have several tools and resources available that can help them navigate the process of buying a home for the first time.
No, ING is not a participating lender under the Home Guarantee Scheme. With this in mind, if you’re looking to access the scheme, you may want to find a different lender to work with.
The Home Guarantee Scheme helps certain home buyers secure a home loan with a deposit smaller than 20%, without having to pay lenders mortgage insurance (LMI). Applications for one of these schemes can only be made through a participating lender or a mortgage broker acting as an authorised representative of a participating lender.
Yes, you can switch your home loan to ING from another bank by refinancing. Borrowers refinancing their loan with ING can choose either a fixed, standard variable rate or split rate loan to switch to and can add a redraw facility and/or an offset account to eligible loans.
ING requires a borrower to take out lenders mortgage insurance (LMI) if the borrower’s LVR is more than 80% – meaning their deposit represents less than 20% of the total loan value. ING allows borrowers to either pay their LMI upfront or pay it off via their home loan repayments.
As of 15 May, 2024, ING lists two categories of home loan fee: pre-settlement and post-settlement. Please note that these fees may not apply to every home loan product offered by ING, and that they are subject to change without notice.
| Pre-settlement | Post-settlement | ||
| Fee name | Fee amount | Fee name | Fee amount |
| Settlement fee | $299 | Annual account-keeping fee | $180 for Smart Home Loan, $299 for Orange Advantage |
| Orange Advantage Annual Package Fee | $299 | Change to loan amount | $250 |
| Fixed rate application fee | $499 | Product switch | $250 |
| Fixed rate lock fee | $749 | Substitution of security | $250 |
| Combination loan fee | $100 | Discharge fee | $250 |
| Change to letter of offer | $250 | Removal or change of borrower or guarantor | $250 |
If you want to learn more about ING home loans, you can use our home loan comparison tool to compare them against a wide range of other loan products from nearly 20 other lenders!
Comparing home loans with us means only being shown home loans you’re eligible to apply for, and having a dedicated team of Home Loan Specialists on-hand to help you with any questions you may have. And if you find a home loan that you think might be appropriate for you, you can apply for it then and there – entirely online, with no physical paperwork!
So, if you’re in the market for a home loan, compare your options today with Compare the Market!
Stephen has more than 30 years of experience in the financial services industry and holds a Certificate IV in Finance and Mortgage Broking. He’s also a member of both the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) and the Mortgage and Finance Association of Australia (MFAA).
Stephen leads our team of Home Loan Specialists, and reviews and contributes to Compare the Market’s banking-relating content to ensure it’s as helpful and empowering as possible for our readers.
