Finty
ING

ING Mortgage Simplifier

Variable rateRedraw

Low variable interest rate home loan with no ongoing monthly or annual fees.

Written byDavid Boyd
Interest rate a year, from
6.29%
Comparison rate
6.32%
Upfront fees
$350
Annual fee
None
Monthly fee
Not published

Monthly repayment

$600,000 over 30 years

Apply now

What it would cost

At the lowest rate of 6.29% (variable, live in, principal and interest). The rate you are offered depends on your deposit and the loan you choose, and upfront fees are not included.

Monthly repayment
$3,710
Total repayments
$1,335,574
Interest
$735,574

Rates

Every rate ING publishes for this loan. LVR is the loan as a share of the property's value: 80% for a 20% deposit.

RatePropertyRepaymentsLVRInterest rateComparison rate
VariableLive inPrincipal and interest1% to 50%6.29%6.32%
VariableLive inPrincipal and interest51% to 60%6.29%6.32%
VariableLive inPrincipal and interest61% to 70%6.29%6.32%
VariableLive inPrincipal and interest71% to 80%6.34%6.37%
VariableLive inPrincipal and interest81% to 90%6.49%6.52%
VariableLive inPrincipal and interest91% to 95%6.94%6.97%
VariableLive inInterest only1% to 50%6.69%6.49%
VariableLive inInterest only51% to 60%6.69%6.49%
VariableLive inInterest only61% to 70%6.69%6.49%
VariableLive inInterest only71% to 80%6.69%6.52%
VariableInvestmentPrincipal and interest1% to 50%6.39%6.42%
VariableInvestmentPrincipal and interest51% to 60%6.39%6.42%
VariableInvestmentPrincipal and interest61% to 70%6.39%6.42%
VariableInvestmentPrincipal and interest71% to 80%6.44%6.47%
VariableInvestmentPrincipal and interest81% to 90%6.74%6.77%
VariableInvestmentInterest only1% to 50%6.59%6.50%
VariableInvestmentInterest only51% to 60%6.59%6.50%
VariableInvestmentInterest only61% to 70%6.59%6.50%
VariableInvestmentInterest only71% to 80%6.59%6.53%
VariableInvestmentInterest only81% to 90%6.89%6.83%

Comparison rates are for an example loan of $150,000 over 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Fees and features

Fees

Upfront fees
$350
Annual fee
None
Monthly fee
Not published

Features

Offset account
No
Redraw
Yes
Highest LVR
95%
Loan amount
From $20,000 up to $3,000,000

How it compares

Against the other home loans we compare, for a home you live in with a 20% deposit. Typical means the middle half of them.

Variable rate

6.34%

For a home you live in, paying principal and interest. Typical is 6.62%.

Comparison rate

6.37%

For the same rate. Typical is 6.70%.

Upfront fees

$350

Typical upfront fees are $600.

Annual fee

None

A typical annual fee is $350.

Smallest deposit

5%

Most loans need at least 10% of the price.

Pros and cons

Pros

  • No annual fee. Nothing extra to pay each year over the life of the loan.
  • Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
  • Redraw. You can take back extra repayments later if you need the money.
  • No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.
  • Interest only available. Some investors use it to keep repayments down for a few years, though the balance doesn't fall in that time.

Cons

  • No offset account. Your savings can't reduce the interest unless you pay them into the loan.
  • A $40 late payment fee. Setting up automatic repayments avoids it.

Similar home loans

Home loans from other lenders with a similar starting variable rate, for a home you live in with a 20% deposit.