ING raises rates again

ING raises rates again
ING raises rates again

ING, the fifth-biggest home loan lender in Australia, has lifted variable interest rates for all customers by 0.15 percentage points.

The hike will affect more than 100,000 borrowers from February 7, coming after ING also lifted variable rates on investment home loans by 0.15 percentage points in September and for owner-occupiers in July, by 0.1 percentage points. 

For owner-occupier borrowers paying principal and interest, the advertised rate will rise from 3.78 percent to 3.93 percent.

Those with a $300,000 30-year mortgage, face an increase from $1394 to $1420 a month.

A spokeswoman for the bank said: “We review our rates regularly and occasionally we need to increase them to ensure we can adjust to market changes while continuing to be best placed to provide our customers with simple, effective banking products.”

Sally Tindall, a spokeswoman for financial services broker RateCity, said ING’s rate hike was “disappointing” for customers.

The Reserve Bank board meets on Tuesday when it is expected to keep the cash rate on hold at 1.5 per cent.


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