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Challenger bank hikes variable rates

Another non-major bank will increase its standard variable interest rates on residential property loans next week.

ING DIRECT today announced that effective as of Monday 12 December, standard variable rates will be lifted 15 basis points for both owner occupier and investor borrowers.

The Orange Advantage home loan for owner occupiers moves to 4.80 per cent. The Mortgage Simplifier home loan for owner occupiers will be 4.70 per cent.

The highest variable interest rate for the Savings Maximiser will increase by 0.25 per cent to 3.00 per cent. The top tier Savings Accelerator rate will increase by 0.45 per cent to 2.35 per cent.

ING DIRECT's announcement follows fellow non-major lender Suncorp Bank's decision to lift variable mortgage rates for property investors by 15 basis points.

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