ING Direct announces rate discounts

ING Direct has made significant rate cuts on a number of its mortgage products for investors and owner-occupiers.

The non-major bank’s three-year fixed rate for investors has been slashed by 38 basis points to 3.97 per cent (with a 4.49 per cent comparison rate), while its two-year rate has been reduced by 25 basis points to 4.19 per cent, and its one-year rate has seen a 20-basis-point cut to 4.39 per cent.

ING Direct’s four- and five-year fixed rates have also been lowered, down 10 basis points to 4.59 per cent.

The bank also made significant reductions to its fixed rates for owner-occupiers, with its two-year rate slashed by 28 basis points to 3.91 per cent and its one-year rate cut by 20 basis points to 4.09 per cent.

ING Direct’s three- and five-year fixed rates have also been discounted for owner-occupiers, down 10 basis points to 3.88 per cent (with a 4.47 per cent comparison rate) and 4.49 per cent respectively.

The bank’s owner-occupier rates include a 10-basis-point discount for borrowers who split with an Orange Advantage variable rate loan.

[Related: Greater Bank introduces new investor rates]

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