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Bank slashes mortgage rates

A non-major lender has cut one of its home loan rates for owner-occupiers.

ING Direct announced today that its three-year fixed interest rate (including a 0.10 per cent per annum discount) for owner-occupiers with an Orange Advantage home loan has been reduced to 3.98 per cent per annum (comparison rate 4.66 per cent per annum).

The fixed interest rate discount of 10 basis points applies to both new ING Direct customers and existing owner-occupier Orange Advantage customers who apply to switch, split or increase a portion of their existing Orange Advantage home loan to a fixed rate loan.

The new three-year fixed rate for non-Orange Advantage owner-occupier customers is 4.08 per cent per annum (comparison rate 4.69 per cent per annum).

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