ING Bank (Australia) is rated as one of Australia’s best banks, thanks to its outstanding loans and services. ING loans are also some of the better offers that you can find.
ING Australia offers a variety of home loan plans. Some of these include:
• Mortgage simplifier: The mortgage simplifier promises a low variable interest. There are no ongoing annual and monthly fees associated with the mortgage simplifier.
• Orange advantage: This is their top variable-rate loan. It also promises a 100% interest offset.
• Fixed-rate home loan: Their fixed-rate home loan is excellent for short-term loans. Weigh out your options if you believe that a fixed interest rate is for you.
A big advantage of ING mortgage offers is that theirs is relatively uncomplicated. As with other loan and mortgage types, your LVR plays a big role, so make sure to take this into account.
Some advantages of an ING mortgage are the following:
• Free repayments: Some banks require fees if you want to make extra repayments on your mortgage. Not with ING, however. You can make extra repayments as much as you want without worrying about the extra cost, which means you get to pay off your mortgage sooner.
• Redraws: If you have made excess repayments, ING allows you to make redraws. This allows you to withdraw whatever extra funding you may have to fund whatever you need.
• Transaction fees vary per plan: Some plans, like the mortgage simplifier, do not have additional transaction fees that you have to worry about.
• Easy transactions: ING isn’t named as one of the best banks in Australia for no reason. All transactions with ING Australia are relatively hassle-free. The application process for a mortgage is fast and easy.
• Customer service: Another thing that clients rave about ING is their excellent customer service. Any queries or concerns you may have can easily be forwarded to them and resolved.
There are also cons to an ING mortgage, which are the following:
• Credit history: ING is one of the strictest banks when it comes to reviewing credit history. If you have a bad credit score, then ING is unlikely to give you a loan.
• Credit scoring: The credit scoring scheme of ING is also quite strict, much more so than other banks. Many people get rejected even though they have good scores in other banks.
• Conservative investing: ING is conservative when it comes to investments. Aggressive investors are more likely to give lower interest rates. While ING’s rates are relatively low, you may still find other banks that offer better rates.
As you consider the pros and cons of each bank, make sure that you also consider individual offers. Comparison sites are useful for helping you decide. Makes Cents is here to help you weigh the upsides and downsides of bank mortgage plans available in the market today.