ING Australia Home Loan

About ING Home Loan

ING Home Loan is an appealing product offered by ING Bank Ltd., headquartered in Sydney and established in 1999. ING is a global financial institution that provides banking, investments, life insurance and retirement services. You can avail of this multi-purpose home loan for various objectives, including buying a new home, constructing from scrap, renovating an existing one, investing in property, or transferring your existing loan to ING.

To facilitate your homeownership journey, Urban Money presents (almost) everything you need to know about ING bank home loan. Here, we will cover factors such as ING home loan rates, features, pros and cons, eligibility criteria, the application process, and document requirements. Furthermore, our home loan advisors provide some valuable tips for improving your chances of approval for an ING Home Loan in case you fall short of meeting the eligibility criteria.

Pros and Cons of ING Bank Home Loan

Following are the pros and cons of an ING home loan.

Pros

• Low interest rates
• No ongoing fee
• Special offers for women borrowers
• Award-winning customer service

Cons

• Strict eligibility criteria
• No branch access
• High assessment rates

Features of an ING Home Loan

Let’s take a look at the features of ING bank home loans.

• Competitive interest rates: The bank offers low variable and fixed interest rates for different loan amounts and purposes, positioning ING home loan rates among the best in the market.
• No ongoing fees: ING home loan charges no monthly or annual fees for some products, such as the Orange Advantage Home Loan, which also comes with a 100% offset account.
• High loan amount: ING home loan offers up to 95% of the property value, making it attractive for those who looking for substantial loan amounts.
• Flexible repayment options: ING Home Loan allows you to choose your repayment frequency, make extra repayments, and redraw funds without any penalty for some products.
• Convenient banking access: ING Home Loan gives you access to a Visa Debit Card that you can use at any ATM in Australia, get a fee rebate, and get paid for using EFTPOS.
• Special consideration for women borrowers: The bank offers certain special offers and discounts for women borrowers. It may include a 0.05% ING mortgage rates concession, a waiver of processing fees for some products, and more.
• Award-winning customer service: ING Home Loan has an excellent customer service team available online or over the phone to assist you with your queries and applications.

Benefits and Drawbacks of Choosing an ING Home Loan

Here are some of the main advantages and disadvantages of choosing an ING Home Loan:

Benefits

• ING mortgage rates are exceptionally low compared to other lenders in the market. The variable rate starts at just 5.84% p.a., whereas the fixed rate begins at 6.09% p.a.
• Customers can borrow loan amounts ranging from $10,000 to $10,000,000 with a maximum loan-to-value ratio (LVR) of 80%.
• ING Home Loan has no ongoing fees for some products, such as the Orange Advantage Home Loan, which also comes with a 100% offset account.
• ING Home Loan has some special offers for women borrowers, such as a 0.05% interest rate concession and a waiver of processing fee for some products.
• ING Home Loan allows you to use any ATM in Australia, get a fee rebate, and get paid for using EFTPOS.
• ING Home Loan has an award-winning customer service available online or over the phone.
• ING Home Loan is good with small apartments as security (minimum size 40 sqm) with no postcode restrictions.
• ING Home Loan allows for a two-year parental leave, whereas most banks only offer one year of such leave.

Drawbacks

• ING Home Loan has a very conservative lending policy that may reject your application for no apparent reason or if you have a bad credit history.
• ING Home Loan is not a good choice for complex loans that don’t meet standard bank policy, such as construction loans, self-employed loans, first home buyers with a low deposit, SMSF or trust loans, etc.
• Apart from its headquarters in Sydney, ING Home Loan has no branch access. Thus, you must rely on online or phone banking for all your transactions and queries.

ING Home Loan has one of the highest assessment rates, resulting in less competitive borrowing power compared to other lenders.

Who Is Eligible for an ING Home Loan?

• You must be over 18 years of age.
• You must have a stable and regular income.
• You must have a good credit score and history.
• You must have a healthy financial situation and deposit.
• You must be an Australian citizen or have permanent residency.

How to Apply for an ING Home Loan?

You can easily apply ING bank home loan via the bank’s official website. Let’s take a look at the following steps:

• Visit the official website of ING Bank.
• Click on the Home Loans tab, where you can choose your preferred type of loan and tap on the Apply Now button.
• A small digital form will appear on your screen, prompting you to fill in details such as your name, contact number, email address, loan amount, property value, and loan purpose.
• Within a day, you will receive a call from an ING loan specialist who will guide you through the application process until the loan amount is deposited into your account.
• You will be requested to submit certain documents via mail or visit the ING office in person to submit hard copies of your documents. The required documents would include your identity proof, income proof, property proof, bank statement, etc.
• ING will use these documents to verify your identity, access your financial capacity, and determine your creditworthiness. They will also conduct a property valuation for the property you intend to purchase. Subsequently, they will inform you about your application's status via SMS and email.
• Once your application is approved, the bank will send you a loan contract, including the terms and conditions of your home loan. You will need to sign and return the contract to ING within the specified time frame.
• Finally, the bank will facilitate the transfer of funds to the seller and register the mortgage on the property title. You will then receive the keys to your new home.

Documents Required for ING Home Loan

Following are the required documents you need to submit to the bank along with your loan application:

• Proof of identity: Driver's licence, passport or birth certificate.
• Proof of income: Payslips, bank statements, tax returns.
• Proof of address: Utility bills, rental agreement, or council rates notice.
• Proof of Property: You have the option to initiate a loan inquiry even before purchasing a property. However, in order to finalise an application, you will require the property's address and a duly signed contract of sale.

Proof of Asset and liability: You must provide documents that demonstrate your existing assets (such as savings accounts and investments) and your liabilities (including outstanding debts).