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Popular bank drops mortgage rates early

ING

Ahead of the Reserve Bank’s meeting next week, where it’s tipped to drop the official cash rate, one popular bank has cut its interest rates.

ING has announced that it has dropped its home loan rates up to 17 basis points.

This applies to its two popular mortgage options – Orange Advantage and Mortgage Simplifier.

It applies to variable home loans within these two packages, which have principal and interest payments in place.

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With no sight of Labor’s plans to limit negative gearing to new housing, and boosts for groups like first home buyers with allowances to borrow up to 95 per cent of the sale price in the works, lenders are looking to capitalise on market sentiment.

“The market is showing promising early signs of recovery – too early for a trend yet – and no lender wants to miss out on its share of the quality loans in market,” said Canstar finance analyst Steve Mickenbecker.

Further, the nation’s leading economists have revised their forecasts since Scott Morrison’s re-election, predicting the housing market’s price drop will bottom out as early as the September quarter this year.

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Popular bank drops mortgage rates early
ING
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