ING home loan repayment calculator

Thinking about taking out a home loan with ING? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how ING home loans compare with other options.

I am an

With a repayment type

Borrow amount

$

Deposit amount %

Loan term

Your estimated repayments

at interest rate 3.18 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

  • Award winning customer service.
  • Opportunity to bundle loans with other ING products.
  • Loans offer additional discounts to owner-occupiers.
  • Flexible loan options.
  • This online lender has no branches.
  • Some loans have annual fees.

ING home loans rates

Product
Advertised Rate
Total estimated upfront fees
Comparison Rate*
Ongoing fee
Go to site
Company

3.18%

Variable

$299

3.21%

$0
ING
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3.28%

Variable

$299

3.31%

$0
ING
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3.48%

Variable

$299

3.51%

$0
ING
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3.23%

Variable

$299

3.56%

$299 annually
ING
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3.59%

Variable

$299

3.62%

$0
ING
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3.33%

Variable

$299

3.66%

$299 annually
ING
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3.53%

Variable

$299

3.86%

$299 annually
ING
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3.64%

Variable

$299

3.96%

$299 annually
ING
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3.94%

Variable

$299

3.96%

$0
ING
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3.99%

Variable

$299

4.01%

$0
ING
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3.64%

Fixed - 3 years

$299

4.30%

$299 annually
ING
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3.99%

Variable

$299

4.31%

$299 annually
ING
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3.74%

Fixed - 3 years

$798

4.32%

$0
ING
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3.99%

Fixed - 5 years

$299

4.32%

$299 annually
ING
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3.59%

Fixed - 2 years

$299

4.36%

$299 annually
ING
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4.04%

Variable

$299

4.36%

$299 annually
ING
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4.09%

Fixed - 5 years

$798

4.36%

$0
ING
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3.69%

Fixed - 2 years

$798

4.38%

$0
ING
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4.09%

Fixed - 4 years

$299

4.39%

$299 annually
ING
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4.19%

Fixed - 4 years

$798

4.42%

$0
ING
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3.75%

Fixed - 1 year

$299

4.45%

$299 annually
ING
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3.85%

Fixed - 1 year

$798

4.46%

$0
ING
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4.59%

Fixed - 5 years

$798

5.15%

$0
ING
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4.09%

Fixed - 3 years

$798

5.16%

$0
ING
More details

4.59%

Fixed - 4 years

$798

5.22%

$0
ING
More details

4.19%

Fixed - 2 years

$798

5.29%

$0
ING
More details

4.59%

Fixed - 5 years

$798

5.41%

$0
ING
More details

4.29%

Fixed - 1 year

$798

5.42%

$0
ING
More details

4.09%

Fixed - 3 years

$798

5.48%

$0
ING
More details

4.59%

Fixed - 4 years

$798

5.48%

$0
ING
More details

4.19%

Fixed - 2 years

$798

5.65%

$0
ING
More details

4.29%

Fixed - 1 year

$798

5.83%

$0
ING
More details

ING customer service

While ING is an online-only lender, its support network is far from limited. All general enquiries can be answered by the 24/7 contact centre and each home loan and saving product has its own hotline. Customers who prefer email can contact customer support directly. Sydney based customers can pop into the Customer Information Centre for face-to-face support.

✓     Customer service centre (phone)

✓     Mobile app

✓     Online banking

✓     Email

✓     Customer support centre

How to Apply

Borrowers wanting to apply for an ING home loan can either complete an online application form, call an ING Mortgage Specialists for assistance. Before applying for an ING home loan, consider what you can afford to borrow and what other costs you need to factor in. To apply for an ING home loan, you will need to supply the following information:

  • Provide details of your income and employment including your employer's contact details.
  • You will need to show proof of savings and last three bank statements.
  • Proof of identity.

About ING home loans

Although ING is an international banking giant, in Australia it operates as a ‘challenger lender’ to the big four banks.

While the big banks capitalise on their large branch networks and brand recognition, ING tries to differentiate itself as a bank with lower interest rates, simpler products and a more efficient application process.

ING offers a range of mortgage options:

  • Home loans for owner-occupiers
  • Home loans for investors
  • Principal-and-interest mortgages
  • Interest-only mortgages
  • Mortgages with variable interest rates
  • Mortgages with fixed interest rates

ING home loans customers have two options for starting a mortgage application - they can fill in an online form or they can call a customer service rep. Once an application is lodged, customers can track it over the internet; they will also receive updates from ING by text and email.

ING home loan rates

ING home loan rates vary, depending on the status of the borrower and the type of mortgage they want. In general, however, owner-occupiers are charged lower interest rates than investors, while principal-and-interest borrowers are charged lower interest rates than interest-only borrowers.

It's also worth bearing in mind that customers who borrow more money are often offered lower interest rates than customers who borrow less money, while borrowers with bigger deposits are charged lower interest rates than borrowers with smaller deposits.

ING is a competitive home loan lender who often offer their customers low rates comared to other big-name lenders, particularly the big four banks, Commonwealth Bank, Westpac,  ANZ and NAB.

ING home loans review

ING could be a good option for borrowers who not only want the ‘security’ of a big, international bank but also want a home loan lender that is going to take the fight to the big four banks.

Although ING doesn’t offer the same array of mortgage options as ANZ, Commonwealth Bank, NAB and Westpac, it generally offers lower home loan rates, which range from very low to moderately low.

ING provides mortgages to owner-occupiers (minimum deposit of 10 per cent) and investors (minimum deposit of 20 per cent). Borrowers can opt for variable-rate mortgages or fixed-rate mortgages, and can pay principal and interest or interest-only.

Whatever option you choose, you won’t be able to pop into a branch, because ING is an online-only lender. So you’d have to be comfortable managing the mortgage application process by phone, text, email and internet.

What is a low-deposit home loan?

A low-deposit home loan is a mortgage where you need to borrow more than 80 per cent of the purchase price – in other words, your deposit is less than 20 per cent of the purchase price.

For example, if you want to buy a $500,000 property, you’ll need a low-deposit home loan if your deposit is less than $100,000 and therefore you need to borrow more than $400,000.

As a general rule, you’ll need to pay LMI (lender’s mortgage insurance) if you take out a low-deposit home loan. You can use this LMI calculator to estimate your LMI payment.

What is the best interest rate for a mortgage?

The fastest way to find out what the lowest interest rates on the market are is to use a comparison website.

While a low interest rate is highly preferable, it is not the only factor that will determine whether a particular loan is right for you.

Loans with low interest rates can often include hidden catches, such as high fees or a period of low rates which jumps up after the introductory period has ended.

To work out the best value for money, have a look at a loan’s comparison rate and read the fine print to get across all the fees and charges that you could be theoretically charged over the life of the loan.

What happens to my home loan when interest rates rise?

If you are on a variable rate home loan, every so often your rate will be subject to increases and decreases. Rate changes are determined by your lender, not the Reserve Bank of Australia, however often when the RBA changes the cash rate, a number of banks will follow suit, at least to some extent. You can use RateCity cash rate to check how the latest interest rate change affected your mortgage interest rate.

When your rate rises, you will be required to pay your bank more each month in mortgage repayments. Similarly, if your interest rate is cut, then your monthly repayments will decrease. Your lender will notify you of what your new repayments will be, although you can do the calculations yourself, and compare other home loan rates using our mortgage calculator.

There is no way of conclusively predicting when interest rates will go up or down on home loans so if you prefer a more stable approach consider opting for a fixed rate loan.

Do the big four banks have guarantor home loans?

Yes, ANZ, Commonwealth Bank, NAB and Westpac all offer guarantor home loans. These mortgages are also offered by many other banks, credit unions and building societies.

Interest Rate

Your current home loan interest rate. To accurately calculate how much you could save, an accurate interest figure is required. If you are not certain, check your bank statement or log into your mortgage account.

What is the ratings scale?

The ratings are between 0 and 5, shown to one decimal point, with 5.0 as the best. The ratings should be used as an easy guide rather than the only thing you consider. For example, a product with a rating of 4.7 may or may not be better suited to your needs than one with a rating of 4.5, but both are probably much better than one with a rating of 1.2.

What fees are there when buying a house?

Buying a home comes with ‘hidden fees’ that should be factored in when considering how much the total cost of your new home will be. These can include stamp duty, title registration costs, building inspection fees, loan establishment fee, lenders mortgage insurance (LMI), legal fees and bank valuation costs.

Tip: you can calculate your stamp duty costs as well as LMI in Rate City mortgage repayments calculator

Some of these fees can be taken out of the mix, such as LMI, if you have a big enough deposit or by asking your lender to waive establishment fees for your loan. Even so, fees can run into the thousands of dollars on top of the purchase price.

Keep this in mind when deciding if you are ready to make the move in to the property market.

Should I become a guarantor?

You should carefully weigh up the pros and cons before signing on as a guarantor – because while it can be very rewarding if everything goes according to plan, it can have serious consequences if the plan goes awry.

If the person you’re guaranteeing keeps up with their mortgage repayments, you’ll be able to take pleasure in helping them fulfil their dream of home ownership.

However if that person fails to meet their mortgage repayments, it might damage or destroy your relationship. Your finances might also be affected if the lender asks you to make the repayments or even seizes your home to settle the debt.

What is a credit file?

A comprehensive summary of your credit history from an authorised credit reporting agency.

It includes your credit details, credit taken in the last five years, any default payments or credit infringements, arrears, repayment history, bankruptcy filings and a list of credit applications (including unapproved credit applications) in addition to your personal details.

When should I switch home loans?

The answer to this question is dependent on your personal circumstances – there is no best time for refinancing that will apply to everyone.

If you want a lower interest rate but are happy with the other aspects of your loan it may be worth calling your lender to see if you can negotiate a better deal. If you have some equity up your sleeve – at least 20 per cent – and have done your homework to see what other lenders are offering new customers, pick up the phone to your bank and negotiate. If they aren’t prepared to offer you lower rate or fees, then you’ve already done the research, so consider switching.

What is a honeymoon rate and honeymoon period?

Also known as the ‘introductory rate’ or ‘bait rate’, a honeymoon rate is a special low interest rate applied to loans for an initial period to attract more borrowers. The honeymoon period when this lower rate applies usually varies from six months to one year. The rate can be fixed, capped or variable for the first 12 months of the loan. At the end of the term, the loan reverts to the standard variable rate.

What is an investment loan?

An investment loan is a home loan that is taken out to purchase a property purely for investment purposes. This means that the purchaser will not be living in the property but will instead rent it out or simply retain it for purposes of capital growth.

Which mortgage is the best for me?

The best mortgage to suit your needs will vary depending on your individual circumstances. If you want to be mortgage free as soon as possible, consider taking out a mortgage with a shorter term, such as 25 years as opposed to 30 years, and make the highest possible mortgage repayments. You might also want to consider a loan with an offset facility to help reduce costs. Investors, on the other hand, might have different objectives so the choice of loan will differ.

Whether you decide on a fixed or variable interest rate will depend on your own preference for stability in repayment amounts, and flexibility when it comes to features.

If you do not have a deposit or will not be in a financial position to make large repayments right away you may wish to consider asking a parent to be a guarantor or looking at interest only loans. Again, which one of these options suits you best is reliant on many factors and you should seek professional advice if you are unsure which mortgage will suit you best.

Why is it important to get the most up-to-date information?

The mortgage market changes constantly. Every week, new products get launched and existing products get tweaked. Yet many ratings and awards systems rank products annually or biannually.

We update our product data as soon as possible when lenders make changes, so if a bank hikes its interest rates or changes its product, the system will quickly re-evaluate it.

Nobody wants to read a weather forecast that is six months old, and the same is true for home loan comparisons.

What is equity and home equity?

The percentage of a property effectively ‘owned’ by the borrower, equity is calculated by subtracting the amount currently owing on a mortgage from the property’s current value. As you pay back your mortgage’s principal, your home equity increases. Equity can be affected by changes in market value or improvements to your property.