Home Loan Products

First home buyer

Refinancer

Renovator

Investor

Builder

Help

First home buyer is a borrower who has not purchased a property in Australia before.

Refinancer, a home owner that currently has a mortgage and looking to switch loan to another lender usually for a better rate, service or additional features in the home loan.

Renovator is someone that is looking to build, extend or change their current property which may involve a cost which can be enhanced/included with home loan.

Investor ? This is where a property is bought for the sole purpose of making money, either through renting it or selling it for more than you paid for it. The buyer/owner does not live in the property.

Self Employed

Salary PAYG

Help

Self employed is a sole trader, partnership or someone that owns their own business.

Salaried/PAYG (pay as you go) is an employee who earns a regular wage or salary working for an employer.

Yes

No

Help

Two years worth of financials means two years of business or personal tax returns.

Variable

Fixed

Split between variable and fixed

Help

Variable rate is when your interest rate fluctuates with the market and can increase or decrease.

A fixed rate is when repayments are fixed for a set period of time.

1 Year

2 Years

3 Years

4 Years

5 Years

Help

By fixing a home loan for a set period of time, you can have peace of mind that your repayments won?t change if interest rates increase. Generally the interest rate may be different depending on how many years you fix your loan for. To view the interest rates of the fixed rate terms click here.

Yes

No

Tip

A fixed rate loan allows up to $10,000 in additional repayments a year. If you think you would like to make more repayments perhaps splitting your loan might suit your needs better. The Mortgage Simplifier allows a borrower to make unlimited additional repayments at no cost and a free redraw facility. With a Mortgage Simplifier you can fix your home loan between fixed and a variable loan.

Help

Additional repayments are above your minimum monthly repayments. An example could be a work bonus or inheritance. Please note there is a limit of $10,000 a year for additional repayments on a fixed home loan.

Yes

No

Tip

The Redraw facility is free of charge with all ING Direct variable loans however you are not obligated to use it.

Help

Redraw is a feature, which allows you to withdraw the extra money you've paid into your home loan. That is, the extra money you have paid in addition to your minimum scheduled repayments.

Fixed rate loan

Variable rate loan

Line of Credit

Help

Line of credit is an interest only loan that lets you use the equity in your property for personal or investment use.