ING cuts to market-leading home loan interest rates to help customers impacted by coronavirus

It’s officially a race to the bottom for home loan rates, with ING diving to among the lowest rates on our database for owner-occupier borrowers. How does your loan stack up?

Canstar has noticed home loan rates continue to fall at the major banks and a range of other lenders, following not one, but two cash rate cuts by the Reserve Bank of Australia in March, which were undertaken in an attempt to curb the economic impacts of the coronavirus pandemic.
With the cash rate now at an unprecedented low of 0.25%, the interest rates lenders charge their home loan customers are trending lower as well.
In fact, moves by ING announced on Wednesday mean the bank will offer market-leading home loan interest rates on all its fixed-term loans, having slashed up to 0.50 percentage points off them.
The new rates at ING will be effective from tomorrow, 26 March 2020, across a range of fixed-rate home loans for new and existing owner-occupier and investor borrowers, while variable interest rates will remain unchanged.
The changes will bring ING’s lowest owner-occupier interest rate down to a fixed rate of 2.09% (comparison rate 3.77%) for two years, for new and existing customers paying principal and interest on an Orange Advantage home loan. The Orange Advantage loan is a variable rate home loan with a 100% mortgage offset account, that can be combined with a fixed rate loan to make a split-rate product.
The lowest fixed rate on offer for ING’s investor customers will now be 2.64% (comparison rate 4.41%) for those who pay principal and interest and fix for two years.
Canstar finance expert Steve Mickenbecker said competition was heating up in the fixed rate space, with ING now following the big four banks’ move last week to cut fixed rates further after the RBA’s emergency cash rate cut.
“Fixed rates will be at the front line as the banks set out to entice Australians to use their time at home to consider refinancing their home loans to lower rates,” Mr Mickenbecker said.
“Low fixed rates give consumers opportunities to lock in their repayments at all-time low interest rates.”
The new rates at ING will be as follows:
Owner-occupiers paying principal and interest:
- 1-year fixed rate cut by 0.45 percentage points, to 2.29% (3.96% comparison rate)
- 2-year fixed rate cut by 0.50 percentage points, to 2.19% (3.79% comparison rate)
- 3-year fixed rate cut by 0.35 percentage points, to 2.24% (3.65% comparison rate)
- 4-year fixed rate cut by 0.25 percentage points, to 2.59% (3.63% comparison rate)
- 5-year fixed rate cut by 0.20 percentage points, to 2.64% (3.54% comparison rate)
Home loan rates are moving fast. How does yours compare?
Owner-occupiers paying principal and interest with Orange Advantage:
- 1-year fixed rate cut by 0.45 percentage points, to 2.19% (3.95% comparison rate)
- 2-year fixed rate cut by 0.50 percentage points, to 2.09% (3.77% comparison rate)
- 3-year fixed rate cut by 0.35 percentage points, to 2.14% (3.62% comparison rate)
- 4-year fixed rate cut by 0.25 percentage points, to 2.49% (3.59% comparison rate)
- 5-year fixed rate cut by 0.20 percentage points, to 2.54% (3.50% comparison rate)
Investors paying principal and interest:
- 1-year fixed rate cut by 0.15 percentage points, to 2.74% (4.60% comparison rate)
- 2-year fixed rate cut by 0.20 percentage points, to 2.64% (4.41% comparison rate)
- 3-year fixed rate cut by 0.05 percentage points, to 2.69% (4.25% comparison rate)
- 4-year fixed rate cut by 0.05 percentage points, to 3.04% (4.18% comparison rate)
- 5-year fixed rate cut by 0.10 percentage points, to 3.09% (4.03% comparison rate)
Investors paying interest-only:
- 1-year fixed rate cut by 0.15 percentage points, to 2.89% (4.99% comparison rate)
- 2-year fixed rate cut by 0.20 percentage points, to 2.79% (4.83% comparison rate)
- 3-year fixed rate cut by 0.05 percentage points, to 2.84% (4.70% comparison rate)
- 4-year fixed rate cut by 0.05 percentage points, to 3.19% (4.66% comparison rate)
- 5-year fixed rate cut by 0.10 percentage points, to 3.24% (4.57% comparison rate)
Compare Home Loans (First home buyer with a variable rate) with Canstar
If you’re currently considering a home loan, the comparison table below displays some of the variable rate home loans on our database with links to lenders’ websites that are available for first home buyers. This table is sorted by Star Rating (highest to lowest), followed by comparison rate (lowest-highest). Products shown are principal and interest home loans available for a loan amount of $500,000 in NSW with an LVR of 80% of the property value and that offer an offset account. Consider the Target Market Determination (TMD) before making a purchase decision. Contact the product issuer directly for a copy of the TMD. Use Canstar’s home loans comparison selector to view a wider range of home loan products. Canstar may earn a fee for referrals.
The comparison rate for all home loans and loans secured against real property are based on secured credit of $150,000 and a term of 25 years.
^WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
$3,000 when you refinance with a ME home loan. Minimum loan amounts and LVR restrictions apply. Offer available until further notice. See provider website for full details. Exclusions, terms and conditions apply.
Canstar is an information provider and in giving you product information Canstar is not making any suggestion or recommendation about a particular product. If you decide to apply for a home loan, you will deal directly with a financial institution, not with Canstar. Rates and product information should be confirmed with the relevant financial institution. Home Loans in the table include only products that are available for somebody borrowing 80% of the total loan amount. For product information, read our detailed disclosure, important notes and additional information. *Read the comparison rate warning. The results do not include all providers and may not compare all the features available to you.
Home Loan products displayed above that are not “Sponsored or Promoted” are sorted as referenced in the introductory text followed by Star Rating, then lowest Comparison Rate, then alphabetically by company. Canstar may receive a fee for referral of leads from these products.
When you click on the button marked “Enquire” (or similar) Canstar will direct your enquiry to a third party mortgage broker. If you decide to find out more or apply for a home loan, you can provide your details to the broker. You will liaise directly with the broker and not with Canstar. When you click on a button marked “More details” (or similar), Canstar will direct your enquiry to the product provider. Canstar may earn a fee for referral of leads from the comparison table above. See How We Get Paid for further information.
At the same time, ING has made 0.25 percentage point increases to its six-month, nine-month, one-year and two-year term deposit rates, up to a maximum of 1.85% for the one-year and two-year rates. Like the home loan rate cuts, these increases will also take effect tomorrow, 26 March 2020.
The bank said it was introducing the lower fixed rates and higher deposit rates to help customers and small businesses impacted by coronavirus. Other measures announced by ING include loan repayment deferrals for up to six months, including for home loans, personal loans and credit cards.
Smaller lender Tic:Toc also announced some home loan rate cuts today, now offering fixed rates as low as 2.22% across its one, two and three-year fixed terms for owner-occupiers paying principal and interest (comparison rates 2.66%, 2.62% and 2.58% respectively).

The comparison rate for all home loans and loans secured against real property are based on secured credit of $150,000 and a term of 25 years.
^WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Try our Home Loans comparison tool to instantly compare Canstar expert rated options.
The comparison rate for all home loans and loans secured against real property are based on secured credit of $150,000 and a term of 25 years.
^WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.