ING Mortgage Simplifier - First Home Buyer - Variable

Ratings

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About this rate option

ING's Mortgage Simplifier for first home purchases offers a variable rate of 6.69% (comparison rate 6.72%), with principal-and-interest repayments that reduce the loan balance over time. You can borrow up to 95% of the property value with a deposit of at least 5%, though deposits under 20% usually attract Lenders Mortgage Insurance. The loan has no ongoing monthly or annual fees, and eligible Orange Everyday purchases can be rounded up to pay it down sooner.

This summary was generated from ING’s published product data for this specific rate option. Always confirm current rates with the lender.

About Mortgage Simplifier

Key Features

While it does not have the convenient that comes with an offset account, but $Mortgage Simplifier comes with a redraw facility. A redraw facility works similar to an offset account. If you put the same amount into home loan as extra repayments, your interest bill will reduce by the same amount, but still have access those extra funds if you need them later.

Interest only loans have traditionally been tailored to investors so they can reduce their mortgage repayments and maximise their tax benefits and overall return on investment (ROI). However, getting home loan with interest only (IO) has its place and some lenders are willing to consider your application if you can provide valid reasons.

LVR is an acronym for Loan-To-Value Ratio. The LVR is the amount you are borrowing against the property value being used as security, represented as a percentage.

Fees & Costs

Generally speaking, variable home loans without offset accounts are often called basic or 'no-frills' loans, you get lower account-keeping fees and lower interest rate for your home loan. In some cases a basic home loan can actually be cost efficient than a 100% offset account.
ING charge a discharge fee of $250, which covers the cost for removing the mortgage that has been registered on the title of your property.
There is upfront costs of $519 to apply for Mortgage Simplifier, with no ongoing account keeping fees.
There is upfront costs of $570 to apply for Mortgage Simplifier, with no ongoing account keeping fees.

Borrowing Limits

An LVR of 90% is a high risk, whereas an LVR of 80% or less is considered safe by most lenders. The majority of lenders will require you to pay Lenders Mortgage Insurance (LMI) if you borrow over 80% LVR.
An LVR of 95% is a high risk, whereas an LVR of 80% or less is considered safe by most lenders. The majority of lenders will require you to pay Lenders Mortgage Insurance (LMI) if you borrow over 80% LVR.

Eligibility

Interest only repayment option is not available with ING Mortgage Simplifier for buying next home.
Interest only repayment option is not available with ING Mortgage Simplifier for first home buyer.
Interest only repayment option is not available with ING Mortgage Simplifier for refinance.

💡 Tip: To get approved for an interest only home loan you need to have a strong enough income to afford principal and interest (P&I) repayments once your interest only term expires. Sometimes extending your interest only period can be tough and getting approved for a P&I refinance is a lot easier.

IMPORTANT:Lenders change their policy from time to time so this information is current only accurate at the time that it was written. You should always check with ING or a mortgage broker just to be sure. This information should be used as a guide only.

Other rate options for Mortgage Simplifier

Refinance Variable · Principal & Interest 0 Years · 80% LVR

6.14%

Refinance Variable · Principal & Interest 0 Years · 90% LVR

6.39%

Refinance Variable · Principal & Interest 0 Years · 95% LVR

6.69%

Investment Variable · Interest Only 0 Years · 50% LVR

6.34%

Investment Variable · Interest Only 0 Years · 60% LVR

6.34%

Investment Variable · Interest Only 0 Years · 70% LVR

6.34%

Investment Variable · Interest Only 0 Years · 80% LVR

6.34%

Investment Variable · Interest Only 0 Years · 90% LVR

6.64%

Investment Variable · Principal & Interest 0 Years · 50% LVR

6.14%

Investment Variable · Principal & Interest 0 Years · 60% LVR

6.14%

Investment Variable · Principal & Interest 0 Years · 70% LVR

6.14%

Investment Variable · Principal & Interest 0 Years · 80% LVR

6.19%

Frequently Asked Questions

Are there costs when I exit or refinance to another lender?

ING charge a discharge fee of $250, which covers the cost for removing the mortgage that has been registered on the title of your property.

Does ING Mortgage Simplifier comes with an offset account?

No, Mortgage Simplifier does not come with an offset account. Generally speaking, variable home loans without offset accounts are often called basic or 'no-frills' loans, you get lower account-keeping fees and lower interest rate for your home loan. In some cases a basic home loan can actually be cost efficient than a 100% offset account.

Does ING Mortgage Simplifier comes with an offset account?

No, Mortgage Simplifier does not come with an offset account. While it does not have the convenient that comes with an offset account, but $Mortgage Simplifier comes with a redraw facility. A redraw facility works similar to an offset account. If you put the same amount into home loan as extra repayments, your interest bill will reduce by the same amount, but still have access those extra funds if you need them later.

What are the costs to apply for ING Mortgage Simplifier?

There is upfront costs of $519 to apply for Mortgage Simplifier, with no ongoing account keeping fees. Settlement fee: $299
Legal fee: $220

What are the costs to apply for ING Mortgage Simplifier?

There is upfront costs of $570 to apply for Mortgage Simplifier, with no ongoing account keeping fees. Settlement fee: $350
Legal fee: $220

Fees

Application fee

Important Information

Lenders change their policy from time to time so this information is current only accurate at the time that it was written. You should always check with ING or a mortgage broker just to be sure. This information should be used as a guide only.