Ratings
LVR options
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.
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.
80%
LVR
ING
90%
LVR
ING
Repayment options
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.
Tips: 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.
Paying pricinpal and interest
ING
Paying interest only
ING
Q&As
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.
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
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.
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.