ING Bank offers a number of home loans & Mortgages
ING Bank Home Loans & Mortgages
March 26th, 2010
ING offers a number of home loans & Mortgages. It is a bank that is currently going through quite an aggressive international expansion and is trying to make up for its lack of a branch network with trying to offer superior products.
There are six types of loans that are offered by ING. There is the Mortgage Simplifier, the Orange Advantage home loan, a Construction Loan, a Fixed Rate Home Loan, an Action Equity Home Loan and a Smart Home Loan.
All the home loans are available for investment purposes as well as for residential loans. The loans can be moved between properties, so a new loan does not need to be applied for when the home owner moves their home. Repayment by direct debit is also available.
All the home loan accounts allow for interest only payments for a time. This can be useful for first time buyers or people who are expecting to see their salary increase over time.
The Mortgage Simplifier is the no thrills mortgage. It has the lowest interest rate of all the offered ING home loans, although as a variable rate mortgage this rate can go up when the interest rates rise. As well as having a low interest rate it also has no monthly or annual administration fees. The term is up to 30 years and there is the facility to make additional payments, and these payments can be redrawn at will in return for a fee. There is a degree of flexibility about when the repayments need to be made.
The Orange Advantage loan is like the Mortgage Simplifier but with added levels of service. As a consequence it charges both an annual fee and a higher interest rate.
The Construction loan is available for those who want to build their own home, and so is available in staged payments. Unlike many constructor loans it is available for investment properties. There is no monthly or annual fee, although the interest rate is the highest of all the variable interest rates. There is also no ability to make extra repayments and the loan can only be repaid on a monthly basis.
There are a number of fixed rate loan terms of up to five years. These are higher than the variable rate loans and they are limited to overpayments of $10,000 per year.
There are two line of credit home loans, the Action Equity Home Loan which is where all the money is sent in advance and the Smart Home Loan which is a where the money is accessible at will. They are on revolving terms.
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