ING Direct lowers fixed rates

ING Direct is ready for customers looking to switch from variable to fixed rate loans ahead of potential increases to the official cash rate. The lender announced it is lowering interest rates on its two, three, four and five year fixed rate residential mortgage products. The changes became effective 8 January 2010.

"Even though fixed rate volumes are currently low across the industry, we expect an increase in fixed rate applications in the current rising variable rate environment," said Lisa Claes, executive director of mortgages, adding that the decrease will make ING DIRECT fixed rate products amongst the most competitive in the market.

ING Direct's fixed rate loan automatically reverts to a Mortgage Simplifier loan at the expiry of the fixed rate term.

If you are looking to refinance your home loans or are interested in getting a fixed rate home loan, speak to a mortgage broker at Intellichoice. With access to over 35 mortgage lenders and over 8000 home loan and mortgage products, we will do all the research and find a home loan product that suits your needs and circumstances.