I got an email the other day from Isla Fisher advertising an ING Direct Home Loan.
Basically, the rates are:
LVR is more than 90% - 4.84%
LVR is above 80% and less than or equal to 90% (For owner occupiers) - 4.44%
LVR is 80% or less - 4.29%
Annual fee of $199 is waived for the first year. No other fees.
OK, so it doesn't beat a lot of other banks. E.G. Loans.com.au, my provider is at 4.02%, giving me a .27% advantage over ING.
However, the 1% cashback on payments is interesting.
If I've calculated correctly the .27% pa difference in rate, accounts for a $270 difference per $100,000 borrowed per annum.
At a $1000 payment per month, that would be $10 back or $120 per year.
If I've calculated everything correctly it seems that ING is not as good (in a normal scenario) as cheaper lenders but I'm wondering if there is a strategy for someone to pay off their entire loan and collect the cashback?
4.13% if borrow more than 750k.
Let's say if someone has 400k cash, say he/she can get a 400k loan, pay it off in one go and earn that 4k ?Is that what you're asking ?edit: brain is not functioning so please go ahead and slam me. read the actual cashback. up to 3k only.