Switch your home loan to ING Direct and open an Orange Everyday account by 30 June 2011, and ING Direct will credit the Orange account with $1000.
Registration for the loan must be made by 30 November 2010.
ING Direct - $1000 Bonus for Switching Mortgage
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Just saw the article on news.com.au. With all the furor over CBA's 0.45% rate increase last week, News Limited was all over this story like a red rash.
watch out for the fees eg exit fee, early termination, etc
also it's variable rate, so it can change anytime ;)The same applies to pretty much every bank. Exit fees, termination fees, variable rates (that goes without saying unless you get a true long term fixed loan).
Didn't the news just report that the big4 are doing away with exit fees now? Does that apply to current mortgage owners, or just to new ones?
Should point out that the rates aren't the greatest.
Cheapest Comparison rate is 6.74% … This is more than what the you can negotiate with some of the big 4.Having a look at CBA's comparison rates:
Standard variable rate loan: 7.94%
Economiser (3 year): 7.29%
Introductory rate loan: 7.84%
Line of credit: 7.91% (can easily get 0.5% off this one).Customers are always expected to bargain hard with their banks, but you would have to bargain very hard to get CBA to drop 0.5% off their cheapest loans.
Commbank is the one everyone is calling too expensive now… So not a fair comparison.
Looking at ANZ, its cheapest advertised comparison rate is 6.76% http://anz.com/personal/home-loans/compare-home-loan/
(and I KNOW you can get a lot cheaper than this).I'm not neg'ing the deal as it may be awesome for some people… But it's not INGs usual great value, and will probably cost more for some people to switch than it's worth
I used CBA because it's the bank taking all the heat right now in the media (and the one ING is probably hoping to attract mortgages from). It's also the largest mortgage lender in Australia, with 25.9% of the market share as of Q1 2010.
http://www.burning-pants.com/wp-content/themes/finance/pdf/A…
CBA has also already raised its rates (as of Friday) but the other Big 3 lenders have yet to state their rate rises. ANZ'a rate is pre the 0.25% RBA adjustment on Tuesday.
I hate CBA just want to move from them as soon as possible.
A bank giving away FREE money! You got to be joking, do not take the bait, compare ALL features this is classic smoke and mirrors
Nope, It's no FREE money. Its a 'Promotion' in marketing term and 'Saving 1K' for consumer.
Go http://www.infochoice.com.au/home-loans.aspx and compare.
I don't think its marketed as 'Saving 1K?'If it were the case the frugal buyer would surpass this poor attempt at emotional promotionals and see it for what it really is and infochoice is a much better start to saving your money.
This is gold. thanks for the deal. a+ I'm just waiting for the government to introduce new law on exit fee then I'll move to ING. http://au.finance.yahoo.com/news/Banks-brace-exit-fee-change… .
Sorry to be the bearer of bad news, but new laws (if passed) will not be retrospective. They would only apply to new loans from a set date. I am really annoyed about that… Maybe swap to ING if they pass, get your 1000 to cover the exit fees, and then switch from ING and they cant sting you… just a thought…
$1000 to come on board, and how much to leave I wonder?
Their rates arent exactly unreal either. But I guess if youve been considering going to ING then this might in fact be a bargain to you.
For everyone else there is much better elsewhere.
Is the 30 June 2011 deadline for the opening of the OE account or the refinancing of the home loan? Can I register this month but not refinance until next year but before the deadline?
Might be good for some people suffering big banks.
ING have handed out free money before, but more like $100.
I'm selling my house soon. Should I shift to ING first, or is there a catch?
is this for vailable? can you get the loan for the grand and then change lender again?
hi all, hope can get some advise.
im with westpac rocket investment, got 6.81% currently (plus $400 annual fee)
if i leave now must pay exit fee of 600$.will i better off with this, since i will get 1000-600 and lower interest rate (ing is 6.74%, right? and no annual fee)
any other option??thanks
I'd be checking the ongoing fees …. !!
What if you always have an ING account are you still eligable?
oops forgot to read the T&C
Existing ING DIRECT customers will only be eligible for the $1,000 payment where there are new borrowings and a new security property.
still, with the break fees of your current lender, probably not worth the effort…
ING's Australian business belongs to a Big Four bank: ANZ.
Excellent to see some incentives for mortgage mobility, though.
This is ING Direct, not ING. ING is now OnePath, a subsidiary of ANZ. ING Direct is a separate legal entity unrelated to ANZ.
Well done! Thanks, I hadn't realised that ANZ's use of ING wouldn't be exclusive here.
So I stand corrected. And also pleased — I had been impressed with ING's style, so I was sorry to see them go. I'll take a closer look then.
Does anyone know how much ING Direct increased their rate by?
Lol. Did you just see this on today tonight?