ING 1% cashback mortgage payments
- Thread starter new2this
- Start date
ING could offer to plonk me on a deserted island with irina shayk and I still wouldn't use them.
lol - agreed. Not a go to lender for me either.
Seems like these cashback offers are generating a lot of publicity though.
Cheers
Jamie
armpit hair is the new black
Is that Kourtney, Khloe, Kim or Kanye ? The Kardashian girls.
(Opps sorry forget Bruce)
Do you mind sharing why you would avoid ING?
I'm not Shahin - so can only speak from my perspective but:
1. Servicing is pretty terrible. So not a good fit for those with (or wanting) multiple properties.
2. Equity releases are quite difficult. Certainly doable - but clunky processes cause delays. To be fair - they have improved a little here.
3. Usually very slow to assess deals!
All in all - if you're just purchasing the one property and want to get rid of the debt asap then they're not a bad lender at all.
Cheers
Jamie
The brokers can fill you in on the details. However in general investors are not the target market for ING
I have 2 loans with ING, so I'm happy to get the 1% cash back. ING has it's limitations though, which my broker made me aware of before they were selected for these loans.
The bottom line is that if you want to build a property portfolio, don't pick the lender with the lowest interest rate. You need to pick lenders with policies that will allow you to grow your portfolio and develop a lenders strategy with your mortage broker. 1% cash back is a nice bonus but certainly not a reason to sign up with a particular lender.
The servicing calcs are pretty bad. I wouldn't put many properties with them. I have my properties split across different lenders. My next loan will not be with ING. I think it's important to develop a strategy with your broker. ING may fit into the strategy or may not fit into the strategy. It depends on requirements but people like Jamie warning people of the limitations of lenders like ING is very important.
This is an important one for me because I am not planning any equity releases on the ING loan properties. The property that has future potential for an equity release is with another lender.
Haha. I wouldn't pick ING if I was in a hurry. That said, my last deal with them was assessed quickly. The issue I had was with the soliciters getting the loan docs right, which took a couple of months (WA). Lucky it was a straight up refi and not a purchase!
The bottom line is that if you want to build a property portfolio, don't pick the lender with the lowest interest rate. You need to pick lenders with policies that will allow you to grow your portfolio and develop a lenders strategy with your mortage broker. 1% cash back is a nice bonus but certainly not a reason to sign up with a particular lender.
I certainly agree with most of the sentiments of my colleagues regarding ING. Their servicing is terrible for multiple properties (although they do have a few ways around this) and their variation process is awful.
They do have their place however and they are actively working to improve. I've found they're fairly good for the set and forget scenario, such as a vanilla owner occupier. I can't complain about their service, it's never the best but never the worst either.
Their rates are consistently competitive. It's rare that they're the cheapest, but they're always reasonably well priced where others often fluctuate. They're actually really good within certain parameters for commercial lending.
I'd define ING as reliable and consistent. In this regard they're better than most other lenders. They have their niche, but this doesn't include investment lending.
They do have their place however and they are actively working to improve. I've found they're fairly good for the set and forget scenario, such as a vanilla owner occupier. I can't complain about their service, it's never the best but never the worst either.
Their rates are consistently competitive. It's rare that they're the cheapest, but they're always reasonably well priced where others often fluctuate. They're actually really good within certain parameters for commercial lending.
I'd define ING as reliable and consistent. In this regard they're better than most other lenders. They have their niche, but this doesn't include investment lending.
ING almost cost me a property
Very recently I was in the process of purchasing a property using ING which started smoothly enough however before I was approved I required 4 finance extensions on the property.
From my experience the main problem with ING are staff and processed based. Credit team was continually holding my application until I proved 'genuine savings' even know I already own 3 properties. After the best part of 5 working days the BDM had to explain to her staff that someone who already owns a property does not need to prove genuine savings.
Once this 'issue' was resolved with their internal processes they gave my broker verbal finance approval but then took 24 hours to release the documentation, which meant I needed a further extension on finance.
I have used NAB and CBA most recently and would recommend steering clear of ING even if they offered 5% return.
Special thanks to my broker Aaron Chong for persevering which ING's f#ck ups and my never ending harassment.
Nathan.
Very recently I was in the process of purchasing a property using ING which started smoothly enough however before I was approved I required 4 finance extensions on the property.
From my experience the main problem with ING are staff and processed based. Credit team was continually holding my application until I proved 'genuine savings' even know I already own 3 properties. After the best part of 5 working days the BDM had to explain to her staff that someone who already owns a property does not need to prove genuine savings.
Once this 'issue' was resolved with their internal processes they gave my broker verbal finance approval but then took 24 hours to release the documentation, which meant I needed a further extension on finance.
I have used NAB and CBA most recently and would recommend steering clear of ING even if they offered 5% return.
Special thanks to my broker Aaron Chong for persevering which ING's f#ck ups and my never ending harassment.
Nathan.
$10 says it wasn't ING's fault.
I've heard similar statements, almost word for word, just change the letters ING, to WBC, CBA, ANZ, etc.
I'll also bet money that ING hadn't approved the loan, someone just told they had to keep you quiet.
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Are you sure it was ING?
pinkboy
Isn't that the truth
As above............!
1. Flimsy overall policy
2. Black and white credit policy - very similar to AMP
3. Terrible borrowing capacity
4. Only allow for 2 offsets per client/couple
5. Terrible cash out / equity release policy
BUT they are great for funding an over 55's development and for vanilla commercial securities.
2. Black and white credit policy - very similar to AMP
3. Terrible borrowing capacity
4. Only allow for 2 offsets per client/couple
5. Terrible cash out / equity release policy
BUT they are great for funding an over 55's development and for vanilla commercial securities.
What was the reason for going with ING in the first instances?
Moving onto NAB is a huge jump in lender selection from ING.
Agreed - but (and don't hold me to this because it may not be consistent) I carried out a 90% equity release not too long ago and it all went relatively smoothly (just took a really long time).
Cheers
Jamie
