ING Direct Home Loans

Hi all,

A lurker for the past 12 months I've now finally joined this wonderful forum.

Early last year I bought my first property, a townhouse 5km from central Perth for 430k. This is currently my PPOR although it may become and IP down the track.

For my 90% LVR loan I was then more interested in low fees and went (via a mortgage broker) for the ING Direct "Mortgage Simplifier" loan. Now, after lurking here, I understand the benefits if interest only offset accounts and plan to change to the "Orange Advantage" loan. Changing to another ING Direct product will counter the need for a full loan application and a repeat dose of LMI (or equivalent).

I am still determining my investment strategy and at the moment my main interests are reducing the interest paid as fast as possible while still keeping my options open.

Does anybody have any experience with ING Direct loans in general and Orange Advantage in particular?

Thanks in advance,
Transformer
 
H there

I don't mind ING for those with little interest in owning multiple properties. REF is cheaper than LMI and their products are generally competitive.

They're not the best option for investors IMO. Their cashout process can be a pain and any increases above 85% LVR are capped at only $5k

Cheers

Jamie
 
With REF, the deal is assessed in-house and doesn't need tick off from external LMI which can be handy.

Cheers

Jamie
 
Hi all,

A lurker for the past 12 months I've now finally joined this wonderful forum.

Early last year I bought my first property, a townhouse 5km from central Perth for 430k. This is currently my PPOR although it may become and IP down the track.

For my 90% LVR loan I was then more interested in low fees and went (via a mortgage broker) for the ING Direct "Mortgage Simplifier" loan. Now, after lurking here, I understand the benefits if interest only offset accounts and plan to change to the "Orange Advantage" loan. Changing to another ING Direct product will counter the need for a full loan application and a repeat dose of LMI (or equivalent).

I am still determining my investment strategy and at the moment my main interests are reducing the interest paid as fast as possible while still keeping my options open.

Does anybody have any experience with ING Direct loans in general and Orange Advantage in particular?

Thanks in advance,
Transformer

I have 3 ING stand alone loans but no offset accounts though. Only refinanced a year ago and I am happy with their interest rate (so far the lowest in my portfolio).
However, you see I do not plan to use them to duplicate to accumulate more, well, at least not at this stage.
However, if you are starting out perhaps the interest rate should not be the only motivator?
Some questions to ask is what are they like with revaluations, do they disclose them, how much rental do they take into calculation, etc...?
Sometimes lender A may have slightly higher interest rate but may be more flexible with valuations or uses higher rentals therefore permitting you to duplicate sooner.
I think most people starting out don't consider the longer term view and the flexibility of the lender for long term wealth building (although they constantly change so that's why I now prefer to use brokers, just my preference though).
 
o use them to duplicate to accumulate more, well, at least not at this stage.

Now there is a very important statement .

The product is therefore fit for your use.

Many peops dont think about this aspect, thinking that lenders are lenders................

ta
rolf
 
Digging up an old post here as I'm looking for views on ING Direct's products as my MB has suggested the Orange Advantage.

I don't get this point which Rolf said was an important statement

"use them to duplicate to accumulate more, well, at least not at this stage."

Is it referring to revaluing the IP and extracting equity to purchase the next IP in the future?

Joel
 
"use them to duplicate to accumulate more, well, at least not at this stage."

Is it referring to revaluing the IP and extracting equity to purchase the next IP in the future?

Yes. Their cashout policy (especially on REF) is pretty crap so you can't unlock equity easily for the next one.
 
A bit drastic sounding, but would a potential solution to this is refinancing in a few years to change lenders? Or are there high cost implications with this?

Joel
 
Sorry Aaron, should have said my assumption that I intend to get 80% LVR but in the future may want to extract as much as possible so get hit with LMI then.

Joel
 
Oh well that still has the same conclusion as you'd already have paid the app / annual fees etc. If a client of mine knew he was gonna do a loan increase later in LMI territory I personally wouldn't use ING for that reason described.
 
1. what if you don't have a PPOR
2. what if you don't have an o/o related mortgage
3. what if you are converting the current PPOR to an IP and don't want to pay the mortgage down? instead you want to spread the offset against multiple properties.
4. on top of the above - what if you have multiple ip's and want to have each loan account linked to the corresponding ip
 
"use them to duplicate to accumulate more, well, at least not at this stage."

Is it referring to revaluing the IP and extracting equity to purchase the next IP in the future?

Joel

Any form of post settlement work with ING appears painful to the extent we dont use them in the first place....................

If you want to access equity in the future be prepared for a torturous excercise,but maybe as with ANZ if you have a magic contact it becomes less of an issue.

ta
rolf
 
Top