ING Direct loan 5-year fixed

So how do you rate their turnaround time? IS ING Direct quick enough to settle within 15 business days?

Would it be better if get some sort of pre-approval first, then when the 15-day settlement date is triggered it's faster for them to complete?

One has a better chance of farting butterflies out of their backside than achieving a 15 day settlement with ING.
 
Why are you running on a 15 day settlement, that's incredibly unusual. 30 day settlement is the standard 'short settlement', with the rest floating between 45-60 days.

"Settlement of the contract is:

(a) 15 business days after Vendor provides Occupation Certificate;

(a) 15 business days after Vendor notifies in writing the Strata Plan has been registered;

or

(c) 20 business days after the date of the contract;

whichever comes later"

The conveyancer said this is okay... Was he wrong??? :eek:
 
"Settlement of the contract is:

(a) 15 business days after Vendor provides Occupation Certificate;

(a) 15 business days after Vendor notifies in writing the Strata Plan has been registered;

or

(c) 20 business days after the date of the contract;

whichever comes later"

The conveyancer said this is okay... Was he wrong??? :eek:

He isnt wrong, we assumed you were yet to negotiate terms with the vendor. It looks like you have chosent to purchase an OTP property. In that case Id suggest getting the right valuation and a lender who can settle quickly might be more important to you than interest rate or other factors.
 
"Settlement of the contract is:

(a) 15 business days after Vendor provides Occupation Certificate;

(a) 15 business days after Vendor notifies in writing the Strata Plan has been registered;

or

(c) 20 business days after the date of the contract;

whichever comes later"

The conveyancer said this is okay... Was he wrong??? :eek:

These terms suggest that the application has already been submitted, reviewed and conditionally approved for an off the plan purchase. If you're starting from scratch 15 days before settlement, you're in trouble.
 
He isnt wrong, we assumed you were yet to negotiate terms with the vendor. It looks like you have chosent to purchase an OTP property. In that case Id suggest getting the right valuation and a lender who can settle quickly might be more important to you than interest rate or other factors.

Gold right there !

part of the challenge with many brokers and bankers is that they wont actually tell their client what they REALLY need to know.

Many are so scaredy cat of losing "the deal" they allow themselves to become a door mat rather than a trusted adviser..............


ta
rolf'
 
What if I have split accounts with ING (50% variable, 50% fixed). Is it still hard to access my equity (increase) in the future, before 5 years? (note that LVR <=80%).


Keep in mind that ING has very conservative affordability policies. That's probably not an issue right now, but if you decide to fix and want to access your equity in the future, they may not be willing to allow you to do that and you may need to wait until the fixed rate expires before you can move the property to a lender that will allow it.

ING and Fixing for 5 years are a suicidal combination - tread carefully. Ing have very conservative servicing and cash out. This can be painful if you decide to pull equity against the property within the next 5 years.

I can't see all the details but I'm betting its a bad call.
 
What if I have split accounts with ING (50% variable, 50% fixed). Is it still hard to access my equity (increase) in the future, before 5 years? (note that LVR <=80%).

To access your equity you'd simply increase the variable portion, or set up a third split loan.

Let me reiterate that ING is a conservative lender, they're going to stop you accessing equity long before many other lenders would. By fixing your loan you effectively lock yourself to them.
 
The question is why fix with ING? What are they giving you that no other lender can give you?

Even if you fix 50% of the loan - you are still locking yourself in with that lender.

A combo loan just allows you to utilise an offset linked to the variable portion.
 
Back
Top