ING Direct

[schmick]

Hey Everybody,

As the title suggests I'm looking for any feedback from members on ING.

I'm at a cross roads where I can either lump all my borrowings with CBA or diversify and use another lender. I feel there are benefits with either option.

Stategy wise thinking along the lines of not lumping all eggs in one basket and to also spread lendings away from only the Big 4 to potentially hedge against the Big 4 gouging interest rates.

Rate wise ING would be marginally cheaper (5.88%) than CBA (5.91%).

Borrowings currently only $350K and looking to fund another $500K.

Interested in peoples experiences.

 

[rugrat]

We have our PPOR and our LOC with INGDirect. To be honest, it has been a pretty mixed experience. Good sometimes, crap others. Took forever for the LOC to be established properly - Some fault with the lender, some with the LMI (90% LVR). I never expect anything to be done quickly with this mob and do expect to have to chase them up.

 

[buzzlightyear]

Once in November 08 and they were fine. An eternity ago I guess to take any insight into their customer service. The finance however was a 80% lend, so it was pretty vanilla! All done through a broker (PT Bear) and went as smootly as you would expect.

 

[HandyAndy888]

I've gone through all my loans with the same lender, although we have moved our portfolio four times now.

There are benefits to both... banks are much more favourable to lending if you cross-collateralise, some won't even touch you unless you do this. At the same time, plenty of people have a diversified portfolio with different lenders, meaning when it's time for an out, they don't have to worry about LVR etc...so they can do what they want with their profits (if any). NAB once made sure I paid down another one of my mortgages, jsut to keep the LVR in it's happy place...no biggy since it's what we wanted to do anyway, but some of the decision making was taken away from us...

Personally, I would cross collateralise, unless you have 20% or so ready...
Good luck...