flagFounded: 1743 in the Netherlands, 1999 in Australia

businessOwned by: Stock market listed (Euronext)

monetization_onFunded by: Retail deposits and wholesale capital markets

securityLMI Provider: Genworth

account_balanceLender type: International Bank, Online Bank

ING Direct is the Australian branch of Dutch multinational ING Group. They rose to popularity using online savings accounts and low rate home loans offered through mortgage brokers.

Compared to the major banks they’ve done things quite differently. They don’t have branches and they don’t have ATMs. Instead they operate mostly online and pass the savings back to their borrowers in some clever ways.

Their home loans are simple to understand, but they’ve always been one of the most conservative banks and there’s a lot of people who don’t meet their strict credit criteria.

How do ING Bank’s home loans compare?

They’re great at

But they’ve got some drawbacks…

Watch out for gotchas

In most cases if you’ve had a home loan for 3 or 4 years, you can renegotiate your interest rate without refinancing. But not with ING!

ING refuses to offer better rates to their existing clients who are on much higher interest rates. We regularly monitor the rate of our customers and unfortunately we have to refinance their loan to another lender after a few years, otherwise our customer is paying too much.

What home loans types do they have?

ING’s Orange Advantage Home Loan is their most popular loan. It’s a professional package with a 100% offset account and great interest rates if you’re borrowing more than $500,000 or $1,000,000 and have a large deposit.

ING’s Mortgage Simplifier is a basic loan that doesn’t have an offset account. Depending on what specials ING is running, it may get the same low rates as the Orange Advantage or it may be a little more expensive.

Their Fixed Rate Loans are not normally competitive, so it pays to compare them to other banks. In some cases, they offer specials which make them the market leader for a short period of time.

Did you get declined by ING?

Don’t feel too bad, you’re not alone.

Their credit policy is ridiculously conservative and our mortgage brokers get scared to submit even the strongest loan applications to ING.

A common problem in Australia is that people just look at the interest rates on offer but ignore the credit policies of a lender. There’s usually another lender with a great interest rate that can help most people who don’t meet ING’s guidelines.

Tip for applying with ING

Use ING’s Loan application – Introducer to prepare for your home loan application.

Note: This is the latest home loan checklist as at October 2017. Please refer to ING Bank for their most up-to-date document requirements.

ING client story: Rikki, ACT



Veterinarian, professional, purchase owner-occupied property, first home buyer.


After working full time for a couple of years after graduating, Canberra veterinarian Rikki managed to save up around $182,000 and decided it was time to buy her first home.

She found a 4-bedroom house worth $610,000 meaning that with her substantial deposit, the Loan to Value Ratio (LVR) for her home loan was going to be 70%.

As a vet with such a large deposit, Rikki really wanted to get the sharpest interest rate on her home loan.


Rikki had a lot going for in getting approved for a great rate: she was a vet, had a large deposit, had a clean credit file and had no dependents (children).

Although she was single, her income was more than enough to service or meet the repayments of a $425,000 home loan.

As a result, Rikki was able to qualify for:

  • The lowest standard variable rate on the market at the time.
  • An annual account-keeping fee of $190 compared to the $300-$350 charged with most other lenders. That’s around half the cost.
  • Waived LMI, which is a risk fee normally charged when borrowing more than 80% of the property value.

She was able to put her remaining savings (which amounted to around $200,000) in an offset account to further reduce her interest payments.

Compare ING to other lenders

Not sure which lender is right for you? Our Home Loan Experts can help!

Talk to one of our mortgage brokers by calling us on 1300 889 743 or complete our free assessment form.

  • Ques

    I am a dentist and I have a great income. Can I qualify for a no LMI home loan?

  • Hey Ques,
    Yes, you may be able to qualify for a no LMI home loan. Note that your home loan must not exceed 90% LVR, you must be a member of the Australian Dental Association (ADA) or other acceptable medical association, and you must be a dentist, periodontist, ear and throat surgeon or oral and maxillofacial surgeon. If you’d like to learn more about this then please check out the dentist home loans page:

  • Armstrong

    Hi, I’d like to confirm who exactly can be guarantor to my loan..

  • Hi Armstrong,

    Most banks will only allow parental guarantees as it’s assumed you have a good relationship with them so you’re more likely to make your your mortgage repayments and eventually remove the guarantee. However, some lenders may consider guarantees from immediate family members such as siblings, grandparents, spouses, de facto partners or adult children.

    Friends, workmates or associates are not normally accepted but they may be considered if you’re able to meet stricter lending criteria.

  • schomburgk

    Doesn’t ACT property have a leasehold title? What are the terms for these?

  • Hi,
    Yes, Canberra properties have a 99 year leasehold title. This means you have the right to use the property and land under a lease for a term of 99 years. Towards the end of the 99 year period, the ACT will grant you a new residential lease and charge an administrative fee. You will also have to pay a peppercorn rent of $1 a year if you own a Canberra property.

  • E. Little

    A few months back I applied with ING Direct for a home loan but I didn’t like that they were only willing to accept 80% of my overtime income. I didn’t apply with anyone else since but I now need a home loan asap and need a lender to accept 100%. Can your brokers please help me with this?

  • Yes, we can help you find a lender that can accept 100% of your overtime income. Please call our office on 1300 889 743 to discuss your situation and loan needs in detail with one of our overtime income home loan specialists.

  • Marlo

    A few of my friends were unable to get an investment loan with a few banks and one of my friends couldn’t even refinance. Is this because of APRA’s investment lending policies? Are ING rejecting investment mortgage applications as well?

  • Hi Marlo
    Banks indeed have been updating their investment loan policies because of APRA’s investment lending guidelines. However, ING are not rejecting investment loan applications and can accept applications for up to 90% of the property value. You may be able to borrow more if you have a guarantor though.

  • aziz yasin

    Don’t even bother with this bank ING. They are completely out of touch. They will definitely increase your rates once you sign up and still advertise a lower rate. Customer service is a joke at ING.

  • Hi Aziz,
    It’s sad to hear that you’d a bad experience with them. Please let us know if we can assist you on anything regarding your home loan.

  • Vaishnavi Rajaraman

    Do you know if ING has DUA with Genworth? My application has been sitting with ING for over a week now and now they have finally mentioned that they need atleast 90% deposit for my loan to be appoved my the LMI team. I have arranged the funds, however I want to know if it would be sent to Genworth or a team inside ING would assess it? Thanks.

  • Hi Vaishnavi,

    Yes, ING has a Delegated Underwriting Authority (DUA) agreement with Genworth. Looking at your situation, it is likely that your home loan application will be assessed by a credit assessor inside ING.

  • Vaishnavi Rajaraman

    Thanks for your comment. Appreciate it.