ING Direct has announced they are increasing variable rates on existing investment property loans by 0.37%pa effective 5 November 2015. They had previously tightened investment loan criteria.
Existing customers who hold both owner-occupied and residential investment loans with ING Direct will not be subject to this interest rate change.
The current rates for new investment property borrowers remain unchanged. ING Direct Orange Advantage is priced at 4.84%pa (5.03%pa comparison rate) for investors.
The bank has $38 billion in mortgages on book, of which about one third are investment loans, according to recent APRA data.
