Ing Bank

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From tomorrow ING will be increasing its fixed rate home loans for owner occupiers by up to 0.20% and for investors by up to 0.40%.
ING is one of only three lenders on Canstar's 100+ lender database to increase fixed rates in June.
These changes will see ING’s former market leading 2-year Orange Advantage Residential fixed rate of 2.09% drop out of the top 3 lowest 2-year fixed rates, with the interest rate now sitting at 2.19% (comparison rate 3.79%).  <img src="https://www.urban.com.au/images/2020/6/18/ING%201.JPG" alt="">
<img src="https://www.urban.com.au/images/2020/6/18/ING%202.JPG" alt="">Canstar’s finance expert, Steve Mickenbecker said, "ING has surprised the home loan market by increasing its fixed housing loan rates from Friday."
"ING’s fixed rate increases come after recent fixed rate cuts from major banks that have been fueled by low wholesale funding costs."
"For owner occupiers the increases range from 0.05% to 0.20%, but for investors they are as high as 0.40%, suggesting the bank is reviewing its appetite for housing risk."
"ING’s 2-year fixed rate for owner occupiers remains amongst the market leaders, but they have relinquished their lowest price position."
"Fixed rates continue to be at the sharpest priced end of the market with rates as low as 2.09%."
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ING goes against the grain increasing fixed interest rates

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Australia’s fifth largest bank, ING, has cut fixed rates to as low as 2.49 per cent on its 3-year fixed rate.
This is currently the lowest fixed rate on the RateCity.com.au data base.
ING has shaved all of its 1- to 5-year owner-occupier rates by up to 0.35 per cent and investor rates by up to 0.40 per cent.
<img src="https://www.urban.com.au/images/2020/3/5/Ratecity%20ING%201.JPG" alt="">
Since the RBA announced the 0.25 per cent cash rate cut on Tuesday, a total of four lenders have lowered their fixed rates.
BankVic is hot on the heels of ING, today cutting its fixed rates to now offer 2- and 3-year year loans as low as 2.50 per cent.
RateCity.com.au research director Sally Tindall said other lenders were likely to chase after ING in a bid to hold market share.
“The fixed rate war continues with the nation’s fifth largest lender now playing hard-ball in the fixed rate space,” she said.
“With ANZ, and now ING, offering market-leading rates, we expect other banks will start sharpening their prices in a bid to remain competitive.
“Fixed rates are a great tool to get new business in the door, particularly in this environment of record low rates. But with one more cash rate cut still likely, we probably haven’t seen the bottom of fixed or variable rates just yet,” she said.
<img src="https://www.urban.com.au/images/2020/3/5/Ratecity%20ING%202.JPG" alt="">
Almost 50 lenders have announced variable rate cuts, following Tuesday’s RBA decision.
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ING has slashed fixed rates to a new market low

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ING Australia has announced the appointment of Dr John Laker to the position of Chair of ING Australia, effective January 2020.
Dr Laker has served on the ING board since January 2019.
Dr Laker’s career in finance spans more than 45 years and includes roles in the Commonwealth Treasury, the International Monetary Fund (Washington), the Reserve Bank of Australia (Assistant Governor Financial System) and the Australian Prudential Regulation Authority (Chair).
Dr Laker is currently Chair of the Board of the Banking and Finance Oath, Deputy Chancellor of the University of Technology Sydney, member of the Experts Panel of the International Monetary Fund (IMF) and Director of Cancer Council NSW and Cancer Council Australia.
He was appointed an Officer of the Order of Australia in 2008.
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Dr John Laker appointed as chair of ING Australia

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ING Bank (Australia) Limited, the promoter and investment manager of the ING Direct Superannuation Fund (Living Super), will compensate around 24,500 members approximately $5.38 million following ASIC concerns that statements made in its promotional material about the fees paid in connection with its Living Super product were potentially misleading.
In particular, ASIC was concerned that ING Bank promoted Living Super, between March 2015 and September 2016, as having 'No Fees' for the 'Cash Investment Option', 'No Investment and Administration fees' for the 'Balanced Option' and having low fees options without making it clear that customers were paid a lower interest rate on the cash portion invested with ING Bank than the rate paid by ING Bank to its Saving Maximiser customers for the relevant investment options. Some of the promotions also did not indicate the "no fees or low fees" features may not continue should ING Bank no longer be the investment manager.
ASIC discussed its concerns with ING Bank that some members of Living Super may have been misled into believing they would receive the same returns on cash investments held with ING bank as ING Direct banking customers with the Savings Maximiser product.
ING Bank has acknowledged that its communication could have been clearer and is writing to all members of Living Super to inform them that the interest rates paid on Living Super may be different to the rates paid to direct banking customers and further, that the fees for Living Super may change should ING Bank no longer be the investment manager.
ING Bank have advised ASIC they will also write to affected members informing them of the compensation paid and will not retain any of the financial benefit from the lower interest rate that was applied.
ING Bank has told ASIC that it will no longer be promoting Living Super based on No Fees or No Investment and Administration Fee. It has made changes to its internal policies and procedures to help ensure that similar potentially misleading promotions are not undertaken.
ASIC also expressed disappointment that ING Bank was promoting Living Super using product inducements to clients separate from the superannuation product such as cash payments. ASIC observes that promotions of this type are a bad practice that may encourage decisions to be made on the basis of short term considerations that may not reflect the needs of a member. ING Bank has advised ASIC that it will stop offering separate product inducements in relation to Living Super.
ASIC Commissioner Greg Tanzer said, 'This action reflects ASIC's ongoing focus on the disclosure of fees and costs in superannuation.
'Consumers need to be able to make informed decisions about their superannuation and managed investments, based on accurate and consistent fees and costs disclosure.
'Promotion of superannuation products based on low or no fees can be very influential on consumers. This makes it very important to ensure any such promotion is not potentially misleading by reducing the benefits consumers receive in exchange for the no fees or low fees features', Mr Tanzer said.
Affected members will not have to do anything to be paid this compensation. Living Super members with queries or concerns about this matter should contact ING Bank on 1800 063 965.
ASIC acknowledges the cooperative approach taken by ING Bank and Diversa Trustees Limited (the trustee of Living Super) in relation to the matter.
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