Switch loans offered to smaller banks in cash
ING Direct is now looking at the possibilities of taking advantage of the backlash against the big banks. $1000 is being offered to customers who have decided to switch their mortgage to the small lender.
Anyone who decides to bring their mortgage across to ING Direct, as well as open a transaction account earlier than June of the coming year are slated to receive $1000, this according to foreign-owned banks.
Clients are advised to have themselves registered for the said offer before November ends.
ING Direct chief executive Don Kosh stated that the decision to switch banks should not be considered difficult and that the $1000 that they are offering should be one incentive that will help them decide easily. He stated further that should customers become more mobile, banks will be moved to work on making offers with better value and improved service.
ING Direct’s variable home loan interest rates were recorded to vary from 6.71 per cent to 7.34 per cent. These rates depend on the particular product.
The lowest mortgage rates are being offered by the National Australian Banks which is 7.24 per cent. This is followed by the ANZ which offers 7.41 per cent, then Westpac coming in at third offering 7.151 per cent. Lastly, the Commonwealth Bank offers a mortgage rate of 7.81 per cent.
ING Direct started its operations in Australia in 1999. They don’t have any branches which is why they deal with their customers thru the phone or online. Despite this, they are recorded to have over 1.4 million customers who have cash amounting to $37 billion in mortgages and $22 billion in deposit, this according to their books.
With this great offer from ING Direct, customers are given opportunities to make good use of their mortgages. This is also a very good way of giving more edge to smaller bank players as the big banks contemplate on how to get out of the backlash that they are currently getting.
