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ING Home Loans Questions & Answers
6 questions from our users
Ashishasked
Bought home loan from ING and the interest rate keeps on rising. When I asked the reason they said we don't even need to inform you the reason. Had long email conversations with them stating that this is illegal what you doing. ACCC calls it bait marketing. You cannot offer different interest rate for same product to different customers. It is unfair. I think ING customers need to get together and look for Class action against ING for such behaviour.
Weiweiasked
I have recently signed up with ING for my home loan and am confused. Every fortnight, a "repayment amount" gets deducted from there everyday account and "credited" into the home loan account. Is this the principal payment only?
And then does interest get deducted again at the end of the month?
thanks
1 answer
if you signed up for principle and interest repayment then your repayment should include both principle and interest in every transaction.
kerrieasked
How long does it take for approval?
3 answers
I think ours was only a few days, it then took about another week to get the paperwork completed and signed with money transferred.
From memory it took about less than a week. My property was appraised so if you don't need that done it would be quicker. I arranged mine through Mortgage Choice and it was really very simple and not time consuming from my end.
For me there was a problem with their valuation of the property I was buying. The valuation was below the purchase price, which was not an issue for me, what was an issue was that no-one had bothered to tell me until I chased things up. If you go with ING and really I wouldn't if I was you then be prepared to keep on them to keep things moving. Have a look at some of the other reviews on here regarding interest rates, they are slow to decrease when the RBA drops and quick to increase them once they have you signed up.
Ron Negriasked
Are you able to tell me the current variable home rate is?
2 answers
5.43%
Whatever ING tell you count on it being more. When rates were reducing they were always the last to pass it on, now they are increasing they are the first to raise them. I have a loan with them and now I regret it. They are an internet based bank so it is difficult to speak with anyone who can make a decision.
tony66asked
Is any ing branches in Newcastle???
2 answers
ING are a branchless Bank, they are online only, but I have my mortgage and main account through them with no dramas.
They don't have branches, all communication is through phone tag or email. If you take a loan through them be prepared to do some chasing and following up, also have a look at some of the reviews regarding their interest rates, they are not very competitive even the big banks will come up with a better deal and definitely better service.
sunny75asked
My Lenders Mortgage Insurance(LMI) on conditional approval was $7581, but when I received the formal approval letter, it reflected $10532. When I inquired with the Myrate consultant (who had sent me the conditional approval letter), he told that it was a mistake and will rectify it. It's been 10 days since, and now I have also received the Loan Agreement from the lenders solicitor which still reflects the over-quoted LMI. Now I have less than 15 days for the settlement i.e on 3rd Dec '12 and this LMI issue is still not settled and I still keep calling the Myrate consultant and he never responds properly, he keeps saying it will be rectified but without an ETA. What options do I have? Can somebody please help me?
2 answers
Sorry, I have no idea about LMI and how everything works around it. I think you should really be talking to ING solicitors or get your solicitor (or conveyancer) to help you.
Hope the issue will be solved soon...
Thank you mm0331, I did speak to the ING Solicitor and things fell in place. God Bless You..
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