Hi there,
We're looking at taking out a Mortgage Simplifier loan with ING for an IP.
Can anyone please give us some feedback on their dealings with ING?
Their rates and products look good, but is there anything we need to watch out for?
Any feedback from people who have loans with ING is most appreciated.
cheers,
CarlinHi Carlin
My wife and I are with ING Direct with a fixed-rate P+I loan for our home and have been very happy with them. We also added a 2nd mortgage for personal reasons about 6 months ago and all went smoothly. We are now looking at switching over to a variable interest only loan and can't expect to have any problems.
Just make sure you go through all the paperwork carefully and if you're happy with the rates etc, I'm sure you'll have a good experience with them.
Cheers,
Dave.
exit fees?
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw wrote:exit fees?Hi Terry,
About $14k all up. I knew it was going to be quite large, so wasn't particularly shocked. Am now just doing the number crunching. It seems that if we can get the $14K added onto the current loan, we will be able to save ourselves about $80/week. Trying to work out if saving $80/week is worth having an extra $14k tacked onto the loan… giving me a headache!
Dave
Thanks for that info.
When you talk about exit fees are you talking about the fees involved in going off the fixed rate (which I assume is now higher than the variable rate) before the term ends?
cheers,
Carlini have been with ingdirect for years – I found them good.
I think they are a bigger organisation than any of the big four banks in oz (correct me if i'm wrong)
They don't overcharge their existing customers who are already in loans in order to fund "glitzy" introductory rates on new customers (unlike other lenders)
They are conservative in who they will lend to and how much, which reduces the risk of you paying more when the number of defaults on loans on their books increase.
Very good to deal with during the loan.
Cheap and easy to make changes to your loan (fixing, portable etc.)
However I do vaguely remember some early costs (approx $1.5k from memory) I was not expecting when initially taking out the loan for ING's solicitors costs (nothing to do with stamp duty or other taxes)
which were not included in their list of fees – double check on every charge you will incur when taking out the loan , not just ING's fee list!
Stu
Have no problem with them over the last 4 years
also has feature of BPAY etc… and paying 6.19%
pmgonline.com.au.. using the same INGBank… with interest 5.94% BUT beware of Exit feescarlin wrote:Thanks for that info.When you talk about exit fees are you talking about the fees involved in going off the fixed rate (which I assume is now higher than the variable rate) before the term ends?
cheers,
CarlinCarlin,
Yes, the fees are mostly exit fees to move from a fixed to variable rate before the fixed term ends, as ING would be losing lots of money by me moving over. But my figure quoted also includes fees for moving from P+I to just I only, as well as consolidating two loans into the one. Their fees seem to be about $250 for each change to your loan you want to make.
If I could start again I definitely would've structured my loan differently, but you learn by your mistakes so I'm not fussed.
Hope that explains it,
Dave.
ING are one of the largest banks in the world. Substantially bigger than any of our 'socalled BIG foru'.
The products are good, they have a lot of flexibility but the drawback is exit costs. This should not be held against ING, as they write a lot of wholesale business, and the DEF fees are set by the Mortgage Managers to a large extent. Just make sure you plan ahead, and keep your options open should you intend top sell shortly after settlement.
ING are very good to deal with, and as a long term proposition are a great option.
Tim,
unfortunately, Ingdirect is not on the top list recommended by mortgage broker here I was able to get rebate A$1000 few years back from a mortgage broker but I doubt this will happen in today's market
Cheers
I understand that they are not in favour, and each broker will make recommendations case by caes.
Taking into account the international banking climate and the uncertainty that has occurred in the last 12 months, ING's stability in the global makret should be its biggest selling point. It is a very very strong balance sheet funder, and a stable proposition in the face of a lot of uncertainty. ING cartainly has it's pros and cons, ans I do not have any loyalty to one particular institution, but it is my opinion that ING and other non-banks will start to gain a bit of traction in the market as banks continue to cut comissions and place increasingly unrealistic rectrictions on brokers in general. I know it is unfortunate to believe brokers will recommend loans based on the comission they will earn (which I certainly do not do), but finance broking still needs to remain a viable commercial concern, and with changes like Suncorp instituted recently (ie cutting upfront comission to 0.3% and no trail for 12 months), some, if not most, banks will simple be take off the menu.
The industry desperately needs for brokers to support non banks, and reduce their misguided loyalty to the majors. It is the brokers and non banks that keep the market competitive and rates reasonably low.
The DEF fee is not the only important part of determining a suitable loan for a client. If brokers were truly doing their jobs, the DEF fees would not be an issue as most loans are fully portable these days anyway, For only a few hundred dollars, hey presto – nel loan product on a new security property (unfortunately, this method meant the broker does not recieve another upfront comission – so it is seldom used).
Either way, I see your point. The brokers on this forum seem to be focussed on the majors, So be it. I tend to try and keep an open mind and give each and every client an oppen slate to start with, and narrow down their options from there.
Cheers.
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