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Coronavirus FAQs

Coronavirus Update

We're here to help our customers who may be impacted by COVID-19.

General enquiries

FAQs

Documents and forms

Keeping our customers in the loop

It's been a difficult couple of weeks for everyone. The unprecedented spread of COVID-19 has had a wide reaching impact on individuals and communities in Australia and beyond. We want to assure you, our customers that we're here and ready to support your needs. Below are some frequently asked questions and answers on how we may be able to support you. Should your question not be answered below, please call our Australia-based customer care specialists on 133 464 - 24 hours, 7 days a week. Please note: Our team are currently experiencing a high volume of calls, we apologise for any inconvenience.

Most importantly, stay safe. While money's important, your health and wellbeing are your greatest assets. Please take care of one another and yourself during these extraordinary times.

The ING Team



General Enquiries

FAQs

Q. Are you experiencing financial difficulties?

A. We know many of our customers are experiencing unexpected difficulties as a result of COVID-19. If you’re struggling to make repayments on an ING loan (Home Loan or Personal Loan) or credit card, we may be able to help you. To understand options available to you, please see below for the relevant product information.

Q. Need to manage your money?

A. Being a digital bank, there's no change in how you manage and access your money or accounts. Simply login online at ing.com.au or use the ING mobile app as usual.

Savings

Savings

FAQs

FAQs

Q. Are my savings safe?

A.Yes, ING is regulated by the Australian Prudential Regulation Authority (APRA) and is in a strong position to assist customers through these uncertain times. In the same way as other Australian banks, combined deposits with ING of up to $250,000 per account holder are protected by the Australian Government under the Financial Claims Scheme. For more information visit APRA's website at http://apra.gov.au

Home Loans

Home Loans

FAQs

FAQs

Q. I'm experiencing financial difficulty with my home loan loan, what can I do?

A. To support our customers who have suffered a loss of income or employment due to COVID-19, you can contact us for a three month payment pause on your ING home loan repayments.
- An extension for a further three months (total 6 months) may also be available on request and is subject to financial assessment.
- A payment pause means you will not be required to make any repayments during the time frame however interest and fees will continue to accrue on your loan. This means at the end of the payment pause period your loan balance will be higher, and your minimum repayments will increase slightly so that your loan can still be paid within your loan term.

Q. What other options are available if I'm experiencing financial difficulty with my ING home loan?

A. ING customers with a home loan can also consider a number of different options;
- You may be able to access money available to you in redraw on your home loan.
- You might be paying down your home loan with larger than required repayments.
- You can reduce your repayments to the minimum monthly repayment amount.

There may also be other repayment options available to you. Visit https://www.ing.com.au/help-and-support/tips-hints-guides/financial-hardship.html or to apply for COVID-19 Hardship assistance please call one of our Lending Specialists on 133 464 available 8am - 8pm, 7 days a week.


How is ING supporting me during this time?

Q. How is ING supporting me during this time?

A. We acknowledge the uncertainty facing many of our customers at this time and have implemented a range of support measures for those suffering from financial difficulty as a result of COVID-19.

To support our customers who have suffered a loss of income or employment due to COVID-19, we can offer you a three month payment pause of your ING home or personal loan repayments. An extension for a further three months (total 6 months) may also be available on request and is subject to financial assessment (after completion of the first three months).

A payment pause means you will not be required to make any repayments during this time frame, however interest and fees will continue to accrue on your loan. This means at the end of the payment pause period, your loan balance will be higher, and your minimum repayments will increase so that your loan can still be paid within your existing loan term. We may also be able to support you in other ways.

ING customers with a home loan can also consider a number of different options. You may be able to access money available to you in redraw on your home loan.

You might be paying down your home loan with larger than required repayments. You can reduce your repayments to the minimum monthly repayment amount.

There may also be other repayment options available to you. Visit https://www.ing.com.au/help-and-support/tips-hints-guides/financial-hardship.html.

Q. Will you be available to help during the lockdown?

A. Yes, we as a bank are part of the essential service providers. However, there are functions available to manage your home loan using our online banking, phone banking and mobile app.

Please note, we are currently experiencing a higher than normal wait time via our Contact Centre. Our team members are working as efficiently as possible to help with your queries. Alternatively you can message us via logging into online banking or the ING app.

All features are not available for every type of home loan


What are my options?

Q. What are my options?

A. To support our customers who have suffered a loss of income or employment due to COVID-19, you can contact us for a three month payment pause on your ING home or personal loan repayments. An extension for a further three months (total 6 months) may also be available on request and is subject to financial assessment. A payment pause means you will not be required to make any repayments during the time frame however interest and fees will continue to accrue on your loan. This means at the end of the payment pause period your loan balance will be higher, and your minimum repayments will increase slightly so that your loan can still be paid within your loan term.

Other options which may be available to you are:

Accessing redraw

Accessing funds from your offset account

Reducing your repayment to the minimum amount

Switching to a Fixed Rate Loan to give you security over your repayment amount


To discuss which options are available and help you decide what best suit your needs please call one of our Lending Specialists on 133 464 available 8am – 8pm, 7 days a week. Please note, our Contact Centre is experiencing a higher than normal wait time. Alternatively, you can message us via logging into online banking or the ING app.


What is the 3 month payment pause ING is offering?

Q. What is a payment pause?

A. We are offering a three month payment pause of your ING home or personal loan repayments if you have been impacted by COVID-19. An extension for a further three months (total 6 months) may also be available on request and is subject to financial assessment.

A payment pause means you will not be required to make any repayments during this time frame, however interest and fees will continue to accrue on your loan. This means at the end of the payment pause period, your loan balance will be higher, and your minimum repayments will increase so that your loan can still be paid within your loan term.

Q. How does a payment pause work?

A.

Eligible customers have the ability to pause home loan repayments for three months.

An extension for a further three months (total 6 months) may also be available on request and is subject to financial assessment. Home loan repayments are not required during the payment pause period.

Interest and fees will continue to accrue on your loan. This means at the end of the payment pause period, your loan balance will be higher, and your minimum repayments will increase so that your loan can still be paid within your existing loan term.


Q. How do I find out if I am eligible to pause my payments on my home loan?

A.If you have suffered a loss of income or employment due to COVID-19 you can contact us for a payment pause, please call one of our Lending Specialists on 133 464 available 8am - 8pm, 7 days a week. Please note, our Contact Centre is experiencing a higher than normal wait time and we apologise for the inconvenience.
Alternatively, you can message us via logging into online banking or the ING app.

Q. When will my payments stop?

A. Once your COVID-19 Hardship application is approved, your repayments will not be debited as scheduled. Instead, this amount will be repaid over the remaining term of your loan to assist you in overcoming your financial difficulty during these challenging times.
Please note, we require one business day notice to cancel your direct debit.

Q. My payment is due today/tomorrow what happens?

A. If your repayment is due soon then please call us on 133 464 to discuss options.
Please note, we require one business day notice to cancel your direct debit.

Q. I have a joint loan; can I still apply for a payment pause if only one of us is experiencing financial difficulty?

A. Yes, if you have a joint loan and one of you is experiencing financial difficulty as a result of the COVID-19 virus you can apply for a payment pause which means you may be eligible for a three month payment pause on your home loan repayments.

Q. If I pause my Home Loan repayments; will interest still be charged?

A. Yes. Interest and fees will continue to accrue on your loan. This means at the end of the payment pause period, your loan balance will be higher, and your minimum repayments will increase so that your loan can still be paid within your existing loan term.

Q. If I pause my Home Loan repayments, will my loan term be extended?

A. No, your loan term does not change as part of the payment pause. However, if you would like to extend your loan term there may be an option for you to do this.

To discuss this option please call one of our Lending Specialists on 133 464 available 8am – 8pm, 7 days a week. Please note, our Contact Centre is experiencing a higher than normal wait time.
Alternatively, you can message us via logging into online banking or the ING app.

Q. If I pause my Home Loan repayments, will I be charged fees?

A. Fees will be charged as usual.

Q. If I pause my Home Loan repayments, what happens if interest rates change whilst my repayments are on hold?

A. Whilst on a repayment pause your interest rate will change as per normal.

Q. If I pause my Home Loan repayments, will this impact my future lending with ING?

A. No. We understand that this rapidly changing environment has had huge impacts to our customers’ lives. We will not take the payment pause into consideration if you choose to take up further lending with ING in the future.

Q. If I pause my Home Loan repayments; will I still receive letters & calls etc while my repayments are placed on hold?

A. You will continue to receive letters and communications about your ING accounts as per normal. You will not receive any communications from our collections team about your home loan whilst your payments are paused.

Q. Why are you only offering 3 months when most banks are offering 6 months?

A. Whilst we cannot comment on what other banks are offering we can assure you that we have our customers at the forefront of this decision. We are offering our impacted customers a three month payment pause on their ING home or personal loan repayments, with the potential to extend for a further three months (total 6 months).

The extension after 3 months is available on request and is subject to financial assessment. We want to keep in touch with you at this difficult time and help you through this; we also want to ensure the support we are providing is helping you out in this constantly changing environment. If you still require our support in 3 months please let us know. We are here to help.

Q. Can I make additional repayments during the payment pause period?

A. Yes, you can make additional payments using your BSB and Account Number via direct deposit. This will not impact your payment pause agreement.

Q.What is the maximum payment pause period I can apply for?

A. At this stage ING customers have the option to apply for a three month payment pause on their home loan. An extension for a further three months (total 6 months) may also be available subject to financial assessment (after completion of the first three months).

Q.What are my options if I am still in the same position after three months?

A. We will assess your position again in three months and further options may be provided as necessary. You may be eligible for a further three months upon request and subject to financial assessment.

Q.If I use a payment pause on my home loan will it affect my credit rating?

A. No, as long as you call us before you miss a payment. Payment pause is designed to help our customers through the uncertainty brought about by COVID-19 and will maintain your credit record. So if you are concerned that you may miss a payment due to COVID-19, please speak to us to initiate a payment pause early.

Missed payments are reported to the Credit Bureau and may impact your credit record.


Accessing my money and making changes to my home loan

Q. How can I access my offset?

A. You can access your offset at any time.
To move money online:
1) Login to Online Banking
2) Go to 'Transfer & pay'
3) 'Transfer funds' and follow the prompts

Q. How can I access my redraw?

A.
Variable Loans

If you have a variable home loan with redraw available you can redraw money to the account linked to your home loan through our online, mobile or phone banking.

There is no minimum redraw amount, no limit on how many redraw transactions you can make and no redraw fee.

To move money online:
1) Login to Online Banking
2) Go to 'Transfer & pay'
3) 'Transfer funds' and follow the prompts

Fixed Rate Loans

To find out if you have redraw available in your Fixed Rate Loan please contact us on 133 464 available 8am – 8pm, 7 days a week.

Other - BAU

Q. Why did ING not pass on the rate cut to their existing variable home loan customers?

A. We regularly review rates in line with market changes and customer needs and adjust where appropriate to ensure we are best placed to provide our customers with simple, effective banking products and great associated benefits. There are no changes to new to ING customers or existing customer variable rates at this time.

We implemented a variable home loan rate drop of 0.25% p.a. on 18 March and no further variable home loan rate changes have been made. We have decreased a range of fixed home loan rates, the new rates available on our website from 26 March 2020.



Personal Loans

Personal Loans

FAQs

FAQs

Q. I'm experiencing financial difficulty with my personal loan, what can I do?

A. To support our customers who have suffered a loss of income or employment due to COVID-19, you can contact us for a three month payment pause on your ING personal loan repayments.
- An extension for a further three months (total 6 months) may also be available on request and is subject to financial assessment.
- A payment pause means you will not be required to make any repayments during the time frame however interest and fees will continue to accrue on your loan. This means at the end of the payment pause period your loan balance will be higher, and your minimum repayments will increase slightly so that your loan can still be paid within your loan term.

Q. What is ING doing to help during this time?

A. If you're experiencing financial hardship or financial difficulty as a result of COVID-19, you should contact us for a 3 month payment pause.

During payment pause, personal loan repayments are not required. Interest and fees continue to accrue to your loan, so that at the end of the payment pause your loan balance will be higher, and your minimum repayments will increase so that your loan can still be paid within your loan term. An extension for a further three months may be available on request, subject to a financial assessment.

Please call our call centre at 133 464, we are available 24 hours, 7 days a week to discuss your situation. We're working through all your queries and we know it’s a stressful time. We're getting more queries every day, so please be patient and rest assured that we will respond to you as soon as we can!

Q. How does a payment pause work?

A. A payment pause allows you to pause your repayments for 3 months, with an extension for a further three months available on request, subject to a financial assessment. During payment pause, personal loan repayments are not required. Interest and fees continue to accrue to your loan, so that at the end of the payment pause your loan balance will be higher, and your minimum repayments will increase so that your loan can still be paid within your loan term.

Q. Can I extend my payment pause?

A. After the payment pause you can apply for an extension for up to a further three months available on request, subject to financial assessment.

Q. How can I apply for payment pause?

A. Contact our call centre at 133 464, we are available 24 hours, 7 days a week to discuss your situation. We're working through all your queries and we know it’s a stressful time. We're getting more queries every day, so please be patient and rest assured that we will respond to you as soon as we can!

Q. How can I reduce my repayments to minimum repayments?

A. As long as you repay the minimum amount on your statement you can avoid late payment fee. To adjust your payment amount please contact us on 133 464.

Q. How can I avoid late fees?

A. As long as you repay the minimum amount on your statement you can avoid late payment fee. To adjust your payment amount please contact us on 133 464. You will not be charged late payment fees during payment pause.

Q. What information do you require from me in order to assess my hardship application?

A. If you're experiencing financial hardship or financial difficulty as a result of COVID-19, and are seeking a payment pause you won’t need any documents.

Q. Can someone else request assistance on my behalf?

A. If you're not comfortable speaking to us about this, we can speak to your financial counsellor or authorised representative instead. You'll just need to give us their contact details in writing and your authority that they can speak with us on your behalf.

Q. What other ways can I get additional support?

A. As well as speaking to our team on 133 464 Monday to Friday 8.45am to 5.00pm (EST), you may also find these independent resources helpful: https://www.ing.com.au/help-and-support/tips-hints-guides/financial-hardship/other-ways-to-get-help.html.

There may also be other repayment options available to you. Visit https://www.ing.com.au/help-and-support/tips-hints-guides/financial-hardship.html or to apply for COVID-19 Hardship assistance please call one of our Lending Specialists on 133 464 available 8am - 8pm, 7 days a week.

Q.If I use a payment pause on my personal loan will it affect my credit rating?

A. No, as long as you call us before you miss a payment. Payment pause is designed to help our customers through the uncertainty brought about by COVID-19 and will maintain your credit record. So if you are concerned that you may miss a payment due to COVID-19, please speak to us to initiate a payment pause early.

Missed payments are reported to the Credit Bureau and may impact your credit record.



Credit Cards

Credit Cards

FAQs

FAQs

Q. I'm experiencing financial difficulty with my credit card, what can I do?

A. Similar to home and personal loans, customers with an ING credit card can contact us on 133 464 for a 3 to 6 month payment pause.

During a payment pause, credit card repayments are not required, but your card will be inactive. Interest and fees will continue to accrue to your balance, and at the end of the payment pause your total balance will be higher than it was before the payment pause. This balance is then converted to an instalment plan, and you will then pay that off at the instalment plan variable rate of 9.99% p.a. in accordance with the terms agreed. Once the instalment plan is paid off, your card functions will be reinstated.

As an alternative, reducing repayments to the minimum monthly repayment may be the best option and will still allow you to maintain access to a credit card for everyday use.

Q. What is ING doing to help during this time?

A. If you're experiencing financial hardship or financial difficulty as a result of COVID-19, you should contact us to discuss your options.

An option for you, may be a 3-6 month payment pause. During a payment pause, credit card repayments are not required but your card will be inactive. Interest and fees will continue to accrue to your balance, and at the end of the payment pause your total balance will be higher than it was before the payment pause. This balance is then converted to an instalment plan, and you will then pay that off at the instalment plan variable rate of 9.99% p.a in accordance with the terms agreed. Once the instalment plan is paid off, your card functions will be reinstated.

Alternatively, reducing repayments to the minimum may be the best option and will still allow you to maintain access to a credit card for everyday use. You can do this by contacting our call centre at 133 464.

Contact our call centre at 133 464, we are available 24 hours, 7 days a week to discuss your situation.

Q. How does a payment pause work?

A. A payment pause allows you to stop repayments over an agreed amount of time between 3-6 months. Over the 3-6 month period, any interest and fees are added to the balance and then the total outstanding credit card balance is converted to an instalment plan, which you then pay off in accordance with the terms agreed. This means your total balance will be higher after the payment pause.

Q. Can I extend my payment pause?

A. Once the term is set it cannot be changed or extended.

Q. How can I apply for a payment pause?

A. Contact our call centre at 133 464, we are available 24 hours, 7 days a week to discuss your situation. We're working through all your queries and we know it’s a stressful time. We're getting more queries every day, so please be patient and rest assured that we will respond to you as soon as we can!

Q. How can I reduce my repayments to minimum repayments?

A. To adjust your payment or change it to minimum repayment amount please contact us on 133 464.

Q. How can I avoid late fees?

A. As long as you repay the minimum amount on your statement you can avoid late payment fee. To adjust your payment amount please contact us on 133 464. You will not be charged late payment fees during payment pause.

Q. What information do you require from me in order to assess my payment pause application?

A. If you're experiencing financial hardship or financial difficulty as a result of COVID-19, and are seeking a payment pause you won’t need any documents.

Q. Can someone else request assistance on my behalf?

A. If you're not comfortable speaking to us about this, we can speak to your financial counsellor or authorised representative instead. You’ll just need to give us their contact details in writing and your authority that they can speak with us on your behalf.

Q. Does my Complimentary Travel Tnsurance provided on Orange One Platinum cover coronavirus claims?

A. We strongly encourage customers to contact their travel provider to discuss actual or proposed changes to travel plans as a consequence of the coronavirus.

Orange One Platinum Complimentary Travel Insurance is covered by Allianz. Pandemic and Epidemic definitions are provided in the Product Disclosure Statement. General exclusion for pandemic/epidemic in your policy will apply.

If you have any questions about the coverage you can review the Product Disclosure Statement here or contact Allianz on 1800 453 937.

Q.Can I reduce my credit card limit?

A. Yes, If you want to reduce your credit limit for your Orange One account, login to ing.com.au and go to Manage cards > Decrease credit card limit and follow the prompts to decrease the limit. You can decrease your Orange One credit limit at anytime, however:

cannot be reduced below the outstanding balance

cannot be reduced the minimum credit limit available for the product

Q. What other ways can I get additional support?

A. As well as speaking to our team on 133 464 Monday to Friday 8.45am to 5.00pm (EST), you may also find these independent resources helpful:
https://www.ing.com.au/help-and-support/tips-hints-guides/financial-hardship/other-ways-to-get-help.html.

There may also be other repayment options available to you. Visit https://www.ing.com.au/help-and-support/tips-hints-guides/financial-hardship.html or to apply for COVID-19 Hardship assistance please call one of our Lending Specialists on 133 464 available 8am - 8pm, 7 days a week.

Q.If I use a payment pause on my credit card will it affect my credit rating?

A. No, as long as you call us before you miss a payment. Payment pause is designed to help our customers through the uncertainty brought about by COVID-19 and will maintain your credit record. So if you are concerned that you may miss a payment due to COVID-19, please speak to us to initiate a payment pause early.

Missed payments are reported to the Credit Bureau and may impact your credit record.

Travel Insurance

Travel Insurance

FAQs

FAQs

Q. If I have ING Travel Insurance, is my trip covered?

A. It will depend on when you purchased your ING Travel Insurance, what type of cover you obtained and what circumstances you need to make a claim. There are five different types of cover - Comprehensive, Annual Multi-Trip, Essential, Last Minute and Domestic. Also for customers who purchased their ING Travel Insurance policy on or after 13 March 2020, please take note that you will not be covered for any claim related to the Coronavirus/COVID-19.

There are two Product Disclosure Statements and the one applicable to you will be determined on the date you purchased the policy:

  1. 1. If you purchased ING Travel insurance before 13th March 2020 - please refer to this Product Disclosure Statement (https://www.ing.com.au/pdf/PDSA-Travel%20Insurance.pdf)
  2. 2. If you purchased ING Travel insurance between 13th March and 17 March 2020, please refer to this Product Disclosure Statement (https://ing.disconline.com.au/branding/resources/EXIG/legal/travel/PDSA-AGA.pdf).

Q. Can I change the date of my travel insurance cover if my trip is postponed?

A. Yes, you can postpone your ING Travel Insurance trip departure date for up to 12 months from the date of purchase.

Q. What do I do if I have not yet departed on my trip?

A. If you have not yet departed from your home or Australia, you should contact your travel agent, tour operator or travel provider, to discuss if there is any impacts to your current travel arrangements and the options for altering your trip (if required). Some travel providers may allow penalty-free options for amendment and cancellation of existing arrangements, so please contact them first for further details

If you purchased your ING Travel Insurance policy before 30 January 2020 for travel departing on or after 19 March 2020, and you have pre-booked travel arrangements cancelled, delayed or rescheduled as a result of the Coronavirus, you may be covered for cancellation or rescheduling of your trip.

Before making any changes to your current travel arrangements, you should:

refer to your PDS for the applicable terms, conditions, limits and exclusions of cover; and

contact ING Travel Insurance Claims team on 1800 456 406.

Q. Can I get a refund on my travel insurance cover if my trip is postponed?

A. If you purchased the ING Travel Insurance policy and are still within the 14-day cooling-off period, you will be entitled to a full refund so long as you haven't yet departed or made a claim.
If you purchased the ING Travel Insurance policy and the cooling-off period has expired, please contact us to discuss your options. Alternatively, you can postpone your ING Travel Insurance trip departure date up to 12 months from the date of purchase. Please call ING Travel Insurance team at least 48 hours prior to your original departure date on 1800 456 406.

Q. If I’m quarantined, will my policy cover my loss of income?

A. Our Loss of Income benefit provides cover for loss of income if you are unable to work due to an injury which you suffered whilst overseas. It doesn’t cover claims arising from an inability to work as a result of an illness or potential illness, such as coronavirus.

Q. Has ING suspended sales of Travel Insurance?

A. As of 18 March 2020, ING Travel Insurance will not be available for purchase. This decision has been made following the advice of the Australian Government not to travel overseas. This means that customers cannot purchase new domestic or international ING Travel Insurance policies until further notice.
The Department of Foreign Affairs Trade’s (DFAT) travel warning for Australians has been upgraded to ‘Do Not Travel’ for all overseas destinations globally. ING and our travel insurance underwriter will review this position as further information becomes available.

Q. How do I make a travel insurance claim?

A. If you need to make a claim, please use our online claims form (https://forms.claims-travel.com.au/ing/travelclaim). Alternatively you can call us on 1800 456 406 within Australia or +61 7 3465 1787 from outside of Australia.

If you have any questions about your existing Travel Insurance policy, you can contact us on 1800 456 406 within Australia or +61 7 3465 1787 from outside of Australia. Please note that we are currently experiencing a high number of calls so wait times are longer than usual. If you are not travelling or are not due to travel within the next 30 days, please consider contacting us closer to your departure date. We thank you for your patience and understanding in these uncertain times.

Superannuation

Superannuation

FAQs

FAQs

Q. How is COVID-19 affecting your Living Super?

A. It's a volatile time and that might continue over the coming weeks and months. If you need assistance with your Living Super account, our ING Super team is available to assist you and can be contacted on 133 464, Monday to Friday 8am-8pm (AEST/AEDST). If you need some advice on what you should do, as we cannot provide you with personal financial advice, we'd encourage you to first speak with a qualified financial adviser before making any changes. Our Super team can help put you in touch with our partner provider, Link Advice; or you can find a financial adviser through the Financial Planning Association (visit fpa.com.au).

Q. Why is my Super balance going down?

A. Market volatility is not unusual, particularly in times of uncertainty. In the current market we are seeing significant fluctuations in the prices of securities, however ING Living Super will continue to function as it has done in the past, providing you with a flexible and easy to use solution to save your super for your retirement.

It is natural to be concerned about the events unfolding around us both in Australia and globally. We understand you may be concerned about your super balance. For many people superannuation is a long term investment. Whilst investments like shares can attract more risk in the short-term they are generally considered by many experts to be better investments over the long-term. On the other hand, investments that may appear safe in the short-term, such as cash, may not help you to grow your super balance over the long-term, after inflation. Often, many people diversify their investments across a mix of different types of assets within their superannuation account, targeting an overall level of risk that seeks to balance their ability to accept short-term volatility, their time-horizon until retirement and their desired income in retirement.

Generally, things you want to keep in mind are:

Your super is intended to be a long-term investment to support you when you retire;

Decide how comfortable you are with accepting short-term risk and long-term risk for potential future reward;

Understand how your super balance is currently invested;

Understand the alternative investment options available to you; and

Get help if needed from a qualified Financial Adviser


Q. How do I check what I am currently invested in?

A. You can check your portfolio’s current investment allocation by logging into your account at ing.com.au and going to My Accounts > Superannuation > My Investments > Investment Allocation

Q. Should I change how I am invested?

A. While it may be tempting to change your strategy to one with a lower risk profile when markets are falling, there are pros and cons in doing so, depending on your personal risk appetite and financial circumstances. For example, by changing to a lower risk option during a market decline, you risk selling at a time when prices are low, and may miss the potential advantage of gains when markets eventually recover. It is important to consider that often market falls are followed by a sustained period of positive returns. Once you have considered what is appropriate for you, taking into account any advice received from your financial adviser you can make the necessary changes through the online portal.

Q. How do I find out more about the different investment options available?

A. With Living Super, there are wide range of investment options, ranging from low risk options such as cash to high risk options such as Australian or International shares. You can choose a single diversified investment option that already includes multiple asset classes, such as the Growth option, or you can customise your investments by mixing and matching a combination of different options to suit your individual preferences.

You can find more information on pages 15 to 20 of the Living Super Product Guide located here

Q. How do I change my investments?

A. You can change to your investment by logging into your account and going to My Accounts > Superannuation > Change your investments and submitting a change.

It generally takes 3 to 5 business days to complete a switch, but if you make your request before 10:30am (Sydney time) on a business day the sell down of your current investment is effective at the unit price for that same day. If your request is received after 10:30am (Sydney time) on a business day or on the weekend, the sell down of your investments will occur on the following business day at the unit price effective that day.

Q. Can I access my Super early due to COVID-19?

A. On 22 March 2020 the government announced some changes to the way people can access their superannuation beyond the current conditions for Early of Release of Superannuation. These changes are expected to come into effect mid-April. So if you are eligible, you will be able to apply online from mid-April through the myGov website: www.my.gov.au to access up to $10,000 of your superannuation before 1 July 2020. You will also be able to access up to a further $10,000 from 1 July 2020 for approximately three months (the exact timing will depend on the passage of the relevant legislation).

The government has indicated that to be eligible you will need to meet one or more of the following criteria;

you are unemployed; or

you are eligible to receive a job seeker payment, youth allowance for jobseekers, parenting payment (which includes the single and partnered payments), special benefit or farm household allowance; or

on or after 1 January 2020:

  • o you were made redundant; or
  • o your working hours were reduced by 20 per cent or more; or
  • o if you are a sole trader - your business was suspended or there was a reduction in your turnover of 20 per cent or more.

People accessing an early release of their superannuation will not need to pay tax on amounts released and the money they withdraw will not affect Centrelink or Veterans' Affairs payments.

Q. How do I apply to access my Super early due to COVID-19 if I'm eligible?

A. If you are eligible you can apply directly to the ATO through the myGov website: www.my.gov.au. The government has indicated they don’t expect this to be available till mid-April. After the ATO has processed your application and determined you are eligible, the ATO will pass the information on to you as well as us, and we will be in contact with you to arrange the payment.

Please note the current existing arrangements apply until the above changes to the early access to Super comes into effect. That is, at the moment to satisfy the current Severe Financial Hardship condition of release you'll need to have been on Centrelink benefits for 26 weeks unless you are already over your ‘preservation age’ (can be between 55 and 60 depending on your date of birth). You can find more information on pages 7 of the Living Super Product Guide located here.

Q. Can I change my pension amounts, I saw something that said this was changing?

A. You may have seen that the Government is temporarily reducing superannuation minimum drawdown requirements for account-based pensions by 50 per cent for the 2019-20 and 2020-21 income years. If you are receiving a pension from Living Super, we will contact you with further detail about this, when the legislation is passed and relevant changes to our systems have been made. The Government is also reducing both the upper and lower social security deeming rates by a further 0.25 percentage points in addition to the 0.5 percentage point reduction to both rates announced on 12 March 2020. For full details visit the myGov website: www.my.gov.au or the fact sheet here.


The reduction applies for the 2019-20 and 2020-21 income years. Age

Default minimum drawdown rates (%)

Reduced rates by 50 per cent for the 2019-20 and 2020-21 income years (%)

Under 65

4

2

65-74

5

2.5

75-79

6

3

80-84

7

3.5

85-89

9

4.5

90-94

11

5.5

95 or more

14

7

Business

Business

Online and mobile banking

Tips, hints and guides

FAQs

Q. Repayment pause relief for small business customers with ING commercial loans

A. We know many of our customers are experiencing unexpected difficulties as a result of COVID-19. If you're struggling to make repayments on an ING commercial loan, we may be able to help you.
Eligible ING small business customers who need relief can request a repayment pause on their ING commercial loans for up to six months, with interest capitalised.

You will not be required to make any repayments during a payment pause period, however, interest and fees continue to accrue on your loan. This means at the end of the payment pause period your loan balance will be higher and your minimum repayments will increase so that your loan can still be paid within your loan term.

To be eligible to request the repayment pause, a small business must currently hold less than $3 million in commercial lending with ING.

To be eligible to request the repayment deferral, a small business must currently hold less than $3 million in commercial lending with ING.

If you believe that you may not meet the eligibility criteria, other assistance may be available to you. You should contact us on 133 464. Please note that we are currently experiencing a high number of calls so wait times are longer than usual and we apologise for any inconvenience caused.

Q. What other options are available, if I'm experiencing financial difficulty with my ING commercial loan?

A. If you are having difficulties meeting your commercial loan repayments as a result of COVID-19 you can also consider a number of different options.

You may be able to use money available to you in redraw on your commercial loan to make your loan repayments.

How to access redraw for your repayments?

To use available redraw from your commercial loan to make repayments, simply contact us on 133 464 and we will arrange for your existing direct debit to be cancelled for the period during which you will be relying on your redraw to make repayments

You might be paying down your commercial loan with larger than required repayments. If this is the case, reducing your repayments to the minimum repayment is an option.

Q. How can I request to pause my repayments?

A. To apply for COVID-19 financial assistance please call one of our Lending Specialists on 133 464 available 8am - 8pm, 7 days a week. Please note, our Contact Centre is experiencing a higher than normal wait time.
The Lending Specialist that you contact will be able to complete an application and in some cases may be approved during the call.

Q. When will my repayments recommence?

A. Once your payment pause arrangement is in place your repayments will not be debited as scheduled until the payment pause period has expired. We will send you confirmation that your arrangement has been processed and outline all the relevant details.

Once your COVID-19 Hardship arrangement is in place your repayments will not be debited as scheduled until the deferral period has expired. We will send you confirmation that your hardship arrangement has been processed and outline all the relevant details.