From tweaking your account on the go to getting to know what’s what with loans, here’s the things you may need to manage your ING Home Loan and find support when you need it.
Our financial support team is also here to help. For the best ways to get in touch, click here.
Get a better handle on your repayments
Change linked direct debit account
Manage your loan from your desktop or ING app.
See interest saved with offset
Learn what’s what when it comes to home loans.
Options when your fixed rate ends
The difference between offset and redraw
Principal and interest vs interest only
Below are some helpful tips and frequently asked questions to help you manage your loan.
Check your current home loan rate at any time.
ING app
Open your app and login
Select your home loan account
Tap ‘Interest’ tab
Online banking
Login at ing.com.au
Select your home loan account
Scroll down to ‘Current interest rate’ summary
Check how much remains on your home loan.
ING app
Open your app and login
Select your home loan account
See top right for current balance
Online banking
Login at ing.com.au
Select your home loan account
See top right for current balance
Check your next repayment amount and when it’s due.
ING app
Open your app and login
Select your home loan account
Tap ‘Scheduled’ tab
Online banking
Login at ing.com.au
Select your home loan account
Click ‘More account information’ link
You can up your repayment amount anytime to pay down your home loan faster.
ING app
Open your app and login
Select your home loan account
Tap ‘Scheduled’ tab
Then ‘Manage’ > ‘Edit direct debit’
Follow the prompts
Online banking
Login at ing.com.au
Select your home loan account
Click dropdown menu under ‘Pending and scheduled payments’
Then the arrow to the right and select ‘Edit’
Follow the prompts
To change your repayment frequency, please call 133 464.
|
Repayment Type |
Frequency |
|
Principal and interest home loan repayments |
Fortnightly or monthly |
|
Interest only home loan repayments |
Monthly |
|
Fixed Rate loan repayments |
Fortnightly or monthly |
To change the direct debit account linked to your home loan account, simply complete an online request here by selecting:
Change loan type
Change my linked bank account or repayment frequency
Please note, if you have a joint home loan account, all account holders need to sign digitally sign the online request or call (together or separately) to confirm any change.
If you have a variable rate home loan, you can make as many extra repayments you like.
If you have a fixed rate loan, you can make up to $10,000 of extra repayments in any one year period from your fixed rate start date (fees may apply if you pay $10,000 or more in any one-year period, with the first one-year period starting on the first day of the fixed interest period).
ING app
Open your app and login
Select your home loan account
Tap ‘Pay’ button
Then ‘Manage’ > ‘Edit direct debit’
Follow the prompts to transfer funds
Online banking
Login at ing.com.au
Select your home loan account
Click ‘Transfer’ button
Follow the prompts to transfer funds
Get an up-to-date total of how much interest your offset has saved you.
Online banking
Login at ing.com.au
Select your home loan account
Scroll down to ‘Interest saved’ summary
Check to see how much you have in redraw.
ING app
Open your app and login
Select your home loan account
Any available redraw funds will show underneath the product name and above ‘available’
Online banking
Login at ing.com.au
Select your home loan account
Any available redraw funds will show underneath the product name and above ‘available’
View or download your current or past home loan account statements (up to 7 years).
ING app
Open your app and login
Select your home loan account
Tap ‘Manage’ > ‘Statements’
Online banking
Login at ing.com.au
Click ‘Statements’ > ‘View statements’ in the left-hand menu
Select the account and period
You can change your home loan statement preferences online anytime.
Online banking
Login at ing.com.au
Click ‘Statements’ > ‘Statement preferences’ in the left-hand menu
Select the account then choose ‘Electronic’ option
Check when your fixed rate home loan period will end.
Online banking
Login at ing.com.au
Select your home loan account
Click ‘More account information’ link
• Scroll down to ‘Loan information’ summary
If your direct debit didn’t go through, you can fix it by transferring the required repayment from another ING transaction account or making a funds transfer from another bank.
ING app
Open your app and login
Select your home loan account
Tap ‘Pay’ button
Follow the prompts
Online banking
Login at ing.com.au
Select your home loan account
Click ‘Transfer’ button
Follow the prompts
We understand anyone may experience difficulties meeting financial commitments due to personal or financial circumstances, for example, the loss of employment, relationship breakdown or illness or injury.
Our financial support team will try to help you find a suitable solution to manage your repayments while you get back on your feet.
How to apply
For ways to apply, click here.
While we don’t need supporting documents right away, they may help support your application. Our team will contact you to discuss your situation and let you know if we need any more information.
If you’ve submitted an application within the last 12 months and your personal and financial circumstances have not changed, please call us on 1300 349 166 option 4 to chat through your options.
Learn more about what’s what when it comes to your loan.
Options when your fixed rate ends
If you have a fixed rate home loan, we’ll send you a letter 30 days before your fixed rate period ends to explain next steps and your options.
If you do nothing, your fixed rate home loan will automatically transition to our Mortgage Simplifier home loan with a variable rate – less any discount you may be entitled to, which has no monthly or annual fee, but it will not be combined with your existing home loan account(s) when the fixed term ends.
Alternatively, you could choose to:
switch to an Orange Advantage variable rate home loan with 100% offset
re-fix your home loan for a new fixed rate period up to 5 years
split your loan so one part has a fixed rate and the other part has a variable rate.
Rest assured our letter will contain all the up-to-date details on what to do and any applicable fees.
Important - if you have more than one ING Home Loan, when your fixed rate loan expires it won't automatically merge with your other loan. If you'd like to combine your home loans so you only have one to manage, you need to complete an online product switch request here by selecting 'Combine loans'.
The difference between offset and redraw
Offset and redraw are two ways you can use your savings to reduce the amount of home loan interest you pay so could own your home sooner. Here’s how they compare.
| Feature | Offset | Redraw |
| What it is | An offset facility is when you have a transaction account linked to your home loan account to offset interest. | A redraw facility is when you can make extra payments to your home loan account and have the ability to redraw them at any time. Please ensure you leave sufficient funds in your account on the date your repayment is due. |
| How you save | With an offset, interest is charged on the difference between the balances of the home loan and offset account. Home loan interest is calculated daily, so the more you have in your offset for longer, the more you could save. |
The extra funds in your home loan account will reduce your home loan balance by the same amount, helping you pay less in interest. Home loan interest is calculated daily, so the more you have in your redraw facility for longer, the more you could save. |
| How to access | You can access your offset funds using the ING app, online banking or your Orange Everyday card. | You can redraw your extra funds by transferring funds using the ING app or online banking. Be sure to confirm tax impacts with your registered tax agent if it is an investment property loan. |
More about offset
Our variable rate Orange Advantage home loan comes with offset.
An offset is a transaction account linked to your home loan, where the balance is deducted from – or ‘offset’ against – your loan when interest is calculated.
Interest on your home loan is calculated daily, offsetting any funds your linked offset account.
For example
If your home loan balance is $500,000 and you have $70,000
in your offset account on a given day, you’d only pay interest on $430,000 for that day.
$500,000 in home loan account
- $70,000 in offset account
= you only pay interest on $430,000
The actual interest savings will vary depending on your offset balance.
What happens to your repayments
If you pay principal and interest, you still need to make your minimum fortnightly or monthly repayment even if the interest in your offset account is partially or fully offset. However, a larger portion of your repayment will go towards paying down your loan principal rather than interest, so you could own your home sooner.
How to get the most out of your offset
Because home loan interest is calculated daily, offset works best when you keep as much money in your offset account as you can, for as long as you can.
Smart ways to maximise your offset balance include:
depositing your regular pay directly into your offset account
storing extra funds (like a work bonus or tax refund) in your offset
paying bills on their due date so more stays in your offset for as long as possible.
How to switch your pay to your offset account
To have your pay deposited directly into your Orange Everyday offset account, simply tell your payroll team:
• your Orange Everyday account number
• our BSB 923 100.
If your payroll team prefers paper, just complete our salary transfer form.
See what you could save
To see the savings potential of offset, check out our handy home loan offset calculator.
More about redraw
Our no ongoing fees Mortgage Simplifier home loan also comes with redraw.
Redraw means if you make extra payments into your home loan account above the minimum repayment amount, you can access – or ‘redraw’ – those extra funds anytime.
However, while those extra amounts remain in your home loan account they count against the balance, so you may pay less in interest.
Your available redraw balance will appear higher on your repayment due date because the loan debit isn’t processed until midnight. For example, if your repayment amount is due on 15th April, your loan repayment may transfer to the loan at any time however won’t be debited until midnight.
Varying your home loan
We understand life changes and you may need to vary your home loan from time to time.
With ING you can apply to borrow more money on your home loan
change your home loan borrower or guarantor
change your home loan security property
combine separate home loans into one
separate or split your home loan
change your type of home loan
reduce your principal
sell your property and pay out your home loan.
The above is subject to meeting any eligibility/credit approval criteria (where applicable).
For next steps, check out our home loan variation selector.
Understanding split loans
A split home loan is when you divide your loan in two, so one part has a fixed interest rate and the other has a variable interest rate.
A split loan could be the answer if you’re looking to balance certainty and flexibility, with:
the fixed part providing repayment stability so you can budget with confidence
the variable part helping you benefit from any potential rate drops.
|
Single loan |
Split loan |
|
Variable rate loan $750,000 |
Variable rate portion $500,000 |
|
Fixed rate portion $250,000 |
Principal and interest vs interest only
With home loans you often have the option to make principal-and-interest repayments or interest-only repayments.
With principal and interest, your repayment amount includes the interest owed plus a portion of the original loan amount or ‘principal’. Paying principal and interest will put you on track to fully repay your home loan within the agreed loan term.
With interest only, your repayment amount only covers the interest owed during the interest-only period. So there’ll be no reduction in the principal and the balance of your loan will remain outstanding at the end of the agreed interest-only period.
Weighing up your options
Here are some things to consider when weighing up the benefits of making principal-and-interest and interest-only repayments.
|
Principal and interest |
Interest only |
|
|
How home loan interest is calculated
Home loan interest is calculated daily on the remaining balance of your loan, less any offset or redraw amount you may have.
The daily percentage rate is the interest rate applicable to your loan on that day divided by 365. Daily amounts are added up and charged to your loan on the last day of every month.
Please note, the total amount of interest you pay in a particular month changes depending on the number of days in that month:
more days means more interest
less days means less interest.
Find out more about what to do and where to go if you need support.
If you need help managing repayments, we’re here to help.
Our Customer Solutions team is happy to work with you to agree a payment arrangement to help you manage your budget while getting back on top of your home loan.
To talk about your options, just call our customer solutions team on 1300 349 166.
We know life isn’t always straightforward and you might need a hand from time to time, whether it’s for yourself or you’re helping someone else.
To find out more, check out our extra care and support page.
We understand that financial hardship can affect anyone, and for many different reasons. If you’re experiencing financial hardship, our financial support team may be able to help.
We can work with you to understand if a financial hardship arrangement may be suitable. Below are some of the arrangements we offer:
temporarily reducing your repayment amounts
pausing loan repayments
extending the loan term and/or reducing your interest rate
switching your loan repayments to interest only for a period of time
a long-term arrangement option to repay the balance.
For more details, next steps and a range of tips and resources, check out our financial hardship support page.
Get a better handle on your loan with these handy tips, tools and resources.
If maths isn’t your strong point, our home loan calculators can crunch the numbers for you.
Find the answer in seconds using our:
For more, check out our home loans tools and calculators page.
For independent information and support check out these helpful services.
MoneySmart: Financial guidance for all Australians, with simple tools, tips and calculators. Find out more at moneysmart.gov.au.
National Debt Helpline: A free, independent and confidential service for those experiencing financial troubles.
Call 1800 007 007 or find out more at ndh.org.au.
Lifeline: Provides all Australians experiencing a personal crisis with 24-hour access to crisis support and suicide prevention services. Call 13 11 14 or visit lifeline.org.au.
For more support services, check out our financial hardship support page.
Check out our growing library of helpful home loan articles, including:
3 ways to make your home loan part of your daily routine
For more articles, visit our house and home page today.
More ways to save on your home loan
Low fees and competitive rates are just two ways we help you save on your home loan. Here are some other smart hacks that could help you save even more.
Consolidate your loans
Consolidating higher-rate loans (like a credit card, car or personal loan) into your lower-rate home loan could help you better control your finances and focus on interest savings.
Make fortnightly rather than monthly repayments
Because home loan interest is calculated daily, repaying your home loan more frequently could help you save interest because it reduces your outstanding loan balance faster.
Pay more than the minimum
Paying more than the minimum required repayment can help shorten your home loan term, saving you both time and money.
|
Here’s an example If you made your lunch daily and deposited the $10 you’d normally spend On a $450,000 home loan with an 8.74% p.a. interest rate that could reduce your
* Per year is defined as from anniversary date of settlement to the day before the following anniversary date. If you select a fixed rate loan, break costs may be payable if, at any time before the fixed rate expires, you (1) pay out your loan, make an additional payment of $10,000 or more, or you make additional payments totalling $10,000 or more in any one-year period (with the first one-year period starting on the first day of the fixed interest period), or (2) you ask us to make certain changes to your loan including but not limited to your loan type, your repayment type, your loan purpose, your fixed interest period, the security on your property, your approved loan amount, your loan term, the borrowers on your loan or any other change that requires your loan to be re-documented. You should refer to the Home Loan terms and conditions for details and contact us on 133 464 for an estimate of the break costs that may be payable by you in the above circumstances. Any additional payments or advanced funds are not available for redraw during the fixed interest period. There is no offset facility available on a fixed rate loan. The offset facility is only available on the Orange Advantage home loan account when linked to an Orange Everyday account. The results are an approximate guide only and should not be used as exact values for financial planning purposes. Fees and charges apply. Details of these and the terms and conditions are available on request. Comparison rate based on $150,000 loan amount over 25 year term. |
Pop your pay into your offset or redraw
Having your regular pay deposited straight into your offset or redraw facility can help reduce your home loan balance and the interest you pay every day it stays in there.
Whenever you need to use your pay, you can access your offset or redraw funds anytime, free of charge using the ING app or online banking.
Add additional repayments when possible
Put your work bonus or tax refund to good use by depositing it in your offset or redraw facility where it can help reduce the interest you pay on your loan.
