Can ING match better home loan rates if I threaten to switch?

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dragonrobofish22

New Member
ING Home Loan Rate Review — Has ANYONE Had Luck Lately?

I called ING today asking for a better rate. I’m currently on 5.84%, and the frontline staff told me that’s already “a good rate” because new customers are getting 5.89%.

I mentioned I’m seeing other banks offering mid‑5’s and asked to speak to the retention team. She said they’d give me the SAME answer and that 5.84% is the ABSOLUTE BEST they can do right now.

I then asked how to start the discharge process, hoping that would trigger a sharper offer. She told me to go online, fill out the discharge form, and said there’s a $250 discharge fee.

For anyone who’s dealt with ING RECENTLY — is 5.84% REALLY the best they’re offering at the moment?

If I submit the discharge form, do they ACTUALLY call you back with a better offer?

And if I don’t end up switching, do you still get hit with the discharge fee?

I’m VERY keen to hear people’s experiences. Cheers
 
Hey Anon, broker here. The short answer is that 5.89% is the best rate I can get from ING right now, even with lower LVRs. I wouldn’t worry too much about that rate.
 
Hey there! Broker here. Honestly, that rate is pretty decent!

Depending on your loan size, it’s hardly worth refinancing unless you’re getting a huge rate drop – which I doubt you would, and they probably know it too
 
For loans over $600K with more than 20% equity, they'll take 0.10% off for new business. But 5.84 is very competitive no one is really offering mid 5's. And it costs around $1000 to swap lenders if you're not saving back that amount over 12 or maybe at worst 18 months, then a refi isn't worth it imo.
 
The broker attempted to negotiate a rate reduction with ING, but the lender would not lower its rate below 5.84%, even after being presented with a competitor's rate of 5.64%. The competitor also offers $1,000 cashback, no ongoing fees, and unlimited offset features. As a result, the broker has refinanced multiple clients away from ING and similar lenders.
 
ING's not gonna give you a better deal than this right now, and honestly, none of the big banks are gonna be that helpful because your loan size of $320k just isn't exciting for them. But there are other options you might be able to get as low as 5.64% somewhere else. So don't submit your discharge request until you're definitely committed to refinancing.
 
Based on my experience, it seems that with ING, you may need to lodge the discharge first before they’ll consider going any lower. A call would likely follow then.
 
Hey, so I'm at 5.78% with CommBank, and honestly, unless you've already got a new loan lined up with another bank, they probably won't offer you any help. What I'd suggest is going through the process of getting a new loan with the bank you choose, then get the discharge form after that, they'll improve on the new bank's rate.
 
My heart is tangled with a mix of worry and hope I’m at 5.82 with ING, and now my dear son is about to borrow $1.1 million from them, facing 5.89% with what I believe is a $300 fee for the offset account.
 
Before the RBA rate rise, it seems ING was offering 5.74% for their basic loan (the Mortgage Simplifier). If you don't need the offset or other bells and whistles, then perhaps switching might be worth considering.
 
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