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 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.
 
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