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.
 
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.
 
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