Waste of effort and stress.
Be prepared for poor service and stress for a good loan rate from them. I was lucky and come to my senses after two weeks of being told you will get a call back from a specialist (clearly over worked) the first specialist that was helping me quit and no one thought to check his emails.... There are better places to go with just as good rates.
Weeks of stress
Don't fall for their rates and friendliness, they say they are readily available or will call you back but it never happens. They drip feed info and requirements to you in a disjointed way to slow down the process. You'll also deal with multiple people along the way who will lie to you about timings.
- Step after step after step with little to transparency on the next requirement.
- Property offer accepted.
- Apply for extension to cooling off period.
- We continually provide documentation after each request.
- "Provide these next requirements and we could provide a decision within 24 hours"
- "It's with our credit team"
- No follow up, no progress....
Regrettable Choice of Lenders
Our experiences with this bank throughout the homeloan process was awful. Please do some research before using them as your lender. Don't be fooled by the low interest rates and lack of fees.
We began our homeland process in April. Our final settlement date did not end up occurring until September. Thankfully we were completing a private sale, so the owners were patient. However, if not so. I genuinely know that we never would have been able to complete a purchase in Newcastle as our funds were never ready, the process was slow and stop start.... We dealt with a man named Joseph, who unfortunately took leave multiple times throughout our application without transferring our case over, lost paperwork, ignored emails, missed phone calls, asked questions multiple times only to be asked again later that were vital to our approval. My partner and I had a 40% deposit and still had to supply multiple payslips, week after week to prove out income beyond the original statements provided as statements continued to go 'out of date' to the length of the process. Joseph pushed us for the original paperwork and application which we completed in 1 day and had them returned. After the original push, we never actually managed to speak to Joseph again. We worked with 4 different people who helped us instead and honestly just kept fixing up Joseph's mistakes. He was never held accountable and sent us one insincere apology email at the end. The final frustrating straw was that our final formal approval had been granted and Joseph had 'forgotten' to inform either us or a lawyer for a week and a half. Despite constant phones from myself and the lawyers. To get approval with a 40% deposit should have been simple. We both have full time positions in well paying jobs. If the process was that difficult for us. Don't even bother if you're a casual or have a small deposit. It was disappointing that Joseph will receive the commission for this loan. It is commission certainly not earned.
Loyal customer over 7 years, paid two combined homeloans of 800k loan down to 75k. Application to access redraw denied.
Poor customer service from homeloan team will ensure we will take our loan elsewhere. Wanted to access 50k redraw, only to be told we cant access funds despite having already paid off 725k on a 800k loan in 5 years. Reason given, lending criteria has changed since we took on loan. No loyality to long term customers, offensive attitide by phone staff who actually told us we should of put savings aside rather than straight onto homeloan if we wanted to do later renovations. Having never missed a payment , being 20 plus years ahead in homeloan, putting up with no warning rate increases on their end my utter dismay at their dismal service will see me take my buisness elsewhere.
The bank is extremely inconsiderate when it comes to dealing with customers. Specially during this pandemic while we all struggle the bank is out to make money.
We signed up for a home loan with ING to be slapped with a .2% increase in the interest rate on the date of settlement without any prior information. I have contacted the customer care multiple times they did nothing to help us except for being courteous. While the other bank rates stayed constant or went down ING raised their rate on us. I would never recommend ING.
Assessment criteria unclear and high
Being a long standing banking customer and after being conditionally approved for a mortgage to suck us in, ING ran us around and then let us down on finance. This meant we missed our finance deadline finding out a day before the clause was due. After being told everything was good right up till then we have been quite upset.
According to a broker I found out after that they are assessing you at at much higher rates. (Something like 8% compared to 5.5% at the other banks)
Poor communication, lack of understanding for clients position has taken me from a Strong promoter of ING to a major detractor and I would not recommend anyone deal with them.
ING Home Loan.Badness
Took out a fixed rate home loan 20 months ago (australia), I was offered to fix the rate for $1000 I declined 7 days before settlement on the property and with no RBA interest rate increases they increased the rate offerd. Now how can anybody orginse a home loan in.7 days going back to the market. I requested they stand by the orginal offer ING scoffed at me and said I should of taken the offer to pay $1000.
So about 15 months into the loan period I requested the break fees the figure a staggering $31,000. However 20 months in, it is now viabl...
no hardship for chronic depression
I'm extremely disappointed with ING declining my request for hardship based on my chronic depression. They understandingly accept hardship for floods, fire and the coronavirus victims but seem not to accept my situation. I am in arrears of my home loan for approximately 4% of the value of my loan. This is due to two factual situations that occurred to me.
1/ February of last year my engine without notice blew up and I had to come up with over $12'000 to replace the engine. With this cost I was behind in my loan, but managed to crawl back a litt...
- Verified customer
Easy, but increased our rates out of cycle
I should preface this review with a comment that we love ING for banking, don’t think we’ll ever bank with anyone else... but not so much for our mortgage
We signed up for a home loan with ING as we enjoyed our experience banking with them, we did not wish to use a big 4 bank, and the rate was competitive.
Unfortunately in our first month having a home loan with them our interest rate went up (despite no change in RBA rates). We were stunned and disappointed to say the least, but as newbies to home loans we didn’t know better and didn’t que...stion it. Unfortunately a few months later (maybe 6 months?) the same thing happened again! At this point we were annoyed and contacted ING about it, questioning why it would go up twice, while their advertised rate had not increased. They basically palmed us off with a generic line about it costing more now (similar to what I’ve heard other people told by their banks). We are now looking to change to another lender, no amount of convenience is worth paying hundreds of dollars more per month in interest. We would be happy to stay with them if they would simply keep our interest rate in line with existing advertised rates, but not if they feel they can charge us more for loyalty.
Happy overall, but could be better
- Online banking a breeze
- No redraw fees and limits
- Customer assistance generally fast online (usually replies within 24 hours)
- Interest Rates are competitive and transparent (although big banks are starting to offer better deals)
- Application process was pretty smooth
- Visiting a branch requires me to go all the way to Sydney CBD
- Annual fee of $395 quite steep, even though I have online banking, savings, mortgage and personal loan all with ING...
Loyal ING customer shafted ...Warning interest rates go up after you settle for no apparent reason
We were ripped off for many years on all our home loans, our original mortgage was high and our investment loan was high too and then we decided to go and buy another small investment and also move to another bank and sadly told ING we were moving on
But we spoke to Ing they recommended talking to their mortgage broker to fix it all and they fell over themselves to give us great interest rate cuts upon starting a negotiations on a third mortgage to get us to stay with, so we decided to give them another chance as the rates were great and ch...anged pretty much straight away on commencing a new loan application products for our new loan . Shortly after settlement the goal post moved all 3 loans the interest rates went up and i thought they done us over again ......... Warning interest rates will go up after you settle for no apparent good reason Ticked off especially this was after the royal commission.
Stressful mortgage application
I must say we've been pretty disappointed with our service from ING.
We used them for a mortgage for our first house. I'd been in contact with them to get pre-approval for a loan and was told that once I had signed a contract financial approval would be quick, 3-4 days. That's not how it turned out. You never get given a single contact, the people that you were dealing with just go on leave without telling you, and you never hear back from e-mails. 3 days before settlement they still hadn't sent a valuer to inspect the house, and ING asked m...e to request an extension however this extension was refused. Fortunately financial approval came through at about 2pm of the final of the 10 days of settlement. So it all worked out, but it was a hugely stressful time. We initially chose ING based upon their cheap variable rates, but within the first ~14 months they raised it 3 times despite their being no change in official rates. When we had the recent RBA rate cuts the first cut was passed in full, but only half of the next two. I tried ringing up to say why was my rate 1% higher than what they were offering to new customers but got nowhere. So yeah not really all that great.
Worst home loan customer service
Don't care about existing customer . No quality service ! Don't go before you regret . No offer competitive rate for existing customer , communication extremely poor with Home loan team , Home customer speak with attitude . Never consider about them ever again . They won't drop the rate and encourage to change to another bank , before that they would tell you to reconsider the cost of changing and definitely no change rate from them. Hahaha Bye , Will not recommend to any family and friends .
They don't care about you at all
ING does not care about you and that's why they never respond to these reviews...
ING charges me 3.44% for my Orange Advantage loan, however if I'm a new customer then they charge me 3.08% for the exact same loan... When I question them on this, they tell me the cost of lending has changed... I emailed them and called them and on the phone they essentially told me to just go somewhere else and there was nothing they are willing to do for me. I will never do business with ING again. I will just pay out this loan by the end of this financial year and your stupid marketing team will likely spend hundreds of dollars trying to bring me back...
4 months since got the loan - so far so good
Luckily, we managed to avoid the issues stated in many other reviews, for now. Possibly because we got in just after the RBA rates were lowered, so ING haven't increased the 'honeymoon' rates in this market situation yet.
The service and the process of getting the loan were very efficient and sleek - minimal phone contact, everything's done through online forms and emails, ID verification done at home via mobile verification team with very flexible appointment hours, first home grant taken care of, minimal extra fees paid to ING solicitors, the app and online banking are great and easy to use, with the ability to connect Round Up to your home loan account.
Nothing really to complain about!
ing break costs
i am a mortgage adviser. to answer and help with some of these responses most banks will use the difference between their variable rate, standard rate, and the fixed rate you are in to calculate the break costs. the problem with ing direct is they have been good from a rate point of view for some time but are not coming to the party in with their five year money, so the instead of offering good rates they now slog you with the charge, which all banks do. however importantly when you first call them and are put throe actual correct pay out f...igure, which of course more often than not is different to the one you were provided with from the retentions team. they are not called retentions team for nothing you know! I have been a good advocate for ING direct in years gone by, as they have been a pretty good provider. however, with my own mortgage was informed that my payout figure would be $24k when i had calculated it to be around $6k. Once the form had been submitted, and i received the actual pay out figure , the charges were,,,,,,,, have a guess. This is bad behaviour and precisely the kind of nonsense that banks like this were criticised for in the Royal Commission. Needless to say i have stopped recommending them for the time being.
interest rate was raised a day after I signed up
This is the first time in my life that I write a review for the services or products that I buy. My advice is to keep away from ING. And, I wish I read the reviews from this website instead only read the review from ING official website when I was hunting for the home loan in 2016.
When I received my first statement after my loan was established, I noticed that my interest rate was higher than I signed up for. I called ING. They told me, the rate went up the night after I signed up unfortunately, this thing happens, they cannot do anything abo...ut it. A few months later, I received a letter notified me that my annual loan keeping fee was increased from $199 to $299. And then, the rate has kept raising... It seems that ING is playing this game to many of their customers, can we do something about it?
Used to be the first to drop rates before the so- called big four now they even lag behind in the full rate reduction&the start time in which they do it. Disgust-ing
Now in 2020 there is a big problem as can't transfers internally for 2 weeks now and getting no answers just platitudes from the bank!
wholesale swap rate for breakeven costs, and it is not released
When asking about break costs, numerous mortgage advisors and calculators said the same break costs for a fixed home loan. When asking ING directly, they said they don't calculate based on the interest rates you signed up for and the day you want to settle. Instead, they go by the wholesale swap rate. When asking what they were, they said it was confidential information and stuck to their guns. They told me that there is nothing they can do to release that information and that if I don't like the answer, I should go to the banking ombudsman......The result, their breakout costs was more than 10x the projected costs, us leaving the fixed portion (luckily a small amount) locked with them for now and moving all other loans away... and a meeting with the ombudsman. BE CAREFUL AND RUN FROM THESE CROOKS
Suck you in with low rates then screw you
They suck you in with a low rate to begin with and then deliver multiple out of cycle rate increases.
I had half my loan variable and the other half fixed. When the fixed portion of the loan ended, I asked them to roll it into my variable part of the loan. They told me they could do that but the rate on the previously fixed amount would be .4% higher than what was in the original variable amount. They refused to budge. So some of my lending was OK at one rate but another part wasn't? LUDICROUS!!
I took my business elsewhere.
Questions & Answers
Bought home loan from ING and the interest rate keeps on rising. When I asked the reason they said we don't even need to inform you the reason. Had long email conversations with them stating that this is illegal what you doing. ACCC calls it bait marketing. You cannot offer different interest rate for same product to different customers. It is unfair. I think ING customers need to get together and look for Class action against ING for such behaviour.
I have recently signed up with ING for my home loan and am confused. Every fortnight, a "repayment amount" gets deducted from there everyday account and "credited" into the home loan account. Is this the principal payment only?
And then does interest get deducted again at the end of the month?
How long does it take for approval?
I think ours was only a few days, it then took about another week to get the paperwork completed and signed with money transferred.
From memory it took about less than a week. My property was appraised so if you don't need that done it would be quicker. I arranged mine through Mortgage Choice and it was really very simple and not time consuming from my end.
For me there was a problem with their valuation of the property I was buying. The valuation was below the purchase price, which was not an issue for me, what was an issue was that no-one had bothered to tell me until I chased things up. If you go with ING and really I wouldn't if I was you then be prepared to keep on them to keep things moving. Have a look at some of the other reviews on here regarding interest rates, they are slow to decrease when the RBA drops and quick to increase them once they have you signed up.
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