Never go for ING Home Loans
Hidden charges start from annual account management fees, loan processing fee, and the list is never ending. If you are getting financial advise from loan mortgage brokers like we did, there will a page at the end of your application where the brokers try to establish that he/she has given you three options/loan products and why ING is the suitable one for you. Better interest rate and Customer service are the reasons - crap! The only reason mortgage brokers recommend ING is that ING gives higher incentives for brokers (nearly $4000 on off paym...ent in our case and regular monthly payment for trapping a victim for their loan product. Never ever trust ING Bank or your Home loan broker until they reveal how much they are paid by the bank before signing the papers. Mostly the brokers would try to distract you (customers) from the last page where their profit is mentioned. Remember: there is no free lunch in the financial sector. If your mortgage broker is working for FREE(?), ask yourself what you are getting, We highly recommend dealing with any legit banks like NAB, Westpac, ANZ or CommBank directly, rather than mortgage broker rats + ING mob.
Home Loan experts?
Would give 0 stars but no option. Applied over the phone, got straight through to the person who determines your eligibility for a loan. All good so far, get transferred to home loam expert, get told the current wait time is 20 mins. 50 mins later still on hold have things to do places to be so hang up. Ring back later in the day. On hold for anther 50 mins, person who answers tells me "sorry all our home loan experts have gone home for the day.
Apply online... Easy enough. Get told a home loan expert will be in touch within 2 business da...
Great Internet and App
Have used ING on many occasions, yes it is primarily internet based so you dont get any advice, as you get from a Broker, but ING have great platforms and Apps. Would have no problem in using them again.
We approached ING through a mortgage broker. Being a director of a successful firm, we were treated as self employed and asked to provide a nauseating amount of financial details, despite having a lot of equity and applying for a small mortgage. Each step of the way was greeted with yet more bureaucracy and additional financial information. We eventually had a conditional offer subject only to providing a signed contract of sale. We sent this back to ING only to be required to provide another fifteen pieces of information including account...ants letters, business statements etc. Tired of the nonsense, we applied quickly to another bank and had an unconditional offer within eight days. ING need to be better organised, quicker in responding, providing a list of requirements at the beginning, rather than new detailed info each step would be a huge step forward Advise steering way clear of ING
Their variable rate is not really variable, and the refinancing experience was bad
I loved ING when I first joined them, and I still like their everyday banking and saving account. However, their home loan department is a disappointment.
They offer a much lower rate to new customers, and they don't offer to match existing customer's so-called variable rate with what they are offering to new customers.
As a customer, there is nothing you can do other than refinance if you feel your variable rate is not a fair rate considering the current market.
From here, I had a really bad refinancing experience. Gladys Tam from Gadens ...Brisbane was ING's conveyancer. She made zero contact with me about the refinancing before or after the settlement. When it was settled, she took more money than I expected. Naturally, I wanted to understand the breakdowns of the fees. I honestly didn't know Gadens Brisbane would charge me because they didn't send me a quote nor invoice nor any email or text message about my refinance from the beginning to the end. I didn't know Gladys took care of my case until I called ING. When I called ING first, they said they don't have the info, I need to talk to their lawyers. They kicked the ball to Gaden Brisbane. I got the reference number and phone number from ING. Guess what, the phone number was wrong. I then googled Gadens Brisbane, found the right number. It took me 6 calls at least to finally reach her, waited the whole weekend and the whole morning on Monday. She showed no empathy at all and said that everyone else has also been waiting for her. After I insisted, she gave me the cost breakdown over the phone because I didn't want to wait for her email, who knows when it'd come. I didn't want to call her again to follow up on my simple and reasonable request. When she told me the fees, I was surprised that I needed to pay for legal fees and their PEXA fees on top of ING's discharge fees and loan interest. She was like, it was in the contract, talk to ING. The ball is back to ING. Well played ING and Gladys.
Application process a nightmare. Loan rates are great
They took 29 days to decline us when we were ‘pre approved’ for $200k more than the house we bought and the valuer even agreed with the value. But ING’s faceless and unreachable people decided to disagree with the value.
they told us it would be a two week process not the 29 painful days it was.
The stress of ING is not worth their lower rates.
Every other day, and especially on Fridays close to 5pm they would tell us they needed something from us. Many times this was something they already had. And generally all of it could have been ask...ed for at the start. Not dribbled to us across 29 painful days. And our ‘person’ was never available. They ‘pre approved’ us for $200k more than the house we bought. But the preapproval was not worth anything. ING’s preapproval is not a preapproval it’s a credit check at best. Every email we got from them the numbers changed. And even when they declined us they declined us for a value $170k more than we were asking. I don’t think they knew what they were doing.
Can’t fault them, they are awesome
These guys are bloody awesome. Their app is so easy to use, you can contact them via the app and have a response within the day. If they can’t help you via the app they’ll arrange someone to call you so you don’t have to wait on hold. I’ve been with them for six years and I can’t fault them. Highly recommend.
Deliberate Waste of Time
My experience almost reflects the other reviews exactly. I was pre approved (which was an ordeal in itself) and was told that approval would take 2-5 days. I found a property and was advised that approval was a given, considering my salary and it was fine to pay a deposit. 7 WEEKS LATER after a ridiculous chain of errors and requests (at one point they even asked me if I had capacity to wire a stove) they declined. The excuse given was bushfire zoning and resell time. Both of these conditions were there from day one!! They finally declined less than 24 hours before the finance clause expired. I got a better loan from a broker within 7 days. DO NOT bother with ING.
Will actively waste your time
Told them at the start of a preapproval I was just returning from maternity leave and didn’t have payslips. They went back and forth for 3 weeks before telling us we were to high risk because of my unstable income (previously employed 8 years consistently in a field that has more jobs than qualified people). Asked them to reassess based on my husbands income and informed it would be an entirely new application. At any rate I feel discriminated against. I HD proof of the last 3 months worth of income from the same income sources I had prior to m...y maternity leave, but zero consideration given to that. Will be taking our finances elsewhere in the future, completely irrational approach to lending that discriminated against women returning from maternity leave and completely wasted our time by not flagging this as an issue 3 weeks ago. Also wondering why on earth it takes 3 weeks to process a basic preapproval. Delay after delay and it was then only done after I made repeated phone calls enquiring as to where in the process we were.
Ridiculous & Insulting - take your mortgage elsewhere!
Wanted to refinance to take 10k for renovation. Impossible to deal with. Wanted the house revalued! Im in a high paying job with lots of equity in our house. Was moved between various people. They asked for evidence of a credit card closure (had been closed 5 years ago). The bank sent an email. Not good enough, they wanted a written letter. Ridiculous, frustrating and insulting.
Taking my mortgage elsewhere. They obviously need some skills in finance... they would make more from a 25 year mortgage then they would approving 10k!
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.
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.
Yes, we should!
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?
if you signed up for principle and interest repayment then your repayment should include both principle and interest in every transaction.
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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