ING Direct endeavour to create competition
(22 September 2010 – Australia) ING Direct has made the move to capture some of the big fours’ market share by sharpening the pricing on selected mortgage products.
ING announced earlier in the week that they would offer a 0.10 percent discount on the loans included in its SmartPack offering- the Mortgage Simplifier and Smart Home Loan.
The lender has said that the discount will last for the life of the loan and is plumping up its offering by adding a reduction on the fee charged for the SmartPack.
Ray Esho, head of mortgage products at ING Direct said the bank had developed the new offering in a bid to increase competition in the industry.
ING recently reduced the interest rate on our offset loan, Orange Advantage, and noticed that some competitors followed with their own offers, Mr Esho said.
We believe this SmartPack promotion will let the market know we are keen to do business, Mr Esho added.
The lender has said that the discount will last for the life of the loan and is plumping up its offering by adding a reduction on the fee charged for the SmartPack.
Ray Esho, head of mortgage products at ING Direct said the bank had developed the new offering in a bid to increase competition in the industry.
ING recently reduced the interest rate on our offset loan, Orange Advantage, and noticed that some competitors followed with their own offers, Mr Esho said.
We believe this SmartPack promotion will let the market know we are keen to do business, Mr Esho added.
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