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Managing your home loan

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Managing your home loan

Home Loan Calculators

Helping you feel at home with your home loan

From tweaking your account on the go to getting to know what’s what with loans, here’s the things you may need to manage your ING Home Loan and find support when you need it.

Do it yourself

Manage your home loan

Manage your loan from your desktop or device anytime 24/7.

Know your loan

Know your loan

Learn more about what’s what when it comes to your loan.

Options when your fixed rate ends

If you have a fixed rate home loan, we’ll send you a letter 30 days before your fixed rate period ends to explain next steps and your options.

Automatically switch to a Mortgage Simplifier

If you do nothing, your fixed rate home loan will automatically transition to our Mortgage Simplifier home loan with a variable rate – less any discount you may be entitled to, which has no monthly or annual fee, but it will not be combined with your existing home loan account(s) when the fixed term ends.

Choose another home loan option

Alternatively, you could choose to:

switch to an Orange Advantage variable rate home loan with 100% offset

re-fix your home loan for a new fixed rate period up to 5 years

split your loan so one part has a fixed rate and the other part has a variable rate.

Rest assured our letter will contain all the up-to-date details on what to do and any applicable fees.

Combine multiple home loans

Important – if you have more than one ING Home Loan, when your fixed rate loan expires it won’t automatically merge with your other loan. If you’d like to combine your loans so you only have one to manage, you need to complete a product switch form. Once done, email it back to us and we’ll process your request pronto.

The difference between offset and redraw

Offset and redraw are two ways you can use your savings to reduce the amount of home loan interest you pay so could own your home sooner. Here’s how they compare.

Feature Offset Redraw
What it is An offset facility is when you have a transaction account linked to your home loan account to offset interest. A redraw facility is when you can make extra payments to your home loan account and have the ability to redraw them at any time. Please ensure you leave sufficient funds in your account on the date your repayment is due.
How you save With an offset, interest is charged on the difference between the balances of the home loan and offset account.
Home loan interest is calculated daily, so the more you have in your offset for longer, the more you could save. 		The extra funds in your home loan account will reduce your home loan balance by the same amount, helping you pay less in interest.
Home loan interest is calculated daily, so the more you have in your redraw facility for longer, the more you could save.
How to access You can access your offset funds using the ING app, online banking or your Orange Everyday card. You can redraw your extra funds by transferring funds using the ING app or online banking. Be sure to confirm tax impacts with your registered tax agent if it is an investment property loan.

More about offset

Our variable rate Orange Advantage home loan comes with offset.

An offset is a transaction account linked to your home loan, where the balance is deducted from – or ‘offset’ against – your loan when interest is calculated.

Interest on your home loan is calculated daily, offsetting any funds your linked offset account.


For example

If your home loan balance is $500,000 and you have $70,000
in your offset account on a given day, you’d only pay interest on $430,000 for that day.
$500,000 in home loan account
- $70,000 in offset account
= you only pay interest on $430,000


The actual interest savings will vary depending on your offset balance.


What happens to your repayments

If you pay principal and interest, you still need to make your minimum fortnightly or monthly repayment even if the interest in your offset account is partially or fully offset. However, a larger portion of your repayment will go towards paying down your loan principal rather than interest, so you could own your home sooner.

How to get the most out of your offset

Because home loan interest is calculated daily, offset works best when you keep as much money in your offset account as you can, for as long as you can.

Smart ways to maximise your offset balance include:

depositing your regular pay directly into your offset account

storing extra funds (like a work bonus or tax refund) in your offset

paying bills on their due date so more stays in your offset for as long as possible.

How to switch your pay to your offset account

To have your pay deposited directly into your Orange Everyday offset account, simply tell your payroll team:

• your Orange Everyday account number
• our BSB 923 100.

If your payroll team prefers paper, just complete our salary transfer form.


See what you could save

To see the savings potential of offset, check out our handy home loan offset calculator.

More about redraw

Our no ongoing fees Mortgage Simplifier home loan also comes with redraw.

Redraw means if you make extra payments into your home loan account above the minimum repayment amount, you can access – or ‘redraw’ – those extra funds anytime.

However, while those extra amounts remain in your home loan account they count against the balance, so you may pay less in interest.

Your available redraw balance will appear higher on your repayment due date because the loan debit isn’t processed until midnight. For example, if your repayment amount is due on 15th April, your loan repayment may transfer to the loan at any time however won’t be debited until midnight.


Varying your home loan

We understand life changes and you may need to vary your home loan from time to time.

With ING you can apply to borrow more money on your home loan

change your home loan borrower or guarantor

change your home loan security property

combine separate home loans into one

separate or split your home loan

change your type of home loan

reduce your principal

sell your property and pay out your home loan.


The above is subject to meeting any eligibility/credit approval criteria (where applicable).

For next steps, check out our home loan variation selector.


Understanding split loans

A split home loan is when you divide your loan in two, so one part has a fixed interest rate and the other has a variable interest rate.

A split loan could be the answer if you’re looking to balance certainty and flexibility, with:

the fixed part providing repayment stability so you can budget with confidence

the variable part helping you benefit from any potential rate drops.

  • Single loan

    Split loan

    Variable rate loan

    $750,000

    Variable rate portion

    $500,000

    Fixed rate portion

    $250,000

Principal and interest vs interest only

With home loans you often have the option to make principal-and-interest repayments or interest-only repayments.

With principal and interest, your repayment amount includes the interest owed plus a portion of the original loan amount or ‘principal’. Paying principal and interest will put you on track to fully repay your home loan within the agreed loan term.

With interest only, your repayment amount only covers the interest owed during the interest-only period. So there’ll be no reduction in the principal and the balance of your loan will remain outstanding at the end of the agreed interest-only period.


Weighing up your options

Here are some things to consider when weighing up the benefits of making principal-and-interest and interest-only repayments.

Principal and interest

Interest only
  • ·  Principal and interest (P&I) is designed to ensure you pay off and own your home by the end of your loan term.
  • ·  While paying P&I may mean higher repayments at the beginning of the loan when compared to interest only, typically, the total cost could be less over the life of the loan.
  • ·  Paying P&I can also help create equity in your home as you steadily reduce the principal owed (equity is the value of your property versus the amount owed on it).
  • ·  Having equity in your home could provide greater financial flexibility in the future if you want to access it for other things.
  • ·  Interest only (IO) can lower your initial repayments but they may be higher after the interest-only period expires as you only pay the interest on the loan for a set period.
  • ·  After the interest-only period ends, you may begin repaying both principal and interest(P&I). As a result, your repayments typically increase once the principal starts being paid.
  • ·  IO repayments may be attractive to investors, such as increased tax deductions as a result of higher interest paid on the loan.
  • ·  The initial lower repayments of IO loans may suit your lifestyle or financial situation, for example the extra funds could be used to upgrade your property or take some time off work.
  • ·  Equity will build up more slowly in the IO period as you’re relying on the increasing market value of your property.

How home loan interest is calculated

Home loan interest is calculated daily on the remaining balance of your loan, less any offset or redraw amount you may have.

The daily percentage rate is the interest rate applicable to your loan on that day divided by 365. Daily amounts are added up and charged to your loan on the last day of every month.

Please note, the total amount of interest you pay in a particular month changes depending on the number of days in that month:

more days means more interest

less days means less interest.


Help and support

Home loan help and support

Find out more about what to do and where to go if you need support.

Making a payment arrangement

If you need help managing repayments, we’re here to help.

Our Customer Solutions team is happy to work with you to agree a payment arrangement to help you manage your budget while getting back on top of your home loan.

To talk about your options, just call our customer solutions team on 1300 349 166.

Finding extra care and support

We know life isn’t always straightforward and you might need a hand from time to time, whether it’s for yourself or you’re helping someone else.

To find out more, check out our extra care and support page.

Financial hardship support

We understand financial hardship can affect anyone, anytime for a host of reasons. So if you’re experiencing hardship, rest assured our financial support team is here to help.

We provide a suite of tips, tools and resources to help you find the independent budgeting, financial counselling and wellbeing support you may need.

We can also work with you to develop a financial hardship support plan for your unique situation. A support plan could include:

temporarily reducing your repayment amounts

pausing repayments for an agreed time period

extending the term of and or reducing your interest rate

• switching to interest only on your home loan for a period of time.

For more details and next steps, check out our financial hardship support page financial hardship support page.

Tips and tools

Home loan tips and tools

Get a better handle on your loan with these handy tips, tools and resources.

Independent financial and wellbeing resources

For independent information and support check out these helpful services.

MoneySmart: Financial guidance for all Australians, with simple tools, tips and calculators. Find out more at moneysmart.gov.au.

National Debt Helpline: A free, independent and confidential service for those experiencing financial troubles. Find out more at ndh.org.au.

Lifeline: Provides all Australians experiencing a personal crisis with 24-hour access to crisis support and suicide prevention services. Call 13 11 14 or visit lifeline.org.au.

For more support services, check out our financial hardship support page.

Helpful home loan articles

Check out our growing library of helpful home loan articles, including:

3 ways to make your home loan part of your daily routine

6 quick tips to turbocharge your savings balance

What you need to know about investing in property

For more articles, visit our house and home page today.


More ways to save on your home loan

Low fees and competitive rates are just two ways we help you save on your home loan. Here are some other smart hacks that could help you save even more.


Consolidate your loans

Consolidating higher-rate loans (like a credit card, car or personal loan) into your lower-rate home loan could help you better control your finances and focus on interest savings.

Make fortnightly rather than monthly repayments

Because home loan interest is calculated daily, repaying your home loan more frequently could help you save interest because it reduces your outstanding loan balance faster.

Pay more than the minimum

Paying more than the minimum required repayment can help shorten your home loan term, saving you both time and money.


Here’s an example

If you made your lunch daily and deposited the $10 you’d normally spend 
 into your home loan account, you could repay an extra $140 a fortnight.

On a $450,000 home loan with an 8.74% p.a. interest rate that could reduce your 
 loan term by 7 years and 11 months and save you $257,738.37 over 30 years.*

image

* Per year is defined as from anniversary date of settlement to the day before the following anniversary date. If you select a fixed rate loan, break costs may be payable if, at any time before the fixed rate expires, you (1) pay out your loan, make an additional payment of $10,000 or more, or you make additional payments totalling $10,000 or more in any one-year period (with the first one-year period starting on the first day of the fixed interest period), or (2) you ask us to make certain changes to your loan including but not limited to your loan type, your repayment type, your loan purpose, your fixed interest period, the security on your property, your approved loan amount, your loan term, the borrowers on your loan or any other change that requires your loan to be re-documented. You should refer to the Home Loan terms and conditions for details and contact us on 133 464 for an estimate of the break costs that may be payable by you in the above circumstances. Any additional payments or advanced funds are not available for redraw during the fixed interest period. There is no offset facility available on a fixed rate loan. The offset facility is only available on the Orange Advantage home loan account when linked to an Orange Everyday account. The results are an approximate guide only and should not be used as exact values for financial planning purposes. Fees and charges apply. Details of these and the terms and conditions are available on request. Comparison rate based on $150,000 loan amount over 25 year term.

Pop your pay into your offset or redraw

Having your regular pay deposited straight into your offset or redraw facility can help reduce your home loan balance and the interest you pay every day it stays in there.

Whenever you need to use your pay, you can access your offset or redraw funds anytime, free of charge using the ING app or online banking.

Add additional repayments when possible

Put your work bonus or tax refund to good use by depositing it in your offset or redraw facility where it can help reduce the interest you pay on your loan.