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ING DIRECT increases rates by 30 basis points

ING DIRECT has cited increased funding costs and the decision by the Reserve Bank to increase the cash rate as reasons behind its 0.3% increase in variable mortgage interest rates.

The new rates will impact ING DIRECT customers from tomorrow but Australia's fifth largest lender believes its most popular product, the Mortgage Simplifier, will remain competitive at 6.49% p.a.

The lender said it will continue to consider the impact on its home loan customers when managing difficult funding conditions.

ING DIRECT's move to increase rates by more than the RBA shows that funding pressures are continuing to impact loan prices.

By Luke Cornish | 12 Apr 2010
Source: Broker News