ING Home Loan Review For Overseas Aussie Expats
As one of Australia’s largest banks, ING offers a wide range of home loan solutions tailored specifically for Aussie expats and permanent residents based overseas looking to purchase residential property back home.
With ING Bank Australia, overseas borrowers need to make a 20% deposit while most lenders require 30% minimum. They provide highly competitive rates and online applications to make the home buying process smooth and convenient, even from abroad.
- Borrow up to 80% of the property price
- Offers loan terms up to 25 years for expat borrowers
- Available in 10 different currencies, including USD, HKD and SGD
ING Home Loan Options
ING offers the following home loan options tailored for expat borrowers.
Mortgage Simplifier
Orange Advantage
Fixed Rate Loan
The ING Mortgage Simplifier home loan provides an all-in-one package with a variable interest rate. It allows unlimited extra repayments and redraws to help manage your mortgage. Online applications make getting pre-approved simple and fast.
This loan option is well-suited for expat borrowers who want flexibility and ease.
ING's Orange Advantage home loan has ultra low variable interest rates for both owner occupied and investment property loans. It comes with a 100% offset account to help reduce interest and pay your mortgage off sooner. No ongoing annual fees make this a cost-effective option.
Orange Advantage is available to Australian expats living abroad.
ING offers fixed rate home loans that allow expat borrowers to lock in an interest rate for 1 to 5 years. This provides certainty about your repayments over the fixed period. After the fixed term, the loan becomes variable.
Their fixed rate loans allow unlimited additional repayments to pay your mortgage down faster.
ING Bank Australia Review
Here are some key pros and cons of ING home loans for expats.
| Pros | Cons |
|---|---|
Award-winning online banking platform | Early repayment fees apply |
Competitive interest rates | Lower loan amounts may have higher rates |
Access to redraw and offset | Construction loans not available |
Flexible repayment schedule | Limited branch network in Australia |
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
ING Home Loan Features
ING Bank Australia offers several features on their home loan products.
| Feature | Details |
|---|---|
Online Application | Fully digital application process with an award-winning banking platform. |
Foreign Currency Loans | Borrow in foreign currency to avoid exchange rate fluctuations. |
Offset Account | Link an ING savings account to offset interest. |
Redraw Facility | Access extra repayments when required. |
Refinancing Available | Refinance home loans from other banks to ING. Existing ING loans cannot be refinanced into new ING loans. |
Expat Friendly | Caters specifically to Aussie expats overseas with online applications, foreign currency loans, and flexible repayment options. |
Facts about ING Bank Australia
ING Bank originated in Australia in 1960 as the Savings Bank of New South Wales. It was rebranded to ING in 2002.
ING has over 1.7 million customers in Australia. It has grown to become one of the top banks.
ING allows expats to borrow in 10 foreign currencies including USD, HKD, GBP, NZD, CAD, and more.
ING has loan terms up to 25 years available for expat borrowers giving more repayment flexibility.
How Do I Apply?
Follow these steps to apply for an ING home loan from overseas:
- Confirm your eligibility as an expat borrower
- Gather required documents for income and ID verification
- Complete the online application form
- Upload/submit all necessary supporting documents
- Get pre-approval and select a property
- ING will valuate property and make final approval
- Receive and accept formal loan offer
- ING will arrange loan settlement
- Start making your loan repayments
Who is Eligible?
To qualify for an ING expat home loan you need:
- Australian citizenship / permanent residency
- Steady overseas income
- Good credit history
- 20% minimum deposit
- Proof of income and assets
What Documents Do I Require?
As an Australian expat applying for a home loan with ING, you will need to provide certain documents as part of the application process.
Proof of Identity
This includes your valid Australian passport to confirm your citizenship or permanent residency status. If you hold a temporary visa to live abroad, you will need to provide the paperwork detailing your current visa.
Proof of Income
Submitting income statements and other documentation will be necessary to validate your current foreign income earned overseas. This gives ING evidence you have steady income to repay the loan.
Proof of address
Providing bills, bank statements, or other correspondence showing your name and current overseas residential address will be needed as address verification.
Tax documentation
Your most recent tax returns and corresponding bank statements should be provided to demonstrate your overall financial situation and income history to ING.
ING may require additional documents depending on your specific circumstances. Having these documents ready will help make the application process smooth and hassle-free when applying from abroad. Be sure to check with ING directly for any other required paperwork.
Related Products from ING Bank Australia
Investment Home Loan
The ING Investment Home Loan is suitable for expats wanting to purchase a rental or investment property in Australia. These loans allow higher loan-to-value ratios up to 80% and interest-only repayments capabilities.
Having an investment property can provide potential rental income along with capital growth benefits. ING investment home loans are also available in foreign currency options to avoid exchange rate fluctuations for expat borrowers.
Bridging Loan
ING Bank offers bridging loans to Australian expats in the process of buying property in Australia while selling an overseas home. These short-term loans act as temporary financing to cover the gap between settlements.
ING’s bridging loans allow expats to purchase a new Australian property before finalising the sale of their existing overseas home. They typically have a maximum 12-month term and higher interest rates. Having a clear exit strategy is key when applying for a bridging loan through ING.
Need Help With an ING Home Loan?
If you need assistance securing an ING Bank Australia home loan as an Aussie expat, our team of specialist mortgage brokers can guide you. We have extensive experience helping expats purchase property in Australia, from the initial loan application through to settlement and beyond.
We’re here to provide advice and support every step of the way. Contact our expat mortgage specialists today to discuss your home buying plans in Australia.
Other Australian Lender Reviews
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
FAQs about ING Home Loans
What is the maximum LVR for an ING expat home loan?
ING allows up to 80% loan-to-value ratio (LVR) for overseas borrowers, higher than many other lenders.
Does ING offer construction loans?
No, ING does not currently offer construction loans for building a new home.
Can I get pre-approval before finding a property?
Yes, ING allows expat borrowers to get pre-approved before having a property selected.
How long does ING take to process expat home loans?
Online applications can get approved in as little as 1 day. Overall it takes 1-2 weeks.
Does ING charge mortgage insurance for LVR over 80%?
Yes, lenders mortgage insurance applies on loans over 80% LVR.
Can permanent residents get an ING home loan?
Yes, ING home loans are available to Australian permanent residents living overseas.
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