ING Action Equity Home Loan
Posted August 3rd, 2010
and last modified January 31st, 2012
What happens when I click Enquire Now?
- Clicking Enquire Now will take you to the lender's website
- After completing the contact form, a mortgage expert will contact you
- The mortgage expert will ensure you find the right loan, calculate your repayments, and explains all the associated fees
- After going through the enquiry process you will be able to know how much you can borrow, begin your application when you are ready to apply and be approved for a home loan
When you are paying off a house for a long period of time and you will hopefully gain equity in your home. Equity is the value of your home minus the amount you still owe the provider. Since you have built up all this money in your home you should be able to use it and home equity loans will allow you to do this. The ING Action Equity Home Loan is a great home equity loan with a low variable interest rate. This article will explain all the features that are available with the loan and how they can help you save money or tailor the loan to your needs.
Features of the ING Action Equity Home Loan
The ING Action Equity Home Loan comes with a variety of features that will help you save money. This section of the article will explain what the features and borrowing conditions of the loan are:
- Borrowing conditions. The ING Action Equity Home Loan will allow you to borrow part of your equity. To do this your home will have to be valued. You will generally be able to borrow most of the equity you have attained in the house. The ING Action Equity Home Loan has no definite loan terms and as a result you will be able to take as long as you like to pay off the loan.
- Additional repayments. Many loans will not allow you to make additional repayments on your loan. By making additional repayments you will not only be able to pay off your loan faster but you will also be able to reduce the amount of interest that is charged to your account. The ING Action Equity Home Loan will allow you to make additional repayments whenever you want free of charge.
- Redraw facility. If you choose to make any additional repayments you will also be able to redraw these funds whenever you would like. Even if you plan on using the funds you will have still benefited from the lower interest rates you have received while the money was on the loan account. This is a great feature that can help you pay some of the unexpected bills that may arise over the course of the loan.
- Split the loan. People will use the ING Action Equity Home Loan for many different reasons. Some people may use the ING Action Equity Home Loan to buy an investment property, renovate another house or possible even both. The ING Action Equity Home Loan allows you to split the loan into two separate accounts if you are planning on using the money for separate projects. This will allow you make managing your investments a lot easier as you will be able to partition the money you need into the accounts.
Home equity loans are a great way for people to buy things that they have always wanted. They are particularly effective as they unlock the money that you have built up in your home. By using your own money you will save money on some of the charges that are associated with loans. The ING Action Equity Home Loan is a home equity loan that will allow you to do all of the above things.
The ING Action Equity Home Loan is great because it allows you to be very flexible by allowing you to make additional repayments onto the loan and redraw the money for no extra cost.
Read the ING Direct Action Equity Home Loan terms and conditions.
| Minimum Loan Amount | $50,000 | |
|---|---|---|
| Maximum Loan Amount | $2,000,000 | |
| Maximum LVR | 90% | |
| Maximum Insured LVR | 90% | |
| Mortgage Offset Account | No | |
| Loan Redraw Facility | No | |
| Split Loan Facility | No | |
| Fixed Interest Option | No |
| Interest Rate Type | Fixed | |
|---|---|---|
| Interest Rate | 7.02% | |
| Comparison Rate | 7.02% | |
| Repayment Type | Interest Only | |
| Repayment Frequency | Weekly | |
| Extra Repayments | No |
| Application Fee | $0 | |
|---|---|---|
| Legal Fee | $220 | |
| Valuation Fee | $0 | |
| Service Fee | $0 | |
| Exit Fee | $250 |
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