Finance and Coffee
a month ago · 1 min read
ING Finally Drops Assessment Rate
Perhaps the last lender to maintain a floor rate of 8% post GFC, ING yesterday announced the floor assessment rate will finally be reduced. The assessment rate to be used for serviceability purposes will be the higher of their new floor assessment rate of 6.10% p.a. or the customer interest rate + buffer of 2.50% p.a.
This came as welcomed news for the F&C Community whom seldom have any complaints about the Lender. The majority if the time, the comments would be the wish that the floor rate would drop so they can send the lender more business. Plenty of praises aside, caution was also advised by a few who pointed out that HEM / Living Expenses will also change as well as DTI and LTI being introduced into the mix.
CCR has also been added as well as the requirement for all income to be verified regardless of whether it is needed for servicing or not.
Please check with your Inbox for the EDM from them or contact your ING BDM for clarification.
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