ING For Construction Loan

So we are in the process of selling our current house and buying a block of land which we will commence building on ASAP. Our current house loan is with Mystate Financial which I can't say I have had any major issues with but I don't do our everyday banking with them. I do it with ING.

We have been very happy with ING for everyday banking so were considering giving them a shot for the land/construction loan.

Just wondering if anyone has had experience with them or any thoughts? We previously have used a broker but he has given it up. Appreciate any advice.

I LOVE Ing as a lender, however, they're probably not my first choice for a construction loan. Where are you - wonder if I know a good broker near you?

I'm in Tasmania in Hobart. If you know a good broker down here then that would be great. Any recommendations on who is good if you don't know.

Ahhhh let me ask around.

No worries. I have had a few recommendations when I asked for brokers on Facebook just before.

Ahh good - I haven't had anyone recommended as yet but when I do I'll pass them on

OK how did you go? I had two recommended to me:

* Mark Playle - 0438 033 430 -
* Zared Beckett - 0418 182 294

Have an appointment with Gloss Finance tomorrow. Had two people recommend them.

Awesome. That's perfect.

I didn't go with one of the other recommendations because of the following in the comment:
He is from Go Loans which is a Partner Store to my Amway business.

Ahh, ok and you obviously didn't like that? I've heard of Go Loans but nothing more than that they exist.

I'm not a fan of Amway so wasn't comfortable. I spoke to the person recommended at Gloss Finance and was happy just with her phone manner plus she sent a form to ensure we had what we need for the appointment.

That's what it comes down to in the end, feeling comfortable and confident, good luck with the build.

Thanks very much for you help

You're very welcome!

Don't go with ING. They used to be good but now are less value than even the big 4. I had a home loan that they reclassified as an investment loan due to APRA regulations, they increased the interest rate by .37% when even the big 4 were only increasing by .27%. What was worse is that they are still advertising investor loans at the lower rate! They are an internet bank and don't have a lot of expertise and you will find yourself doing a bit of phone tag chasing things up to ensure settlement progresses.

Hi Pieeater - your broker should be able to chase that up for you - and if the loan is not an investment loan it can be switched over to owner occupied & the lower rate really simply.

Hi morphjk,

Our organisation is a site sponsor of homeone.com.au (you might even be looking at our interest rate data on the right hand side of your screen). We have extensive experience with construction lending and would be glad to assist with your needs. I'll PM you with some details.

In the meanwhile, to answer your question, ING is not ideally suited to a construction lend. You may find this offer more appealing (https://www.naritas.com.au/latest-news/ ... -cashback/).

Hope this helps.

Kind regards,

Andrew

Although it is a little of track I think it might benefit some by relaying my experience with ING Bank and their home loans. It has been 2 months since I first posted and have now finished refinancing my loan with a new lender. I did contact ING prior to commencing the process and the best they could offer me was to switch to a fixed loan with an interest rate %1 above the variable rate I was offered from my new financier. What is disturbing is that they are still advertising Mortgage Simplifier Loans for investment properties at %4.72 (24/12/15), 2 months after increasing my rate to %5.09!

I don't know if it was a selective increase and they just picked on a few to shoulder the load, my loan was just the basic home loan they are currently offering to investors. Whatever the reason they didn't seem to care they were losing the business. My advice is if you are with them or anyone else for that matter and are thinking about switching at least look into it, it is not that hard, especially if you have some equity in your property. The rewards are worth it. If you are considering going with ING don't count on being charged the advertised variable rate, that appears to be the rate they dangle to get new customers.