I am not sure if I like the sound of that. I am just refinancing all my loans to them It could get interesting I guess. I am pretty sure I can get out of it though
I presumed you refinanced at 80% + most likely for their low fixed rate...
The issue with ING is poor cash out policy above 80% + most importantly their serviceability is one of the worst ; so even if you have equity you might not be able to take anything out ( Serviceability becomes a problem with ING esp if you have more than 2 loans- as they all need to service on 8% and p/i) - BUT if you dont need or have no plans on using equity from that property for 1-2 years period etc than it's fine in some cases- the key is plan ahead.
TO be honest nothing "wrong" with ING as such..as i said they have their place depending on your needs and timming ( now, short term and long term over a 1-3,5 years period) + your financial capacity ( ie deposit/ savings LVR).
We use on average 17-20 different banks on a regular basis every quarter; and yes ING is probably not our top 5 in terms of volume but they do come in handy esp for first home buyers ( high LVR) and ppl who are rate sensitive and not after anymore purchase for a while or after a fixed rate with no equity ( esp 80% LVR loans)
P.s ING cash out policy has changed around 12 month ago for loans under 85% lVR...not the best but workable now...
+ they have the 80% No val policy- not a market leader or anything fancy, but every policy change is an improvement
+ upfront val.