In line with feedback received from its mortgage broker channel, ING DIRECT has announced it will enhance the maximum loan to value ratio (LVR) available for customers planning to build their own home or investment property.
Effective immediately, ING DIRECT will increase the maximum LVR on its construction loan to 95 per cent plus lender mortgage insurance (LMI).
“We have had a very active year to date, engaging our broker partners on how we can bolster the value we add to the channel, and then implementing many initiatives based on these discussions,” ING DIRECT’s head of broker distribution Mark Woolnough said.
“Some consistent feedback we received was around the need to offer an increased LVR on our construction loan product. I am happy to announce that we can now offer to the market 95 per cent LVR plus LMI for construction loans.”
Mr Woolnough said the change would hopefully create further opportunities for ING DIRECT in targeting first home buyers and investors looking to construct.