principal reduction form
When you have completed and signed this form, please send it to us at:
ING DIRECT
Account Maintenance Team
GPO Box 4094
Sydney NSW 2001
FAX: (02) 9028 4652
or Step 1 Account details
Your loan account number
Surname First name Middle name
Borrower 1
Borrower 2
Borrower 3
Borrower 4
Step 2 Principal reduction amount
I/We wish to permanently reduce the redraw amount available by $
Note: the minimum decrease is $5,000.
I/We understand that once the reduction has been actioned ING DIRECT will re-calculate my repayments to a new minimum repayment amount based on the
outstanding balance, plus remaining amount available in redraw, at the current interest rate for the remaining term of the loan.
WARNING: Break costs may be payable if at anytime before the fixed term expires, you pay out your loan or you make additional payments of $10,000 or
more in an anniversary year, or you ask us to change your loan type or fixed interest period. Break costs may be substantial. If you have a fixed rate loan,
you should contact us for an estimate, or the amount, of break costs if you are considering making a payment or asking us to change your loan type,
or fixed interest period. Any additional payments or advanced funds are not available for redraw during the fixed term. Please refer to your Terms and
Conditions for further details.
Important Note:
 ING DIRECT will forward a Letter of Confirmation to you once your request has been actioned.
Should you wish to increase your repayment amount, simply log on to online banking or speak to one of our Direct Associates on 133 464, they are
available 24 hours a day, 7 days a week.
Section 3 Borrower’s Authorisation
Note: This authorisation is mandatory and must be signed by ALL borrowers.
By signing this request, I/we:
 declare that I/we have read this form and the information completed is true and correct;
 authorise ING DIRECT to act in accordance with the above request; and
acknowledge that should I/we require a loan increase in the future, I/we will be required to complete a Residential Loan Variation Request form
and fees will apply.
Borrower’s Signature Mobile number
Work number
Date (DD/MM/YY)
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ING DIRECT is a division of ING Bank (Australia) Limited | ABN 24 000 893 292 |
INGD IM233 06/10