IMB Essentials Home Loan - Owner Occupied - Variable

Ratings

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About this rate option

The IMB Essentials Home Loan offers owner-occupiers a variable rate of 6.29% (comparison rate 6.40%) with principal-and-interest repayments that reduce the loan balance over time. You can borrow up to 90% of the property value, though a deposit under 20% usually means Lenders Mortgage Insurance applies. The loan includes a 100% offset account, $0 IMB establishment fee and a life of loan discounted rate. It is available for new funds only, not as a switch or refinance from another IMB home loan.

This summary was generated from IMB’s published product data for this specific rate option. Always confirm current rates with the lender.

About Essentials Home Loan

Interest only loans have traditionally been tailored to investors so they can reduce their mortgage repayments and maximise their tax benefits and overall return on investment (ROI). However, getting home loan with interest only (IO) has its place and some lenders are willing to consider your application if you can provide valid reasons.

LVR is an acronym for Loan-To-Value Ratio. The LVR is the amount you are borrowing against the property value being used as security, represented as a percentage.

Fees & Costs

A 100% offset account is an account linked to your home loan where you can park your savings and spare cash to reduce the interest you pay. Then, when interest is calculated on your home loan, the balance in your offset account is deducted from the loan amount owing, and interest is only charged on what remains.
IMB charge a discharge fee of $350, which covers the cost for removing the mortgage that has been registered on the title of your property.
There is no upfront costs to apply for Essentials Home Loan, but it comes with ongoing account fees of $120 per year.

Borrowing Limits

An LVR of 90% is a high risk, whereas an LVR of 80% or less is considered safe by most lenders. The majority of lenders will require you to pay Lenders Mortgage Insurance (LMI) if you borrow over 80% LVR.
An LVR of 95% is a high risk, whereas an LVR of 80% or less is considered safe by most lenders. The majority of lenders will require you to pay Lenders Mortgage Insurance (LMI) if you borrow over 80% LVR.

Eligibility

Interest only repayment option is not available with IMB Essentials Home Loan for buying next home.
Interest only repayment option is not available with IMB Essentials Home Loan for refinance.

💡 Tip: To get approved for an interest only home loan you need to have a strong enough income to afford principal and interest (P&I) repayments once your interest only term expires. Sometimes extending your interest only period can be tough and getting approved for a P&I refinance is a lot easier.

IMPORTANT:Lenders change their policy from time to time so this information is current only accurate at the time that it was written. You should always check with IMB or a mortgage broker just to be sure. This information should be used as a guide only.

Other rate options for Essentials Home Loan

Refinance Variable · Principal & Interest 0 Years · 80% LVR

6.24%

Refinance Variable · Principal & Interest 0 Years · 90% LVR

6.39%

Refinance Variable · Principal & Interest 0 Years · 95% LVR

6.94%

Investment Variable · Interest Only 0 Years · 80% LVR

6.59%

Investment Variable · Interest Only 0 Years · 90% LVR

6.69%

Investment Variable · Interest Only 0 Years · 95% LVR

7.54%

Investment Variable · Principal & Interest 0 Years · 80% LVR

6.29%

Investment Variable · Principal & Interest 0 Years · 90% LVR

6.39%

Investment Variable · Principal & Interest 0 Years · 95% LVR

7.24%

Owner Occupied Variable · Interest Only 0 Years · 70% LVR

6.39%

Owner Occupied Variable · Interest Only 0 Years · 80% LVR

6.44%

Owner Occupied Variable · Interest Only 0 Years · 90% LVR

6.59%

Frequently Asked Questions

Are there costs when I exit or refinance to another lender?

IMB charge a discharge fee of $350, which covers the cost for removing the mortgage that has been registered on the title of your property.

Does IMB Essentials Home Loan comes with an offset account?

Yes, Essentials Home Loan comes with a 100% offset account. A 100% offset account is an account linked to your home loan where you can park your savings and spare cash to reduce the interest you pay. Then, when interest is calculated on your home loan, the balance in your offset account is deducted from the loan amount owing, and interest is only charged on what remains.

What are the costs to apply for IMB Essentials Home Loan?

There is no upfront costs to apply for Essentials Home Loan, but it comes with ongoing account fees of $120 per year. Monthly fee: $10 per month

What are the costs to apply for IMB Essentials Home Loan?

There is upfront costs of $799 to apply for Essentials Home Loan. Application fee: $449
Document fee: $350 Essentials Home Loan also comes with ongoing account fees of $120 per year. Monthly fee: $10 per month

Fees

Application fee

Important Information

Lenders change their policy from time to time so this information is current only accurate at the time that it was written. You should always check with IMB or a mortgage broker just to be sure. This information should be used as a guide only.