IMB Fixed Home Loan - Refinance - Fixed

Ratings

★ ★ ★ ★ ★ (1 reviews)

About this rate option

This IMB Fixed Home Loan rate option is aimed at refinancing an existing home loan, with a 5.99% interest rate (6.32% comparison rate) fixed for three years on principal-and-interest repayments. It applies to borrowing up to 80% of the property value, meaning a deposit of at least 20%. After the fixed term, the rate typically reverts to IMB's variable rate, which should be confirmed with the lender. The loan allows up to 12 months of repayments in advance without penalty, and a split loan option is available.

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

About Fixed Home Loan

Key Features

Generally speaking, offset accounts is more common with variable rate home loans than fixed loan options.

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.

Unlike in the US, there are no lenders in Australia that offer 20 or 30 year fixed rates for standard residential home loans. IMB Fixed Home Loan offers fixed loan terms between 1 - 5 years.

Fees & Costs

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.
IMB may also charge you a fixed-rate break cost if you refinance out of Fixed Home Loan or sell your house before the fixed term ends. It can cost thousands of dollars, and the advantages of breaking the fixed loan won't always outweigh the disadvantages.
Selling the property or refinance during the fixed rate term can trigger hefty fees for breaking a fixed rate contract, and fixed rate loans tend to have restrictions on making extra repayments. Before you lock your rate in, you need to be sure that a fixed rate home loan is suitable for your situation.

Borrowing Limits

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.
IMB Fixed Home Loan does not offer tier pricing for lower LVR. With Fixed Home Loan, you can borrow upto $90% LVR.

Eligibility

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

Refinance Fixed · Principal & Interest 1 Year · 80% LVR

6.29%

Refinance Fixed · Principal & Interest 1 Year · 95% LVR

6.29%

Refinance Fixed · Principal & Interest 2 Years · 95% LVR

5.99%

Refinance Fixed · Principal & Interest 3 Years · 80% LVR

5.99%

Refinance Fixed · Principal & Interest 3 Years · 95% LVR

5.99%

Refinance Fixed · Principal & Interest 4 Years · 80% LVR

6.09%

Refinance Fixed · Principal & Interest 4 Years · 95% LVR

6.09%

Refinance Fixed · Principal & Interest 5 Years · 80% LVR

6.09%

Refinance Fixed · Principal & Interest 5 Years · 95% LVR

6.09%

Investment Fixed · Interest Only 1 Year · 90% LVR

6.44%

Investment Fixed · Interest Only 2 Years · 90% LVR

6.44%

Investment Fixed · Interest Only 3 Years · 90% LVR

6.54%

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. IMB may also charge you a fixed-rate break cost if you refinance out of Fixed Home Loan or sell your house before the fixed term ends. It can cost thousands of dollars, and the advantages of breaking the fixed loan won't always outweigh the disadvantages.

Does IMB Fixed Home Loan comes with an offset account?

No, Fixed Home Loan does not come with an offset account. Generally speaking, offset accounts is more common with variable rate home loans than fixed loan options.

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

There is upfront costs of $799 to apply for Fixed Home Loan. Application fee: $449
Document fee: $350 Fixed Home Loan also comes with ongoing account fees of $72 per year. Monthly fee: $6 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.