Finty
IMB Bank

IMB Bank Budget Home Loan

Variable rateRedraw

A low cost home loan option, the Budget Home Loan has a discount off IMB’s standard variable rate for the life of the loan, so you’ll always pay less. No monthly fees, unrestricted additional repayments and free Internet and Mobile Banking redraw

Written byDavid Boyd
Interest rate a year, from
6.19%
Comparison rate
6.22%
Upfront fees
$1,598
Annual fee
Not published
Monthly fee
Not published

Monthly repayment

$600,000 over 30 years

Apply now

What it would cost

At the lowest rate of 6.19% (variable, live in, principal and interest). The rate you are offered depends on your deposit and the loan you choose, and upfront fees are not included.

Monthly repayment
$3,671
Total repayments
$1,321,532
Interest
$721,532

Rates

Every rate IMB Bank publishes for this loan. LVR is the loan as a share of the property's value: 80% for a 20% deposit.

RatePropertyRepaymentsLVRInterest rateComparison rate
VariableLive inPrincipal and interest1% to 70%6.19%6.22%
VariableLive inPrincipal and interest70% to 80%6.29%6.32%
VariableLive inPrincipal and interest80% to 90%6.54%6.60%
VariableLive inPrincipal and interest90% to 95%6.89%6.95%
VariableLive inInterest only1% to 70%6.49%6.38%
VariableLive inInterest only70% to 80%6.59%6.49%
VariableLive inInterest only80% to 90%6.84%6.74%
VariableInvestmentPrincipal and interest1% to 70%6.39%6.45%
VariableInvestmentPrincipal and interest70% to 80%6.44%6.50%
VariableInvestmentPrincipal and interest80% to 90%6.59%6.65%
VariableInvestmentPrincipal and interest90% to 95%7.34%7.40%
VariableInvestmentInterest only1% to 70%6.69%6.59%
VariableInvestmentInterest only70% to 80%6.74%6.64%
VariableInvestmentInterest only80% to 90%6.89%6.79%
VariableInvestmentInterest only90% to 95%7.64%7.54%

Comparison rates are for an example loan of $150,000 over 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Fees and features

Fees

Upfront fees
$1,598
Annual fee
Not published
Monthly fee
Not published

Features

Offset account
No
Redraw
Yes
Highest LVR
95%
Loan amount
From $10,000

How it compares

Against the other home loans we compare, for a home you live in with a 20% deposit. Typical means the middle half of them.

Variable rate

6.29%

For a home you live in, paying principal and interest. Typical is 6.62%.

Comparison rate

6.32%

For the same rate. Typical is 6.70%.

Upfront fees

$1,598

Typical upfront fees are $600.

Smallest deposit

5%

Most loans need at least 10% of the price.

Pros and cons

Pros

  • A lower variable rate. 6.29%, below the typical 6.62%. On a $600,000 loan, every 0.10% less saves about $600 a year in interest.
  • Extra repayments. Paying more than the minimum pays the loan off sooner and cuts the interest you pay.
  • Redraw. You can take back extra repayments later if you need the money.
  • No early repayment fee listed. You can pay the loan off early, or refinance, without a penalty. Check the terms to be sure.
  • Interest only available. Some investors use it to keep repayments down for a few years, though the balance doesn't fall in that time.

Cons

  • Higher upfront fees. $1,598, above the typical $600, which adds to the cash you need at settlement.
  • No offset account. Your savings can't reduce the interest unless you pay them into the loan.

Similar home loans

Home loans from other lenders with a similar starting variable rate, for a home you live in with a 20% deposit.