IMB Bank Essentials Home Loan
Variable rateOffsetRedraw
The IMB Essentials Home Loan allows you to save on your home loan without compromising on features. $0 IMB Establishment Fee, 100% Offset account and Life of Loan Discounted Rate.
- Interest rate a year, from
- 6.29%
- Comparison rate
- 6.40%
- Upfront fees
- $1,598
- Annual fee
- Not published
- Monthly fee
- $10
Monthly repayment
$600,000 over 30 years
What it would cost
At the lowest rate of 6.29% (variable, live in, principal and interest), including the monthly fee. The rate you are offered depends on your deposit and the loan you choose, and upfront fees are not included.
- Monthly repayment
- $3,720
- Total repayments
- $1,339,174
- Interest and monthly fees
- $739,174
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.
| Rate | Property | Repayments | LVR | Interest rate | Comparison rate |
|---|---|---|---|---|---|
| Variable | Live in | Principal and interest | 1% to 70% | 6.29% | 6.40% |
| Variable | Live in | Principal and interest | 70% to 80% | 6.39% | 6.50% |
| Variable | Live in | Principal and interest | 80% to 90% | 6.54% | 6.65% |
| Variable | Live in | Principal and interest | 90% to 95% | 6.89% | 7.00% |
| Variable | Live in | Interest only | 1% to 70% | 6.59% | 6.54% |
| Variable | Live in | Interest only | 70% to 80% | 6.69% | 6.63% |
| Variable | Live in | Interest only | 80% to 90% | 6.84% | 6.78% |
| Variable | Investment | Principal and interest | 1% to 70% | 6.44% | 6.61% |
| Variable | Investment | Principal and interest | 70% to 80% | 6.49% | 6.66% |
| Variable | Investment | Principal and interest | 80% to 90% | 6.64% | 6.81% |
| Variable | Investment | Principal and interest | 90% to 95% | 7.49% | 7.66% |
| Variable | Investment | Interest only | 1% to 70% | 6.74% | 6.74% |
| Variable | Investment | Interest only | 70% to 80% | 6.79% | 6.79% |
| Variable | Investment | Interest only | 80% to 90% | 6.94% | 6.94% |
| Variable | Investment | Interest only | 90% to 95% | 7.79% | 7.80% |
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
- $10
Features
- Offset account
- Yes
- 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
6.39%
For a home you live in, paying principal and interest. Typical is 6.62%.
Comparison rate
6.50%
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
- An offset account. Money in it is taken off your balance when interest is worked out, so your savings and pay cut the interest while staying easy to reach.
- 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.
Similar home loans
Home loans from other lenders with a similar starting variable rate, for a home you live in with a 20% deposit.
- Variable rate from
- 6.39%
- Comparison rate
- 6.39%
- Variable rate from
- 6.39%
- Comparison rate
- 6.68%
- Variable rate from
- 6.39%
- Comparison rate
- 6.39%
