Finty
IMB Bank

IMB Bank Standard Variable Home Loan

Variable rateOffsetRedraw

The Standard Variable Loan offers a competitive interest rate and a 100% offset account which means you can make all your money work towards paying off your loan faster.

Written byDavid Boyd
Interest rate a year, from
9.21%
Comparison rate
9.28%
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 9.21% (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
$4,919
Total repayments
$1,770,721
Interest
$1,170,721

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 95%9.21%9.28%
VariableLive inInterest only1% to 90%9.51%9.43%
VariableInvestmentPrincipal and interest1% to 95%9.78%9.85%
VariableInvestmentInterest only1% to 95%10.08%10.00%

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
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

9.21%

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

Comparison rate

9.28%

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

  • A higher variable rate. 9.21%, above the typical 6.62%. On a $600,000 loan, every 0.10% more costs about $600 a year.
  • 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.