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iMortgage Elite Loan

Features

The iMortgage Elite Loan offers customers low variable and fixed interest rate options and the ability to split the loan. The rates vary between very low to moderate depending on how you choose to split your loan and whether it’s an owner-occupier or investment property. Investment loans are subject to higher rates.

Customers are able to make unlimited extra repayments on variable rate loans but have a specific percentage on fixed rate loans that can be repaid early. However, both rate options allow you to redraw any extra payments without be charged a fee.

Other fees associated with this home loan include a moderate amount charged in upfront costs, as well as a moderate discharge fee. But, customers of the iMortgage Elite Loan can enjoy no ongoing fees.

While this loan does offer a 100 per cent offset account, it is only available on variable rate loan options and is subject to a high annual fee.

In addition to making repayments on a monthly basis, customers can also make principle and interest or interest-only repayments fortnightly. 

Who is the iMortgage Elite Loan good for?

The iMortgage Elite Loan is good for owner-occupiers and investors who are looking to purchase a home, refinance, consolidate their debt or build a new home and for those who wish to split their loan into low variable and fixed rates.

This loan offers flexible options for making repayments so it’s great for people who are looking for a loan to suit how they’d like to repay.

Review - What RateCity says

This is a flexible loan option with low to moderate fixed and variable rates that suit a range of homeowners and investors. With the ability to split your loan, make early repayments and redraw these payments at anytime, it’s good for people looking for a loan that suits how they want to repay.

Although there are no ongoing fees, the entry and exit fees for the iMortgage Elite Loan are moderate and variable rate customers who choose the 100 per cent offset account option are subject to pay a high annual fee. Also, fixed rate loan customers can only pay off a small percentage of their loan amount in early repayments.

If you’re interested in this home loan, it would be useful to figure out exactly what you need and determine which fees and restrictions apply to you under this loan since there are great and flexible benefits for some borrowers.

iMortgage Elite Loan Options

iMortgage offers a range of home loans to suit most needs. For more information about each loan, click the links below.

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Advertised rate
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Fixed Rates from

3.88%

Advertised rate

3.64%

Comparison rate

Variable Rates from

3.58%

Advertised rate

3.61%

Comparison rate
Pros
  • Low variable and fixed interest rates.
  • $0 in ongoing fees.
  • 100 per cent offset account and free redraw facility.
Cons
  • Moderate entry & exit fees.
  • High offset account fee.
  • Early repayment limit for fixed rate loans.
Eligibility

Must be able to show proof of income.

Must be over 18 years of age.

Must meet serviceability criteria.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $363
  • Discharge fees: $400
  • Ongoing fees: $0

The iMortgage Elite Loan charges moderate upfront fees as well as a moderate discharge fee for customers who refinance, repay their loan faster than the term or complete their loan term.

Although customers of this home loan can enjoy $0 in ongoing fees and free unlimited redraws of any early repayments made, if variable rate customers choose the 100 per cent offset account option, a high annual fee applies.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About iMortgage

iMortgage is the online affiliate of Homeloans Ltd., one of Australia’s biggest non-bank lenders. iMortgage offers customers low interest rates, flexible loan options and a benefits program.

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