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iMortgage Prime Loan

Features

The iMortgage Prime Loan is available to a range of different borrowers inclusive of first home buyers, refinancers, owner-occupiers and investors.

Owner-occupiers and investors borrowing less than 80 per cent of a property’s value will be on a reasonably low variable interest rate. For greater borrowing amounts, owner-occupiers will have to pay slightly more with investors in this category paying more again.

The fixed rates offered to both owner-occupiers and investors for fixed terms are reasonably competitive while customers on the line of credit option will pay a high interest rate, as is the case with most offerings in this space.

The split rate option lets you have the best of both worlds by splitting your loan between a fixed rate and a variable rate to combine both stability with flexibility, but you will be charged a fee per loan split.

Principal and interest repayments on your Prime Loan can be made weekly, fortnightly or monthly, and interest-only repayments can be made on a monthly basis during the interest-only term.

You can make any of your loan repayments through salary credit, BPAY or direct debit, and you are allowed to make additional repayments that will help you to reduce your overall loan amount to pay it off early, but you can only do so when you’re on a variable rate of interest.

If you need to access the funds from any of your early repayments, the redraw facility gives you the ability to do so without charge.

The 100 per cent offset account option uses the balance from your transaction account to offset the interest on your loan by only charging interest on the difference between your account balance and the balance on your loan. However, this option is not available to line of credit customers.

Only a small deposit of five per cent is required for the iMortgage Prime Loan, but be sure to take into account the cost of lenders mortgage insurance if you make less than a 20 per cent deposit on your property.

Who is the iMortgage Prime Loan good for?

The Prime Loan is available for a range of different borrowers and caters to a broad range of needs.

And, since iMortgage is an online lender, the Prime Loan would best suit borrowers who are comfortable with doing everything that pertains to their home loan online or over the phone.

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One of the advantages of a purely online lender is that the savings made by the lender from not having any branches can be passed down to borrowers in the form of lower fees or interest rates.

However, be careful in ensuring that you know exactly which interest rate and fees apply to you with this loan, since the rates on the Prime Loan range from very low to moderately high depending on your borrowing purposes and the length of your fixed term, if applicable.

iMortgage Prime Loan Options

Read more information about the options available on the iMortgage Prime Loan by following the links provided below.

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Advertised rate
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Fixed Rates from

4.41%

Advertised rate

4.21%

Comparison rate

Variable Rates from

4.04%

Advertised rate

4.08%

Comparison rate
Pros
  • Some low rates available.
  • Low minimum deposit.
  • Low ongoing fees.
Cons
  • Moderate upfront cost.
  • High discharge fee.
  • No branch access.
Eligibility

Must meet minimum and maximum loan amount requirements.

Must be able to provide proof of income.

Must be over 18 years of age.

Must meet serviceability criteria.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
  • Line of Credit Loans
Fees
  • Estimated upfront fees: $363
  • Discharge fees: $533
  • Ongoing fees: $0 - $150 annually

The fees associated with the iMortgage Prime Loan are a settlement fee that is charged when you establish this loan, a monthly fee if you have the offset option and an annual fee if you have the line of credit option.

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

iMortgage is an online home loan lender that is owned and operated by one of the largest non-bank lenders in Australia, Homeloans Ltd. Though iMortgage offers the convenience of doing business online and over the phone, there are no branch locations for customers to go into for face-to-face service.

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