IMB Equity Line Advantage Loan

Features

The IMB Equity Line Advantage Loan works by linking your IMB everyday transaction account to your home loan account.

The biggest drawback of this option is the high variable interest rate, along with the relatively high upfront fees.

To counter this, you can split this IMB home loan with a fixed rate option if you want to potentially secure a lower rate on a portion of your loan.

Additional repayments can be made towards your loan whenever you’re able to make them and the entire loan period is 15 years, after which your loan reverts to a revolving line of credit set at a limit that is assessed by IMB according to your financial situation at that time.

Who is the IMB Equity Line Advantage Loan good for?

IMB Bank’s Equity Line Advantage Loan could be good for disciplined savers and those who pay close attention to managing their expenses.

This loan might not suit people who are frivolous with their spending since the credit facility could quite easily be dipped into.

Review - What RateCity says

It's best to carefully do your research on this loan and look into your own finances for the short and long term to make sure you’re not only getting the most out of the Equity Line Advantage Loan, but that it’s the most suitable option for you.

To get the most from this loan you need to be on top of your expenses and your income, which makes it a good idea to seek professional advice before entering into a line of credit loan.

IMB Equity Line Advantage Loan Options

Follow the below link to learn more about the IMB Equity Line Advantage Loan.

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Variable Rates from

5.29%

Advertised rate

5.35%

Comparison rate
Pros
  • Line of credit.
  • Loan split option.
  • Early repayments allowed.
Cons
  • High variable interest rate.
  • High upfront cost.
  • Discharge and ongoing monthly fees.
Eligibility

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
  • Line of Credit Loans
  • Investors
Fees
  • Estimated upfront fees: $799.00
  • Discharge fees: $350
  • Ongoing fees: $0

There are no account keeping fees for the Equity Line Advantage Loan, but there is a moderately high upfront cost, followed by a small discharge fee due at the completion of your loan.

Should you draw out more funds from your equity account than your approved limit, you will be charged overdraft fees and may find yourself hit with additional fees and charges.

Also, you will pay a fee if you choose to split this loan.

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

IMB Bank has branch locations primarily in South-western NSW, including Sydney and Illawarra, with branches also in Melbourne and Canberra. IMB customers have access to 24/7 online and phone banking services as well as through any Westpac Group ATM throughout the country.

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