IMB Essentials Loan

Features

The standout feature of the Essentials Home Loan is the discount you receive off of IMB’s standard variable interest rate, which ends up being a very low rate if your deposit is more than 20 per cent – which is the minimum amount allowed for investors – and a rate moderately low for owner-occupiers with a smaller deposit.

And, as is standard across home loans, you will have to pay for lenders mortgage insurance if you make less than a 20 per cent deposit.

Rate discount aside, the Essentials Home Loan has no upfront cost and $0 in ongoing fees, which helps to make this a cost-effective offering.

The features included with this home loan include the choice of weekly, fortnightly or monthly repayments as well as the ability to make unrestricted additional repayments to help towards repaying your loan early – but with less risk since you can use the redraw facility to draw on these funds.

To help you out even further, the available 100 per cent offset account reduces the interest due on your loan balance through the difference of this offset deposit account. Or, you can choose to make up to a combined total of five years of interest-only repayments throughout the life of your loan.

If you want more certainty over your repayment amounts, you can choose the loan split option to split this loan with another fixed rate option. And if security is your concern, adding repayment insurance to your loan might be worth the extra cost knowing you’ll be covered if you have a change in income or employment.

The Essentials Home Loan is available as a new loan only and to current IMB home loan customers looking to switch to this loan option, and as such, is not available for refinancers currently with another lender.

Who is the IMB Essentials Loan good for?

The low variable rate and lack of upfront or ongoing fees give this loan broad appeal. This combined with the low deposit requirement could be especially appealing to first home buyers. And, the interest-only option and ability to repay your loan early could be extra appealing for investors.

Review - What RateCity says

The IMB Essentials Home Loan can be a great option since it offers a very low amount of fees, low interest rates and features to help you save thousands of dollars by taking a number of years off your loan through repaying early.

Though there are a number of ways you can access your home loan account and IMB customer service, there are a limited number of branches available for face-to-face banking if you live outside of the lower east coast of Australia.

However, with the offered benefits of this loan, this could be a worthy option to add to your list should it stack up against your needs.

IMB Essentials Loan Options

You can select from either an owner-occupied home or investment loan at different deposit sizes with the IMB Essentials Home Loan – with more information about these options offered below.

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Variable Rates from

3.23%

Advertised rate

3.37%

Comparison rate
Pros
  • Very to moderately low variable interest rates.
  • $0 in upfront and ongoing fees.
  • 100 per cent offset account.
Cons
  • Discharge fee.
  • Limited branch network.
  • New loans only unless switching from another IMB loan product.
Eligibility

New loans only unless switching from another IMB loan product.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $0 - $799.00
  • Discharge fees: $350
  • Ongoing fees: $10 monthly

A huge advantage the Essentials Home Loan offers is a lack of upfront and ongoing fees.

However, there is a small discharge fee charged at the end of your loan, a small fee due if you split your loan and a fee for any staff-assisted redraw – though use of the redraw facility is free online or through the IMB mobile app.

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