IMB Fixed Rate Loan

Features

Owner-occupiers only need to make a small deposit for the Fixed Rate Loan, however you will have to pay lenders mortgage insurance when your deposit size is less than 20 per cent and you will have to pay a high interest rate.

The fixed rates offered to owner-occupiers making a larger deposit are very low for the available one, two and three year fixed terms and are moderate for the four and five year terms.

Investors can borrow up to 80 per cent of a property’s value with this loan and the fixed rates offered are moderately low to moderately high depending on if you choose the available one, three or five year fixed term.

Following the fixed period, your loan will revert to the standard variable rate offered by IMB, and even though your rate will be discounted, the starting rate is high.

Flexible features of the Fixed Rate Loan include the choice of weekly, fortnightly or monthly repayments and the ability to make penalty-free additional repayments up to a capped amount depending on your loan amount. This could potentially save you thousands of dollars in interest by paying off your home loan faster.

The redraw facility provides the security of being able to redraw funds from any additional repayments you’ve made for free online or via the IMB mobile app.

Although there is no 100 per cent offset account offered to help further reduce your interest payments, you can choose the interest-only option for up to five years, a particularly appealing option for investors.

If you want to split your loan, you can do so with the loan split option in order to have both a fixed and variable rate, giving you a little more freedom to hedge your loan repayments.

And, if you’re looking for extra peace of mind, loan repayment insurance can help cover your loan repayments if you’re unable to work, but this is an additional cost.

Who is the IMB Fixed Rate Loan good for?

The higher rates offered with the Fixed Rate Loan and lack of 100 per cent offset account to reduce the interest payable, combined with the associated fees, could deter borrowers with smaller deposit sizes and less saved to repay their loan.

As such, this loan might be better suited for borrowers who have saved for a larger deposit since they will have access to the lower rates which could help you work towards making additional repayments to pay your loan off early.

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It’s worthwhile to determine your borrowing needs and figure out exactly which rate you will be offered with this loan since getting stuck with one of the higher rates on top of the required fees could put you in the red.

However, there are low fixed rates available and you have the ability to get ahead in your repayments during your fixed period so you might be able to reduce your loan term to help you out when you have to start paying the high variable interest rate following your fixed term.

The benefits provided by the Fixed Rate Loan depends on your deposit size, fixed term length and how diligent you are with putting forward additional repayments – so take your time in determining its suitability to you.

IMB Fixed Rate Loan Options

The IMB Fixed Rate Loan is available for different deposit sizes at different fixed terms to owner-occupiers and investors. Follow the corresponding links below to find out more information about these options.

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Fixed Rates from

2.84%

Advertised rate

3.47%

Comparison rate
Pros
  • Very to moderately low fixed rates for larger deposits.
  • Loan split option.
  • Interest-only option.
Cons
  • High fixed rates for smaller deposits.
  • Upfront, discharge and ongoing monthly fees.
  • No 100 percent offset account.
Eligibility

Must be able to provide proof of identity.

Must be able to provide proof of employment.

Must be over 18 years of age.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $799.00
  • Discharge fees: $350
  • Ongoing fees: $6 monthly

The IMB Fixed Rate Loan has a high upfront fee and a small ongoing monthly fee payable for the life of the loan. There is also a small discharge fee for when the loan ends or if you choose to refinance with another lender.

You can make advance repayments towards your loan, however fees may apply for making early repayments beyond a certain amount. There is also a small fee if you choose the loan split option.

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

IMB offers a variety of financial products and services to customers with a focus on giving back to the surrounding community through funding community projects. IMB customers have access to telephone and internet banking, as well as face-to-face service at one of the limited number of IMB branches throughout Australia.

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