This IMB Introductory Variable Home Loan gives you an introductory discounted variable rate – which is a very low rate – for the first 12 months of your loan. During the introductory period, you can make as many additional repayments as you want to, which provides a great opportunity to get a head start on your mortgage repayments.
If during this time you need to redraw the funds from any early repayments you’ve made, you’ll be able to do so for free online through the redraw facility. Though, you must have a savings account with IMB in order to redraw.
As this is an introductory loan, a lot of the features are limited during the introductory period. However, when the introductory offer ends and the loan reverts over to the IMB Standard Variable Loan, you’ll gain access to a broader range of features – at the cost of a high interest rate.
To help reduce the strain of this higher rate, you can split your Introductory Loan with a fixed rate option and also split your loan when you revert to the standard variable option. Further flexibility is provided through the choice of weekly, fortnightly or monthly repayments during your introductory term.
The Introductory Loan has no 100 percent offset facility, but you will have access to one following the introductory period when reverted over to the Standard Variable Loan.
Loan repayment insurance can help cover any loan repayments if you become unable to work and can be added to your loan at an additional cost.
The Introductory Loan is offered as a new loan for owner-occupiers only, which means it is not available to investors, refinancers or customers looking to switch from another IMB home loan option.
You only have to make a small deposit for this loan, although, you’ll need to calculate the cost of lenders mortgage insurance into the the total cost of this loan would be to you if making less than a 20 per cent deposit.
The IMB Introductory Variable Home Loan is not available to investors, so a lot of the features are geared towards first home buyers, specifically the low deposit requirement and the very low introductory rate.
This loan is not available for borrowers looking to switch from another IMB home loan or refinance.
The IMB Introductory Variable Home Loan can help you get a head start toward owning your home sooner since you can make early repayments up to a year’s worth during the introductory period at a very low variable interest rate.
While you can make a significant dent in your loan during the introductory period, a lot of the added features only kick in when the introductory offer rolls over to the standard variable loan – which has a high variable rate of interest.
While IMB provides loans to borrowers throughout Australia, the branch network is concentrated along the lower east coast of NSW, making face-to-face service tricky outside of this area.
It’s a good idea to make a checklist of what you’re looking for and how the pros and cons of this loan will affect you before making a decision to move forward with the application process.
You can enquire about the IMB Introductory Variable Home Loan at the below link.
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Intro 12 months