IMB Standard Variable Loan


The Standard Variable Loan has flexible repayment options such as the ability to only pay the interest that is due on your loan for up to five years – which can be broken up however you’d like throughout your loan term. Your standard principal and interest repayments can be paid on a flexible schedule monthly, fortnightly or weekly.

A small deposit requirement makes this an attractive loan offering for a range of borrowers who meet the minimum loan amount. Lenders mortgage insurance will be an additional cost that you will have to pay if you make any less than a 20 per cent deposit.

However, the variable interest rate is high for both owner-occupiers and investors which might counterbalance the benefits provided by this loan.

You can make an unlimited number of early repayments towards your loan in order to pay your loan off sooner and a redraw facility that is available for you to redraw these funds for free through IMB’s internet and mobile banking platforms. However, the redraw facility is only available to use online only if you have an IMB savings account.

The 100 per cent offset account offered with this loan can also help you pay off your loan faster as interest is only charged on the difference between your offset deposit account and your loan balance.

Bridging finance is another feature that you have the option to take advantage of with this loan so you can purchase a property even if your existing property hasn’t yet sold, but this is only available for owner-occupied properties and not to investors.

You can add loan repayment insurance to your Standard Variable Loan to protect you in the event that you are unable to continue making your repayments for a period of time, although note that this is an added cost.

Who is the IMB Standard Variable Loan good for?

This could be a good home loan option for owner-occupier borrowers who are looking to purchase a new property and are struggling to sell their existing property, or know if you know won’t be able to sell before you’d like to purchase, as well as for borrowers who don’t have a lot saved up for a deposit.

Investors may also wish to choose the Standard Variable Loan since the interest-only repayment option could be especially appealing.

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A great benefit of this loan is that owner-occupiers and investors have the ability to repay the Standard Variable Loan off early through making additional repayments as well as through the 100 per cent offset account. The interest-only option and flexible repayment schedule also give you greater control over how you repay your loan.

However, while the features could suit a range of borrowers, the variable interest rate is high and the entry fee for this loan is moderately high, which could end up costing you a larger chunk of money in the long run.

It’s worthwhile to make a list of your priorities and do your research to see if this loan stacks up against your needs and finances.

IMB Standard Variable Loan Options

IMB has Standard Variable Loan options for owner-occupiers and investors. More information about these two options can be found at the links provided below.

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  • 100 per cent offset account.
  • Early repayments and redraws allowed.
  • Interest-only option.
  • High variable interest rate.
  • Moderately high establishment fee.
  • Discharge fee.
  • 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
  • Estimated upfront fees: $799.00
  • Discharge fees: $350
  • Ongoing fees: $0

This home loan does have a moderately high upfront fee to establish, which includes your application and mortgage processing fee, and you will also have to pay a low discharge fee once you’ve completed your loan.

Although, the Standard Variable Loan does feature $0 in ongoing fees so you won’t be charged any monthly or annual account-keeping fees.

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

IMB, an Australian customer-owned mutual bank, has branches throughout Sydney, Illawarra, South Coast NSW, ACT and Melbourne. Members of IMB have the option to bank online and through a mobile device, and everyone automatically becomes an IMB member whenever they choose an IMB financial product.

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