Owner-occupiers and investors borrowing less than 80 per cent of a property’s value will be on a reasonably low variable interest rate. For greater borrowing amounts, owner-occupiers will have to pay slightly more with investors in this category paying more again.
The fixed rates offered to both owner-occupiers and investors for fixed terms are reasonably competitive while customers on the line of credit option will pay a high interest rate, as is the case with most offerings in this space.
The split rate option lets you have the best of both worlds by splitting your loan between a fixed rate and a variable rate to combine both stability with flexibility, but you will be charged a fee per loan split.
Principal and interest repayments on your Prime Loan can be made weekly, fortnightly or monthly, and interest-only repayments can be made on a monthly basis during the interest-only term.
You can make any of your loan repayments through salary credit, BPAY or direct debit, and you are allowed to make additional repayments that will help you to reduce your overall loan amount to pay it off early, but you can only do so when you’re on a variable rate of interest.
If you need to access the funds from any of your early repayments, the redraw facility gives you the ability to do so without charge.
The 100 per cent offset account option uses the balance from your transaction account to offset the interest on your loan by only charging interest on the difference between your account balance and the balance on your loan. However, this option is not available to line of credit customers.
Only a small deposit of five per cent is required for the iMortgage Prime Loan, but be sure to take into account the cost of lenders mortgage insurance if you make less than a 20 per cent deposit on your property.
The Prime Loan is available for a range of different borrowers and caters to a broad range of needs.
And, since iMortgage is an online lender, the Prime Loan would best suit borrowers who are comfortable with doing everything that pertains to their home loan online or over the phone.
However, be careful in ensuring that you know exactly which interest rate and fees apply to you with this loan, since the rates on the Prime Loan range from very low to moderately high depending on your borrowing purposes and the length of your fixed term, if applicable.
Read more information about the options available on the iMortgage Prime Loan by following the links provided below.