Unlock the equity in your home
If you’re a homeowner, before you put that next big purchase on your credit card, you may want to consider a line of credit on your home loan.
specialGet one of the lowest variable interest rates on the market and pay no application or ongoing fees
Get one of the lowest variable interest rates on the market
Smart Home Loan
Fixed - 5 years
Interest rate structure
Fixed - 5 years
$10k - $100m
Principal & interest
Loan term range
5 - 30 years
Unlimited extra repayments
Redraw fee: $0
Allows split interest
ACT, NSW, NT, QLD, SA, TAS, VIC, WA
Estimated upfront fees
Minimum SMSF Amount
Since 1880, IMB has been helping Australians reach their financial goals by providing them with access to banking, home and personal loans, financial planning and a wide range of financial products and services. IMB bank has a large community focus and works actively with local communities to provide financial support for projects. Over the years, IMB has grown its branch network throughout the Illawarra, Sydney, NSW South Coast, the ACT and Melbourne.
A fixed rate home loan is a loan where the interest rate is set for a certain amount of time, usually between one and 15 years. The advantage of a fixed rate is that you know exactly how much your repayments will be for the duration of the fixed term. There are some disadvantages to fixing that you need to be aware of. Some products won’t let you make extra repayments, or offer tools such as an offset account to help you reduce your interest, while others will charge a significant break fee if you decide to terminate the loan before the fixed period finishes.
A variable rate home loan is one where the interest rate can and will change over the course of your loan. The rate is determined by your lender, not the Reserve Bank of Australia, so while the cash rate might go down, your bank may decide not to follow suit, although they do broadly follow market conditions. One of the upsides of variable rates is that they are typically more flexible than their fixed rate counterparts which means that a lot of these products will let you make extra repayments and offer features such as offset accounts.
Split rates home loans
A split loan lets you fix a portion of your loan, and leave the remainder on a variable rate so you get a bet each way on fixed and variable rates. A split loan is a good option for someone who wants the peace of mind that regular repayments can provide but still wants to retain some of the additional features variable loans typically provide such as an offset account. Of course, with most things in life, split loans are still a trade-off. If the variable rate goes down, for example, the lower interest rates will only apply to the section that you didn’t fix.