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- Budget Home Loan (Principal and Interest) (LVR < 80%)
Budget Home Loan
- 2024 Award Winner
- Cashback
- Owner Occupied
- Variable
- 20% min deposit
- P&I
Up to $2,000 cashback for loans $500,000 and above with maximum LVR of 80%.
Min $500k new lending to IMB with ≤80% LVR. Owner occupier and Investment loans. P&I and Interest Only repayments. Must settle within 90 days. Purpose to refinance an existing home loan from another financial institution to IMB Bank No refinance of IMB loans. Cashback paid to IMB transaction account within 60 days of settlement. Limit of 1 cashback per eligible application for borrower/s in 12-month period.
Interest rate p.a.
6.14%
Comparison rate* p.a.
6.17%
Budget Home Loan
- 2024 Award Winner
- Cashback
- Owner Occupied
- Variable
- 20% min deposit
- P&I
Interest rate p.a.
6.14%
Comparison rate* p.a.
6.17%
RateCity says
"A competitive variable rate home loan with free redraw, no ongoing fees, and split account option, available to owner occupiers."
Calculate your repayments for this loan
Your estimated repayment
$3,043
based on 500000 loan amount for 25 years at 6.14%
Monthly Repayment
$3,043
Total interest
$595,446
Total payments
$1,095,446
Start date
04-2024
End date
04-2049
Pros and Cons
For Budget Home Loan
Benefits
- Interest rates ranked in the best 20%
- No ongoing fees
- Extra repayments and redraw facility
- Free redraw facility
- Split account option
- Winner of Best Variable Home Loan, RateCity Gold Awards 2024
Drawbacks
- No offset account
- Higher than average upfront fee
- Discharge fee at end of loan
- No repayment holidays
IMB Bank Variable Rate Home Loan overview
For Budget Home Loan (Principal and Interest) (LVR < 80%)
Details
Maximum LVR
80%
Total repayments
$1,095,446
Interest rate type
Variable
Borrowing range
$10k - $100m
Suitable for
Owner Occupiers
Loan term range
5 - 30 years
Repayment type
Principal and Interest
Applicable states
ACT, NSW, NT, QLD, SA, TAS, VIC, WA
Repayment options
Fortnightly, Monthly, Weekly
Target Market Determination
Visit IMB Limited to view Target Market Determination.
Features
Extra repayments
Unlimited
Redraw facility
Redraw fee: $0
Offset account
Split interest facility
Loan portability
Repayment holiday available
Allow guarantors
Available for first home buyers
Other benefits
$400 application fee waived for loans with LVR < 80%
Fees
Total estimated upfront fees
$799
Application fee
$449
Legal fee
$350
Valuation fee
$0
Settlement fee
$0
Other upfront fee
$0
Ongoing fee
$0
Discharge fee
$350
