iMortgage is the online-only arm of Homeloans Ltd, which was established in 1985 and is recommended by over 6000 mortgage brokers Australia-wide. IMortgage, together with Homeloans Ltd, is one of Australia’s largest non-bank lenders and has won numerous awards including the Australian Lending Award for Best Non-Bank Lender and the Mortgage and Finance Association of Australia award for Mortgage Manager of the Year. iMortgage customers can benefit from the Homeloans Ltd customer support network.
iMortgage Home Loan Calculator
Interested in an iMortgage home loan? RateCity has a suite of calculators that can show you what your repayments would be and how iMortgage compares to its competitors. Simply plug in your borrowing amount below.
iMortgage home loans rates
- Flexible loan options.
- Loans cater to borrowers with a wide range of needs.
- Some loans offer discounted interest rates.
- Most loans can accommodate borrowers with a smaller deposit.
- Limited branch network.
- Some loans have annual fees.
iMortgage is an online-only lender which means that there are no branches. Having said that, iMortgage customers have access to telephone support and can email enquiries directly through to an iMortgage consultant. iMortgage loan holders have access to a dedicated Client Services team who can help with any ongoing loan enquiries.
✓ Customer service centre (phone)
✓ Online banking
How to Apply
Borrowers wanting to apply for an iMortage home loan can either complete an online enquiry form, pop into a branch or call through to the contact centre for more support. Before applying for an iMortage home loan, consider what you can afford to borrow and what other costs you need to factor in. To apply for an iMortage home loan, you will need to supply the following information:
- Provide personal information including proof of identity.
- Proof of income and employment including employers contact details.
- Provide a list of debts, assets and liabilities.
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Most comparison sites give you information about rates, fees and features, but expect you’ll pay more with a low advertised rate and $400 ongoing fee or a slightly higher rate and no ongoing fee. The answer is different for each borrower and depends on a number of variables, in particular how big your loan is. Comparisons are either done based on just today or projected over a full 25 or 30 year loan. That’s not how people borrow these days. While you may take a 30 year loan, most borrowers will either upgrade their house or switch their home loan within the first five years.
You’re also expected to know exactly which features you want. This is fine for the experienced borrower, but most people know some flexibility is a good thing, but don’t know exactly which features offer more flexibility than others.
What is the flexibility score?
Today’s home loans often try to lure borrowers with a range of flexible features, including offset accounts, redraw facilities, repayment frequency options, repayment holidays, split loan options and portability. Real Time Ratings™ weights each of these features based on popularity and gives loans a ‘flexibility score’ based on how much they cater to borrowers’ needs over time. The aim is to give a higher score to loans which give borrowers more features and options.
They’re not always timely
In today’s competitive home loan market, lenders are releasing new offers almost daily. These offers are often some of the most attractive deals in the market, but won’t get rated by traditional ratings systems for up to a year.
The assumptions are out of date
The comparison rate is based on a loan size of $150,000 and a loan term of 25 years. However, the typical loan size is much higher than that. Million dollar loans are becoming increasingly common, especially if you live in metropolitan parts of Australia, like Sydney and Melbourne. It’s also uncommon for borrowers to hold a loan for 25 years. The typical shelf life for a home loan is a few years.
The other problem is because it’s a percentage, the difference between 3.9 or 3.7 per cent on a $500,000 doesn’t sound like much, but equals around $683 a year. Real Time Ratings™ not only looks at the difference in the monthly repayments, but it will work out the actual cost difference once fees are taken into consideration.