Save on your home loan without comprising on the features you need with the affordable IMB Budget Home Loan.
The IMB Budget Home Loan is an affordable option for those who want a comprehensive loan without spending big. You still get all the features you want in a home loan, including: a life-of-loan discount, unrestricted repayments, flexibility in repayments and free withdrawals. Along with these features, you get a simple and affordable home loan.
If the Budget Home Loan isn’t right for you, IMB offers other variable home loan options such as the Essentials Home loan, the Introductory Variable Home Loan, the Discount Split Home Loan and Standard Variable Home Loans. There are also the Fixed Home Loan and Platinum Package loans.
|Product Name||IMB Budget Home Loan|
|Interest Rate Type||Variable|
|Comp Rate^ (p.a.)|
|Minimum Loan Amount||$75,000|
|Minimum Loan Term||1 year|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||90%|
|Mortgage Offset Account||No|
|Mortgage 100% Offset||No|
|Loan Redraw Facility||Yes|
|Split Loan Facility||Yes|
|Suitable for Investment||No|
|Available as equity loan/line of credit||No|
|Repayment Type||Principal & Interest and Interest Only Options|
|Lender's Legal Fee||$0|
|Ongoing Fees||$0 p.a.|
- Enjoy a discounted interest rate for staying below 80% of the property value.
- Make extra payments at any time.
- Withdraw excess funds from the mortgage via the redraw facility.
- There is a $323.74 mortgage processing fee.
- There is a $0 per month account fee.
- A $0 discharge fee applies when you pay off your home loan.
Things to consider about the IMB Budget Home Loan
This home loan can be used both for investment and personal purposes. That is, you can utilise this home loan if you are purchasing your own home to live in or if you are purchasing an investment property.
Features of the IMB Budget Home Loan
- Minimum loan amount. The minimum loan amount is $75,000.
- Loan to Value Ratio (LVR). You can borrow up to 95% of the property value with this loan, although keep in mind that borrowing over 90% LVR might come with different interest rates (and include a Lender’s Mortgage Insurance premium for loans over 80% of the property’s value).
- Loan period. The maximum loan term for the IMB Budget Home Loan is 30 years.
- Life of loan discount. With the IMB Budget Home Loan you will receive a discount off the standard variable interest rate for the life of the loan.
- Repayments. This home loan provides you with flexibility in terms of repayments. You can make weekly, fortnightly or monthly repayments and you can also make unrestricted additional repayments to assist you in paying off your loan and saving on interest.
- Redraw facility. The Budget Home Loan also allows you to make redraws so you can access the additional repayments you make when you need them the most instead of having them locked up in repayments. You can also redraw for free via internet or mobile banking for further convenience.
- Split loan. Split loans are also available with the Budget Home Loan, allowing you to split the loan between variable and fixed rates.
- Loan repayment insurance. For further security, you can also choose to take out loan repayment insurance.
Fees you can avoid
- Redraw fee: $0. Redraws that are made through internet or mobile banking are free of charge and ones that are processed in branch attract a $50 fee.
Fees you can’t avoid
- Application fee: $445. This fee is charged for the setup of your home loan.
- Monthly account service fees: $0 per month.
- Mortgage processing fee: $323.74. This fee is charged for processing your home loan.
- Closure fee: $50. This fee applies to all IMB variable rate home loans.
- Split loan fee: $100. IMB charge this fee every time you split your loan.
Know how much you want to borrow? Use our calculator to find out what your repayments will be
How to apply for the IMB Budget Home Loan
If the IMB Budget Home Loan sounds like it could be the home loan to make your dreams come true, then all you need to do is click ‘Go to Site’ and begin your application process.
Before you apply, there are some eligibilities you must meet:
- Be at least 18 years old. To be eligible for this loan, you must be 18 years of age or older.
- Be a permanent Australian resident. You also need to be an Australian resident and must be able to prove this.
- You can’t have declared bankruptcy or had any legal proceedings against you in the collection of debt. Applicants must declare this up front.
- For new funds only. You can’t get a Budget Home Loan from IMB if you’re refinancing from another home loan with IMB.
If you meet the above eligibilities, you are now ready to begin your application. Make sure you have the following information and documentation ready:
- Contact details. This includes your name and contact information.
- Proof of identity. A driver’s license or passport will be required in addition to more information.
- Employment details. This will generally include the name of your employer and confirmation of your income.
- Membership details. If you are already a member of IMB you’ll be required to enter in your member details.
- Financial details. This includes details of your assets, debts and open credit accounts.
If you’re interested in the IMB Budget Home Loan add it to your comparison today.