Enjoy the discounted variable rate for the first 12 months whilst also having the security of fixing a portion of your loan with IMB Discount Split Home Loan.
This home loan combines a discounted variable rate with the IMB Fixed Rate Home Loan which gives you the benefits of unlimited extra repayments on the variable portion. This loan is suitable for owner-occupier's looking to utilise the benefits of a variable rate home loan but want to split their loan and have a portion that has the security of a fixed rate.
|Product Name||IMB Discount Split Home Loan - Owner Occupier|
|Interest Rate Type||Fixed|
|Interest Rate (p.a.)||3.74%|
|Comp Rate^ (p.a.)||3.84%|
|Minimum Loan Amount||$10,000|
|Maximum Loan Amount||$5,000,000|
|Minimum Loan Term||1 year|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||95%|
|Mortgage Offset Account||No|
|Mortgage 100% Offset||No|
|Loan Redraw Facility||Yes|
|Split Loan Facility||Yes|
|Fixed Interest Option||No|
|Suitable for Investment||No|
|Available as equity loan/line of credit||No|
|Repayment Type||Principal & Interest and Interest Only Options|
|Lender's Legal Fee||$323.74|
|Ongoing Fees||$6 monthly ($72 p.a.)|
- A discounted variable rate for 12 months.
- Security of fixed interest rate on a portion of the loan.
- There is $445 application fee.
- There is a $150 mortgage processing fee.
Things to consider about the IMB Discount Split Home Loan
The IMB Discount Split Home Loan is available with a discounted interest rate for the first 12 months on the variable portion and the security of fixing a portion of your loan. This loan is available for new borrowers only it is not available if you are switching from or refinancing from another IMB home loan. This loan is also only available to owner-occupier borrowers and not for the purpose of purchasing an investment property.
The variable portion of this loan is discounted for the first 12 months and then will revert to the IMB Standard Variable Rate Home Loan interest rate at the time. The fixed portion will need to be fixed for a term of at least three years with a loan amount equal to that of the variable portion.
Features of the IMB Discount Split Home Loan
- Minimum loan amount. The IMB Discount Split Home Loan is available for loans of $10,000 or more.
- Maximum LVR. This loan allows you to borrow up to 95% of the value of the property you are purchasing, you may be required to pay Lender's Mortgage Insurance (LMI) if you borrow more than 80% LVR.
- Maximum loan term. The IMB Discount Split Home Loan is available for a maximum term of 30 years.
- Repayment options. You can choose to make your repayments on a weekly, fortnightly or monthly schedule, whichever suits your budget.
- Additional repayments. You can make extra repayments towards your variable portion at any time without incurring any extra fees. With the fixed portion of the loan you are limited to making up to 12 months worth of extra repayments.
- Redraw facility. You can access the additional repayments you make towards this loan through a free redraw facility available via internet and mobile banking.
- Loan repayment insurance. For added security and confidence, loan repayment insurance is available with the IMB Discount Split Home Loan.
- Ongoing fees: $6 per month. This adds up to $72 per year and accounts for the general maintenance of your accounts.
- Application fee: $445. This standard fee covers the cost associated with preparing your loan documents.
- Settlement fee: $150. This charge includes legal and title insurance fees when setting up your home loan documents.
- Discharge fee: $50. This fee applies when you close your home loan.
How to apply for the IMB Standard Variable Rate Home Loan?
If you’re interested in the features and benefits of the IMB Discount Split Home Loan and would like to find out a little more about it, click the ‘Go to site’ link on this page. You’ll be securely redirected to the IMB website, where you can read about the full details of the loan and also begin the application process.
You must be an Australian permanent resident and at least 18 years of age in order to be eligible for this loan. You can complete a loan application online in about 20 minutes. During the application process, you will need to provide:
- Your full, name, address and contact details
- Proof of ID
- Evidence of your income from all sources
- Details of your employment history
- Information about any assets you own
- Information about your liabilities and ongoing financial commitments
- Details about the property you wish to purchase
The IMB Discount Split Home Loan offers a range of competitive features to suit a variety of borrowers. However, before you choose any loan, it’s essential that you compare a range of mortgages to get a better idea of which loan meets all your borrowing requirements.