IMB Equity Line Advantage Home Loan review

Consolidate your finances and take charge of your debt with the IMB Equity Line Advantage.

In our busy, time-poor world, managing your finances can be tricky business. With a home loan and one or more everyday accounts to take care of, staying on top of your mortgage repayments and getting your loan paid off can be quite difficult.

The IMB Equity Line Advantage is designed to make it a whole lot easier to stay in control of your finances. The Equity Line Advantage combines your home loan and all of your everyday accounts into one streamlined package, allowing you to put your entire income towards the goal of paying off your home loan.

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By

Richard Whitten

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Review by

Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206) and a Tier 1 Generic Knowledge certification (RG 146).

Expert review

The IMB Equity Line Advantage combines your home loan and everyday accounts into one. This means that the salary you earn is paid directly into your loan account, reducing the amount of interest the lender charges on your principal amount. You can then withdraw whatever funds you need to cover your living expenses from one day to the next. You can enjoy the freedom and flexibility of drawing up to your pre-approved credit limit whenever you need.

Other important features of the IMB Equity Line Advantage include no account-keeping fees and the freedom to make additional loan repayments without incurring a penalty. The loan is available for new funds only, not for anyone looking to switch or refinance.

About this loan

What are the features and benefits of the IMB Equity Line Advantage?

  • Loan amount. The IMB Equity Line Advantage is available for loan amounts of $20,000 or more. The maximum amount you can borrow with this product is $1,000,000.
  • Maximum loan-to-value ratio (LVR). The IMB Equity Line Advantage allows you to borrow up to 90% of the value of the property you purchase. However, you'll need to take out lenders mortgage insurance (LMI) if your loan has an LVR of 80% or more. Note that the maximum LVR for investors is 80%.
  • Loan period. This loan is available for a period of up to 15 years. After 15 years, the IMB Equity Line Advantage converts to a reducing credit facility.
  • Access. In addition to access to internet and mobile banking, you can access your IMB Equity Line Advantage at an IMB branch or via credit card or cheque.
  • Repayment schedules. You can choose from a weekly, fortnightly or monthly repayment schedule to suit your budget.
  • Additional repayments. Additional repayments on your IMB Equity Line Advantage are allowed at any time and will not lead to any extra fees.
  • Split loan. Borrowers can also take advantage of a loan split option for extra flexibility.
  • Loan repayment insurance. IMB borrowers can take out loan repayment insurance to provide an added level of security.

What fees and charges come with this loan?

  • Application fee: $449. This fee covers the cost associated with preparing your loan.
  • Settlement fee: $350. This fee is for the arrangement of all loan documents including any legal and title insurance fees incurred.
  • Discharge fee: $350. This is charged when you close your home loan accounts.

How to apply

If the flexibility offered by the IMB Equity Line Advantage sounds perfect for your financial needs, click the 'Go to site' link on this page. The link will take you to the IMB website where you can research this loan product further and decide whether it's right for you.

If you'd like to apply for the IMB Equity Line Advantage, you'll need to be a permanent Australian resident and at least 18 years of age. You'll also need to have a good credit history.

During the loan application process, IMB will ask you to provide a wide range of information and supporting documentation, which is used to determine your borrowing capacity. You'll need to provide:

  • Your full name and address
  • Your phone number and email address
  • A valid form of photo ID
  • Details of your employment, including your employer's contact details and how long you have been in your current position
  • Evidence of your income, including your salary and income from any other sources
  • Details of any assets you own
  • Information about your liabilities and other ongoing expenses, such as credit card debt
  • Information about the property you wish to purchase

IMB online applications can be completed in about 20 minutes.

The IMB Equity Line Advantage offers plenty of benefits for the right type of borrower, so make sure that you compare this loan with other similar products on the market to find a mortgage that matches your specific needs.

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