IMB Essentials Home Loan

Rates and Fees verified correct on September 29th, 2016

Get the most out of your home loan with the IMB Essentials Home Loan

The IMB Essentials Home Loan is a basic home loan complete with added benefits. As its name suggests, this loan covers all the essentials you would want from a home loan including flexibility in repayments, a life-of-loan discount off the standard variable interest rate and zero monthly account-keeping fees to keep things simple and affordable.

If the Essentials Home Loan doesn’t sound like it’s right for you, IMB offers a range of other home loans including fixed rate loans, package loans and introductory rate loans. They also offer a range of other products such as personal loans, car loans and everyday banking.

Interest Rate Max Insured LVR Max LVR
LVR < 80% (Owner Occupier)
4.09% p.a.
Comparison Rate
4.09% p.a.
80% 80%
LVR > 80% (Owner Occupier)
4.31% p.a.
Comparison Rate
4.33% p.a.
95% 80%
LVR <=90 (Investor Only)
4.16% p.a.
Comparison Rate
4.16% p.a.
90% 80%
Product NameIMB Essentials Home Loan
Interest Rate TypeVariable
Comp Rate^ (p.a.)
Minimum Loan Amount$75,000
Minimum Loan Term1 year
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR95%
Mortgage Offset AccountYes
Mortgage 100% OffsetYes
Loan Redraw FacilityYes
Split Loan FacilityYes
Loan PortableYes
Suitable for InvestmentYes
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest and Interest Only Options

Application Fee$0
Lender's Legal Fee$0
Valuation Fee$0
Ongoing Fees$0 p.a.
Settlement Fee$0
Discharge Fee$50

Pros

  • 100% offset account attached.
  • $0 monthly fees or application fees.

Cons

  • $50 discharge fee when closing the loan.
  • $100 split loan fee if you wish to split your loan between fixed and variable.

Things to consider about the IMB Essentials Home Loan

This home loan is predominantly used to purchase property. This loan can be used for both personal and investing purposes, depending on what your financing needs are. The loan is a variable home loan that provides you with flexibility in terms of repayments and redraws. It’s a basic home loan that gives you the essentials you want with some added benefits and cost-saving opportunities.

Features of the IMB Essentials Home Loan

  • Maximum and minimum loan amount. The maximum Loan to Value Ratio (LVR) you can enjoy with this loan is 95% of the property’s value, but know that loans over 80% of the property’s value will incur a Lender’s Mortgage Insurance premium. The minimum amount you can borrow with this loan is $75,000.
  • Maximum loan term. You can take out this home loan for a maximum period of up to 30 years.
  • Life-of-loan discount. With this loan, you will receive a life-of-loan discount off the standard variable interest rate, helping you to save.
  • Repayment flexibility. The Essentials Home Loan allows you to make unrestricted repayments, potentially saving you thousands in interest by paying off your home loan faster.
  • Redraw facility. This home loan also allows you to redraw on any additional payments you make. You may redraw for free via the internet or mobile banking, allowing you to access your funds when you need it the most.
  • Split loan option. IMB also allows you to split your loan between a fixed and variable rate.
  • Mortgage offset account. The IMB Essential Home Loan offers a mortgage offset account which is linked to your loan and offsets any interest on your loan. If you have $10,000 in your offset account for example, and a loan of $300,000, you’ll only pay interest on $290,000.
  • Loan repayment insurance. Loan repayment insurance is also available on this loan to provide you with greater security and peace of mind.

Fees

Fees you can avoid

  • Application fee: $0. There is no application fee with this loan.
  • Monthly fees: $0. There are zero monthly fees.
  • Establishment fees: $0. With this loan, there’s no establishment fee to set up your loan.
  • Mortgage processing fees: $0. There are also no fees associated with processing your mortgage.
  • Redraw fee: $0. If you redraw via internet or mobile banking, there are no fees. However, other forms of redrawing may attract a $50 fee.
  • Additional loan application fee: $300. This fee is for any additional loans you apply for with no new security.
  • Split loan: $100. A $100 fee applies for each loan split.

Fees you can’t avoid

There are no fees with this loan which you can’t avoid, but here are some of the extra fees you might have to pay depending on your situation:

  • Closure fee: $50. This fee applies to the closure of all variable rate home loan products.

Know how much you want to borrow? Use our calculator to find out what your repayments will be

How to apply for the IMB Essentials Home Loan

To take advantage of the IMB Essentials Home Loan, simply click ‘go to site’ to initiate your application process. To apply, you must be at least 18 years old and a permanent Australian resident, and you must declare any bankruptcies or legal proceedings made against you. You must be applying for new funds only, meaning you can’t refinance to this loan from another IMB loan.

Once you meet the above eligibilities, you are ready to initiate your application. You will typically need the following information and documentation ready:

  • Contact details
  • Proof of identify
  • Employment details
  • Membership details (if you are already a member of IMB)
  • Financial details

If the IMB Essentials Home Loan sounds like it’s right for you after you have compared the home loans available, get the process underway and speak to a mortgage specialist from IMB today.

IMB Essentials Home Loan Interest Rate History vs RBA Cash Rate Graph

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This page was last modified on 9 July 2015 at 10:17.

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6 Responses to IMB Essentials Home Loan

  1. Default Gravatar
    Wendy | September 2, 2015

    Are there any government charges such as the cost of having mortgage title released and re-registered when taking out this loan for refinancing purposes? Also is there a valuation fee. Thanks.

    • Staff
      Jodie | September 3, 2015

      Hi Wendy,

      Thank you for reaching out.

      You have come through to finder.com.au we are a financial comparison website that offers consumers generalised information on loans but are not affiliated to the lenders besides linking to them.

      Generally speaking when you refinance you will need to pay some fees to your current lender to discharge the mortgage from them in order to move it to your new lender. If you would like to have a better idea of the possible fees and charges involved in refinancing we have a page dedicated to this.

      In terms of the IMB Essentials Home Loan I would recommend clicking on the ‘Go to Site’ button on this page which will take you to their website where you can begin this conversation with them directly.

      Regards
      Jodie

  2. Default Gravatar
    Sue | August 6, 2015

    If we took out a loan over the maximum term allowable but then paid it off in a year or two when we sell our current property, are there any penalties for early pay-out? thank you

    • Staff
      Belinda | August 6, 2015

      Hi Sue,

      Thanks for your enquiry.

      For the IMB Essentials Home loan, there is no deferred establishment fee if you decide to refinance or pay off the mortgage within a shorter period of time.

      Thanks,
      Belinda

  3. Default Gravatar
    Nick | March 17, 2015

    Which specific documents are required for a home loan please.

    • Staff
      Shirley | March 18, 2015

      Hi Nick,

      Thanks for your question.

      IMB will advise on the specific documents required for your loan application. If you’re a new customer with IMB, you’ll need to provide one primary photographic identification document, this includes your passport or driver’s licence.

      You’ll also need to supply two of your most recent payslips. If you’re self-employed the requirements are different. If you receive Government benefits you need to provide the latest government advice letter.

      You will also need to provide evidence of your current saving and liabilities. This includes any bills, credit cards, personal loans or funds in your bank account.

      Cheers,
      Shirley

IMB Essentials Home Loan

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    $0 / $0

  • Max LVR

    80%

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