IMB Introductory Variable Home Loan

Get a head start on your home loan with a lower rate for the first 12 months

The IMB Introductory Variable Home Loan helps you save interest on your first year, so you can use the extra funds to get a head start paying off your loan or pay for upgrades to your new home. During this period, you’ll be able to make unrestricted additional repayments.

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Review by

Marc Terrano is a lead publisher and growth marketer at Finder. He has previously worked at Finder as a publisher for frequent flyer points and home loans, and as a writer, podcast host and content marketer. Marc has a Bachelor of Communications (Journalism) from the University of Technology Sydney. He’s passionate about creating honest and simple reviews and comparisons to help everyone get value for money.

Expert review

For the first 12 months after your loan terms begin, the interest applied to your balance is at a discounted rate of 3.71% p.a., with the comparison rate at 3.32% p.a.. The revert variable rate will then convert to the IMB Standard Variable Home Loan with a discounted variable rate.

The IMB Introductory Variable Home Loan is an introductory loan, and not available for those refinancing from an existing IMB loan. It is a loan for owner-occupiers purchasing a residential property and is not available for investment.

About this loan

What are the features and benefits of the IMB Introductory Variable Home Loan?

  • Loan to value ratio (LVR). The maximum LVR is 90%, but borrowers wishing to avoid paying lender's mortgage insurance (LMI) should only borrow up to 80% of the home's value.
  • Loan terms. This loan may be spread out for a period of up to 30 years.
  • Repayment frequency. You can make your repayments monthly, fortnightly or weekly.
  • Repayment types. This mortgage only allows for principal and interest repayments. In addition, you are allowed an unlimited amount of extra repayments if you are interested in paying the loan off faster.
  • Redraw. If you do make additional repayments then can be redrawn for free online or through your mobile banking application. The minimum amount you may withdraw at a time is $500.
  • Loan amount. You can borrow as little as $10,000 with this loan.
  • Split facility available. This facility is available if you'd like a portion of your loan to have a fixed interest rate for a set period of time. This enables you to get some of the benefits of fixed rates, such as the security of knowing your rate and repayments won't change, and also the benefits of variable rate home loans, namely that you can enjoy a lower rate if IMB decides to cut interest rates.

What fees and charges come with this loan?

  • Redraw fee. The redraw facility offered with this loan is free. Remember that this facility is only available online and through mobile banking.
  • Split fee. If you choose to split your loan you'll need to pay a fee of $100 per split.
  • Application fee. There's a $449 charge for the application of this loan.
  • Mortgage processing fee. In addition, you will be charged $350 for the processing of your loan.
  • Monthly fees. There is a monthly administrative fee of $10 with the IMB Introductory Variable Home Loan.
  • Exit fee. At the termination of your home loan, you will be charged $350.

How to apply

Please click on 'go to site' if you'd like to apply for this home loan. Ensure that you meet the following criteria:

  • Age. Any and all applicants must be at least 18 years of age.
  • Residency. Only permanent Australian residents and citizens can apply.
  • Credit. An applicant will not be considered if they have had a judgment or legal action held against them in the pursuit of an unpaid debt.

Have the following paperwork handy to help make filling it out easier:

  • Personal information. Have your full name, date of birth and driver's licence number ready along with your current permanent address.
  • Employment. You will be asked for the details of your employment and contact information for your employer.
  • Assets. Have a list of all of your assets, including vehicles, property and savings accounts.
  • Liabilities. You will need to be able to provide a detailed list of all of your current debts. Be sure to include the balances and amount of available credit.

The application should take between 15 to 20 minutes to complete. Afterwards, a representative from the bank will be in touch with you to discuss your application.

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