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.

After the introductory period, the loan then reverts to the IMB Fully Featured Variable Home Loan with a discounted rate. This loan is suited for first home buyers.

Product NameIMB Introductory Variable Rate Home Loan (NSW and ACT borrowers only)
Interest Rate TypeVariable
Interest Rate (p.a.)4.42%
Comp Rate^ (p.a.)4.80%
Minimum Loan Amount$10,000
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR90%
Mortgage Offset AccountNo
Mortgage 100% OffsetNo
Loan Redraw FacilityYes
Split Loan FacilityYes
Fixed Interest OptionYes
Suitable for InvestmentNo
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest
Application Fee$445
Ongoing Fees$10 monthly ($120 p.a.)
Settlement Fee$323.74
Discharge Fee$50


  • Enjoy a lower rate for the first 12 months
  • Redraw facility
  • Split options


  • Application fee of $445
  • There is $323.74 settlement fee.
  • Monthly fees of $10

Things to consider about the IMB Introductory Variable Home Loan

For the first 12 months after your loan terms begin, the interest applied to your balance is at a discounted rate of 4.42% p.a., with the comparison rate at 4.8% 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.

Features 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.


Fees you can avoid

  • 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.

Fees you can’t avoid

  • Application fee. There's a $445 charge for the application of this loan.
  • Mortgage processing fee. In addition, you will be charged $323.74 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 $50.

Calculate your repayments by filling in some of your details

How to apply for the IMB Introductory Variable Home Loan

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.

Also important to note is that any applicant living outside of ACT, NSW or VIC and not already a client of IMB will not be permitted to apply online. They may however apply by contacting IMB directly.

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.

Was this content helpful to you? No  Yes

Related Posts

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

IMB Introductory Variable Rate Home Loan (NSW and ACT borrowers only)

  • Interest Rate

    4.42% p.a.

  • Comparison Rate

    4.8% p.a.

  • App Fee / Annual Service Fee

    $445 / $10

  • Max LVR


Ask a question
Go to site