IMB Platinum Package Fixed Rate Home Loan Review

Rates and Fees verified correct on December 4th, 2016

Enjoy a discounted interest rate and a wide range of other benefits with an IMB Platinum Package Fixed Rate Home Loan.

IMB’s Fixed Rate Home Loan offers a competitive interest rate and the security of having a consistent loan repayment amount. If you want a home loan that can simplify all your banking products and services into one easy-to-manage bundle, taking out the Fixed Rate Home Loan as part of an IMB Platinum Package could be the perfect solution.

Package holders can take advantage of a discounted interest rate, no application fees, and a range of discounts and savings on several other IMB products. The package is available for an annual fee of $395 and is also available with IMB Variable Rate Home Loans.

Interest Rate Max Insured LVR Max LVR
1 Year Fixed (LVR <= 80% Investor)
4.29% p.a.
Comparison Rate
4.99% p.a.
80% 80%
1 Year Fixed (LVR >80% to <90% Investor)
4.54% p.a.
Comparison Rate
4.95% p.a.
80% 80%
1 Year Fixed (LVR > 90% Owner Occupier)
4.84% p.a.
Comparison Rate
4.89% p.a.
95% 90%
1 Year Fixed (LVR < 90% Owner Occupier)
4.19% p.a.
Comparison Rate
4.83% p.a.
90% 80%
2 Year Fixed (LVR < 90% Owner Occupier)
3.75% p.a.
Comparison Rate
4.70% p.a.
90% 80%
2 Year Fixed (LVR > 90% Owner Occupier)
4.84% p.a.
Comparison Rate
4.90% p.a.
95% 90%
3 Years Fixed (LVR <= 90% Investor)
3.95% p.a.
Comparison Rate
4.79% p.a.
95% 80%
3 Year Fixed (LVR < 90% Owner Occupier)
3.75% p.a.
Comparison Rate
4.62% p.a.
90% 80%
3 Year Fixed (LVR > 90% Owner Occupier)
4.84% p.a.
Comparison Rate
4.91% p.a.
95% 90%
4 Year Fixed (LVR < 90% Owner Occupier)
4.29% p.a.
Comparison Rate
4.73% p.a.
90% 80%
4 Year Fixed (LVR > 90% Owner Occupier)
4.99% p.a.
Comparison Rate
4.96% p.a.
95% 90%
5 Years Fixed (LVR <= 80% Investor)
4.44% p.a.
Comparison Rate
4.85% p.a.
80% 80%
5 Year Fixed (LVR < 90% Owner Occupier)
4.29% p.a.
Comparison Rate
4.69% p.a.
90% 80%
5 Year Fixed (LVR > 90% Owner Occupier)
5.19% p.a.
Comparison Rate
5.06% p.a.
95% 90%
5 Year Fixed (LVR >80% to <90% Investor)
4.64% p.a.
Comparison Rate
4.93% p.a.
80% 80%
Product NameIMB Platinum Package Fixed Home Loan
Interest Rate TypeFixed
Comp Rate^ (p.a.)
Minimum Loan Amount$150,000
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR95%
Mortgage Offset AccountNo
Loan Redraw FacilityYes
Split Loan FacilityYes
Fixed Interest OptionNo
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$395 p.a.
Settlement Fee$323.74
Discharge Fee$50

Pros

  • $0 application fee
  • $0 redraw fee
  • Pay up to 12 months worth of extra repayments fee free

Cons

  • $395 annual package fee
  • $323.74 settlement fee
  • $50 discharge or closure fee

Things to consider about the IMB Platinum Package Fixed Rate Home Loan

Borrowers who take out an IMB Platinum Package Fixed Rate Home Loan can enjoy a discount off the standard fixed interest rate offered by IMB. The exact rate you will receive for your loan varies depending on the fixed rate term and your loan-to-value ratio (LVR).

Available for loans of $150,000 or more, the Platinum Package allows borrowers to make up to one year’s worth of extra repayments in advance without incurring any penalties. The loan is available for new funds only, not for borrowers who want to switch or refinance from another loan.

Borrowers can also take advantage of an IMB Everyday Unlimited transaction account which offers no monthly fee and which allows fee-free transactions across all IMB channels. A no-annual-fee Platinum MasterCard is also included in the package, as are discounts off home and contents or landlord’s insurance.

Features of the IMB Platinum Package Fixed Rate Home Loan

  • Loan amount. The IMB Platinum Package Fixed Rate Home Loan is available for loans of $150,000 or more.
  • Maximum Loan-to-Value Ratio (LVR). Owner occupiers are allowed to borrow up to 95% of the value of the property, although lender’s mortgage insurance (LMI) is required for loans with an LVR of 80% or higher. Investors can borrow up to a maximum LVR of 80%.
  • Loan term. The IMB Platinum Package Fixed Rate Home Loan is available for a period of up to 30 years.
  • Repayments. Loan repayments can be made on a weekly, fortnightly or monthly basis.
  • Additional repayment flexibility. IMB allows you to make up to 12 months of extra repayments towards your loan at any time without incurring a penalty.
  • Free redraw. You can access your extra repayments through the loan’s free redraw facility, which is available via internet banking.
  • Line of equity. A line of equity is available to borrowers when the size of the home loan portion is at least $75,000 and the maximum allowable LVR is 90 per cent.
  • Split loan. Borrowers are able to hold up to four loans under the one package.
  • Fee-free transaction account. The IMB Platinum Package Fixed Rate Home Loan includes an IMB Everyday Unlimited transaction account with no account-keeping fee and fee-free transactions across IMB channels.
  • Platinum MasterCard. Package holders can also take advantage of an IMB Platinum MasterCard with no annual fee.
  • Other discounts. A 10% discount on home and contents insurance premiums and landlord insurance premiums for the first year is included, as is a free financial planning consultation.

Fees

Fees you can avoid:

  • Application fee: $0. This is typically charge when you make an application for a loan, however, is not charged with this loan.
  • Additional repayment fee: $0. You can pay up to 12months worth of extra repayments at any time without incurring additional fees.
  • Redraw fee: $0. You can redraw any additional repayments made fee free online.

Fees you can’t avoid:

  • Annual fee: $395. The IMB Platinum Package Fixed Rate Home Loan package attracts a fee each year.
  • Mortgage processing or settlement fee: $323.74. This fee covers the administrative costs associated with processing your home loan.
  • Discharge or closure fee: $50. This fee applies to all IMB home loans.

How to apply for the IMB Platinum Package Fixed Rate Home Loan?

If you’d like to find out more about the features and benefits of the IMB Platinum Package Fixed Rate Home Loan, click the ‘go to site’ link on this page to be taken to the IMB website. In order to qualify for the package, you’ll need to be a permanent Australian resident and at least 18 years of age. You will also need to have an initial total package borrowing of $150,000 or more and be willing to pay the $395 annual fee.

During the application process, you’ll need to supply a number of details so that IMB can determine your borrowing capacity, including:

  • Your full name and contact details
  • Details of your employment and evidence of your income
  • Details of the assets you own
  • Information about your liabilities and ongoing expenses
  • Information about the property you are going to purchase

The IMB Platinum Package Fixed Rate Home Loan offers a wide range of useful features for the right borrower, so find out more about the package today. Compare it with other loan products on the market before choosing the right mortgage for your situation.


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IMB Platinum Package Fixed Rate Home Loan Review Interest Rate History vs RBA Cash Rate Graph


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This page was last modified on 31 March 2016 at 2:38.

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IMB Platinum Package Fixed Home Loan

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    $0 / $395

  • Max LVR

    80%

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