Enjoy flexibility and a competitive interest rate.
If you’re looking for a variable rate loan that is suitable for all types of borrowers, then you may want to consider the iMortgage Essential Loan. You can benefit from the flexibility of a variable rate and pay off your loan faster, as you can make additional repayments.
|Product Name||iMortgage Essential Home Loan|
|Interest Rate Type||Variable|
|Comp Rate^ (p.a.)|
|Minimum Loan Amount||$50,000|
|Maximum Loan Amount||$750,000|
|Minimum Loan Term||5 years|
|Maximum Loan Term||30 years|
|Maximum Insured LVR||90%|
|Loan Redraw Facility||Yes|
|Split Loan Facility||Yes|
|Suitable for Investment||Yes|
|Available as equity loan/line of credit||No|
|Repayment Type||Principal & Interest and Interest Only Options|
|Lender's Legal Fee||$0|
|Ongoing Fees||$0 p.a.|
- Make additional payments at any time.
- Access additional funds from the mortgage via the redraw facility.
- There is a $363 settlement fee.
- A $425 discharge fee applies when you pay off your home loan.
Things you may want to consider about this loan
This loan is suitable for:
- home buyers
- property investors
- debt consolidation
- equity release
This loan isn’t suitable for:
- vacant land
For those looking for a construction loan with iMortgage, they may want to consider the iMortgage Fusion loan instead or compare construction loans.
The iMortgage Essential loan is only available as a full documentation loan. A full doc loan is for salaried employees. Self employed borrowers for those looking for a low doc option, they may want to consider iMortgage’s sister company, Homeloans — which have low doc loans or compare other low doc loans.
Features of the iMortgage Essential Loan
- Loan term. This loan has a minimum term of 5 years and a maximum of 30 years.
- Loan amount. The minimum loan amount $50,000 and the maximum is $750,000.
- Loan to Value Ratio (LVR). You can borrow up to 90% of the purchase price, but please keep in mind that an LVR of over 80% will incur lender’s mortgage insurance (LMI).
- Repayment options. You can choose principal and interest repayments or interest-only repayments for up to 10 years when you need those extra funds. You can also choose to repay weekly, fortnightly and monthly. However, interest-only customers can only pay on a monthly basis. You can choose to repay by salary credit, BPAY or direct debit.
- Redraw facility. This feature is available through internet banking and there is a minimum redraw of $500 to carry out a fee-free redraw. To qualify as fee-free use either telephone banking, online banking, ATMs, EFTPOS or direct credit.
- Additional repayments. Pay off your loan faster by making additional repayments and reach the goal of owning your home sooner.
- Loan portability. This feature enables your home loan to be transferred from one property to another, saving you many refinancing costs. There is no need to payout your home loan and take out a new one.
- Customer benefits. As an iMortgage customer, you could be eligible for discounts on groceries, dining, movie tickets, airline lounge memberships and many more programs.
Loan fees and details
Fees you can avoid
- Application fee $0. iMortgage is currently waiving this application fee.
- Lender’s Mortgage Insurance (LMI). This amount depends on your lender, but it is only payable if your LVR is more than 80%.
- Discharge fee $425. If you repay the loan early or decide to switch loans, then you will have to pay this fee.
Fees you can’t avoid
- Valuation fee $260. This covers the cost of your lender sending a valuer to the property to estimate its price.
- Settlement fee $363. This fee covers the cost of approving and finalising your loan.
How to apply for the iMortgage Essential Loan
If you think the iMortgage Essential Loan is for you, or if you would like more information then clicking ‘enquire’ will safely redirect you the iMortgage website.
- You will need to complete an online enquiry form
- An iMortgage consultant will contact you by phone or email
- You will need to send the appropriate documents to iMortgage such as confirmation of your identity and financial position
- Your application will be assessed and if all conditions are met you will proceed to approval