Interest rates are one of the most important aspect of your home loan, and the IMB Bank Budget Special home loan has a competitive variable interest rate of 3.69% (3.69% comparison rate) on offer. This special offer also comes with no annual or application fees.
Having said that, there are a number of IMB Bank Budget home loan rate tiers available that differ depending on how much you have saved as a deposit and what kind of repayments you’re making. If you opt for one of these, there’s a $445 application fee and a $323.74 legal fee.
Whether you’re wanting to purchase your first apartment, or your looking to upscale into a seaside villa, the wide $75,000 - $5,000,000 loan limits, will give you a good opportunity to get the home you need. Plus the IMB Bank Budget Special home loan lets you choose between weekly, fortnightly and monthly repayment terms.
If you want to save on interest by making extra repayments, you’ll be able to do so for free. And if you need to get that money back for some extra help on a rainy day, you can do so for no extra costs, as long as you redraw a minimum of $500.
With the IMB Bank Budget Special home loan you’re also able to take advantage of a split rate option, so you can have both the consistency of a fixed rate and the flexibility of a variable rate.
Who it's good for:
Owner occupiers who are able to take advantage of the special offer are best for this loan, as it will mean avoiding upfront fees that accompany other versions of the loan.
While the loan does allow you to have a maximum LVR of 90%, remember that as with any home loan, if you’re borrowing more than 80% of the property price, you’ll need to pay mortgage lender insurance, which could add thousands to your bill.