We understand things can change and we’re here to discuss any changes you would like to make to your IMB loan. Changing your loan may include:
Switching to a new product or interest rate
- You may be able to switch your loan between fixed and variable rates, or switch products to accommodate your needs. Different products can offer different facilities, such as an offset account, or the ability to make unlimited extra repayments. Interest rates often differ between products, depending on the facilities available.
Fixing your home loan interest rate
- Fixing your interest rate can give you peace of mind that your rate won’t change within the fixed term. We offer a range of fixed terms to suit your needs.
Changing your repayment type (example – interest only)
- Changing your repayment type to suit your needs can be discussed with an IMB home loan consultant. Depending on the change, your financial situation may need to be assessed.
Updating your loan purpose (example - switch from owner occupier to investment loan)
- If you are now renting out your home, or if you have moved into your investment property, the purpose of your loan may need to be updated.
- Please give us a call to discuss your options at this stage.
Refinancing
- Refinancing your existing IMB loan could allow you to take your loan over a different term, add other people onto the loan account, or consolidate multiple loans into one. Chat to an IMB home loan lender to explore your options.
Splitting your loan
- Splitting your loan account can have a range of benefits. You can choose to have one fixed and one variable account, or multiple loans of the same type.
Increasing your loan amount
- Topping up on your existing loan is one way to borrow additional funds.
Changing your repayment frequency
- Repayments on IMB loan accounts are due monthly, however you may choose to pay into your loan account more frequently. You can choose to pay weekly or fortnightly, making sure that your minimum monthly payment is on the loan account before the due date. Use our home loan repayment calculator to find out how much you might save by changing your repayment frequency.
Adding an offset account
Adding an offset account can save you interest on your loan account. This works by offsetting the daily balance of your eligible linked transaction account to your loan.
Some things to consider:
- 100% Offset is only available on selected loan products. You may need to switch your loan to a new product before you can add an offset facility.
- Offset is available on the IMB Everyday and Everyday unlimited transaction accounts.
- Eligible transaction accounts must be owned by the all borrowers on the loan. For example, if your loan has joint borrowers, then your transaction account must be in joint names.
