IMB has sliced nine basis points off its one-year fixed home loan interest rate, decreasing it to 4.79% (comparison rate 5.41%).

The new rate applies for loan amounts less than 90% of the property value.

Your Mortgage’s home loan calculator shows the reduction will save customers about $17 a month for a loan of $350,000, on a loan term of 20 years, compared to the previous rate.

For loan amounts greater than 90% of the property value, the one-year fixed home loan interest rate has also dropped by nine basis points to 4.99% (comparison rate 5.43%).

It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan