Independent low-rank matrix analysis (ILRMA) is a fast and stable method for blind audio source separation. Conventional ILRMAs assume time-variant (super-)Gaussian source models, which can only represent signals that follow a super-Gaussian distribution. In this paper, we focus on ILRMA based on a generalized Gaussian distribution (GGD-ILRMA) and propose a new type of GGD-ILRMA that adopts a timevariant sub-Gaussian distribution for the source model. By using a new update scheme called generalized iterative projection for homogeneous source models, we obtain a convergence-guaranteed update rule for demixing spatial parameters. In the experimental evaluation, we show the versatility of the proposed method, i.e., the proposed time-variant sub-Gaussian source model can be applied to various types of source signal.