IMB home loans

IMB is an Australian mutual bank based in the Illawarra region of New South Wales. IMB has a range of home loans for investors and owner-occupiers. Check out the full table of IMB products below or read more about the lender and its loans.

Compare IMB home loans for November 2023

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Name	Interest Rate p.a.	Comparison Rate p.a.	Fees	Monthly Payment
IMB Budget Home Loan Principal & Interest20% min. depositOwner-occupier	Interest Rate 6.09%	Comparison Rate 6.12%	Fees Application: $449 Ongoing: $0 p.a.	Monthly Payment $909	More Info Compare	Up to $3,000 cashback offer Eligible refinancers can get $3,000 cashback for loans up to $400,000. Terms and conditions apply.
IMB Fixed Rate Home Loan Principal & Interest 2Y Fixed20% min. depositOwner-occupier	Interest Rate 5.79%	Comparison Rate 6.30%	Fees Application: $449 Ongoing: $6 p.a.	Monthly Payment $881	More Info Compare	Up to $3,000 cashback offer Eligible refinancers can get $3,000 cashback for loans up to $400,000. Terms and conditions apply.
IMB Essentials Home Loan Principal & Interest20% min. depositOwner-occupierOffset account	Interest Rate 6.14%	Comparison Rate 6.25%	Fees Application: $449 Ongoing: $10 p.a.	Monthly Payment $914	More Info Compare
IMB Fixed Rate Home Loan Principal & Interest 2Y Fixed5% min. depositOwner-occupier	Interest Rate 5.94%	Comparison Rate 6.33%	Fees Application: $449 Ongoing: $6 per month	Monthly Payment $895	More Info Compare
IMB Fixed Rate Home Loan Principal & Interest 3Y Fixed5% min. depositOwner-occupier	Interest Rate 5.94%	Comparison Rate 6.30%	Fees Application: $449 Ongoing: $6 per month	Monthly Payment $895	More Info Compare

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IMB home loan features

Here are the key features and details you need to know about IMB's mortgage products.

How do I apply for an IMB mortgage?

When applying for any home loan, you will need various documents to establish your identity, your financial situation, employment status and details about the property.

Eligibility

Each IMB product has specific eligibility criteria but some will apply to all products. For example:

• Age. You must be over 18 years of age.
• Residency. You should be a resident of Australia.
• Employment. You should have a regular source of income.

Documents required

When you apply for a mortgage with IMB you are required to provide certain information so make sure you have all your documents ready before you apply. The documents you will be expected to provide are:

📄 Property details. You can start a loan enquiry before you've bought a property. But to complete an application you need the address of the property and a signed contract of sale.

📄 Identification documents. You will need identification such as a driver's licence, passport or birth certificate.

📄 Proof of income documents. Recent payslips can establish your income.

📄 Asset and liability documents. You need to provide documents showing your current assets (savings accounts, investments) and liabilities (your outstanding debt).

How to apply for a home loan

How do I apply for an IMB reverse mortgage?

Applying for a reverse mortgage is not too dissimilar to applying for a standard home loan. However, there are some differing eligibility requirements.

In general, you will need to:

• Be at least 60 years of age
• Have equity in your property

You may find that you're only eligible for a certain proportion of the equity you have in the home depending on your age.

To apply for a reverse mortgage at IMB, you should speak to a mortgage broker or contact IMB itself.

Guide to reverse mortgages

Lenders like IMB

If you want to compare loans from similar lenders to IMB then you can start with these online lenders. They all have competitive rates and may be a better match for your needs:

• Australian Unity. This customer-owned bank is headquartered in Melbourne.
• Greater Bank. A Newcastle-based mutual bank with competitive rates.
• Community First. A New South Wales-based credit union.
• Great Southern Bank. A Queensland-based mutual bank with a range of home loans.
• Teachers Mutual Bank. One of Australia's largest mutual banks.

More home loan questions

• How do I compare IMB home loans?

  To make sure you find the right IMB loan you need a clear idea of what you're looking for in a mortgage. These simple questions can help:

  • Do you need to visit a branch? IMB has strong online support but also has branches, mainly in NSW and the ACT. If you want in-person help with a loan, check if there is a branch near you.
  • What do you need the loan for? If you're buying a home to live in you need an owner-occupier loan. Property investors need an investment loan rate. IMB has rates for both borrower types.
  • Fixed or variable? Do you want the flexibility of a variable rate loan that could rise or fall at any time? Or are you happy to lock in a fixed rate for a certain period so you can forget about rate changes?
  • What features do you need? You need to decide whether you need features like a 100% offset account, the ability to make extra repayments and the option to split your rate.

• What is home loan pre-approval?

  Home loan pre-approval is an optional step in the application process that some lenders offer. Pre-approval means a lender has examined your savings, income and spending habits and has a rough idea of how much it could lend you. It's not the same as full loan approval and it's no guarantee that the lender will ultimately approve a full application. But it does allow borrowers to start looking for a home with more confidence and a clearer idea of their borrowing power.

• Are there any risks going with a smaller lender?

  Most Australian borrowers bank with one of the Big Four banks (Commbank, ANZ, Westpac and NAB). You might have some concerns about getting a loan from a smaller lender you've never heard of, but there's no reason to worry.

  In Australia, banks and lenders are regulated by the Australian Prudential Regulation Authority (APRA) or the Australian Securities and Investments Commission (ASIC) and must comply with the National Consumer Credit Protection Act.

  IMB is considered an authorised deposit-taking institution (ADI). This means customers with money deposited in an IMB savings account benefit from the deposit guarantee scheme. This federal government scheme guarantees a customer's savings up to $250,000.

• Should I go with a fixed or variable rate?

  Deciding between a fixed or variable rate depends on what you want from the loan. A variable rate loan can change at any time, either up or down. A variable rate usually offers more flexibility in how fast you can repay the loan and the cost of refinancing.

  A fixed rate loan offers total certainty about your rate, for the fixed period. This means it won't rise, costing you more. But if your lender starts lowering rates you won't benefit either. Refinancing a fixed rate loan means breaking the loan, because you've agreed to a specific rate. This means you may have to pay a fixed rate break fee.

• Do I need a mortgage broker?

  Mortgage brokers are home loan professionals who can help you find a suitable loan. A broker typically doesn't charge you a fee, because they receive a commission from your lender. Brokers are great if you are short on time or find the whole process of researching and applying for a home loan confusing. But you can definitely do it yourself and find a good loan. You may even find a better deal. That's because brokers don't compare loans from every lender in the market. They have access to a panel of loans and often don't have smaller online lenders in their panel.