Compare home loans from a lender with 180,000 members
Founded in 1880, IMB offers face-to-face and electronic banking services including home and personal loans, savings and transaction accounts, term deposits, business banking, financial planning and a wide range of insurance products.
Compare IMB home loans
Who is IMB and what does it do?
IMB offers a large selection of home loans to its customers. These loans are available for first-home buyers, as well as those looking to upgrade, refinance or renovate. The simple online application process takes minutes and removes some of the stress out of finding the right home loan.
IMB offers both variable and fixed interest rate loans. Benefits such as offset accounts, redraw facilities and extra repayments are included with many of IMB's home loans, so IMB may just have the loan solution for you.
What home loans does IMB offer?
Introductory variable home loan
This is a variable rate home loan that is best for first-time home buyers. This loan offers a discounted interest rate during the first year of the loan, after which the loan converts into a discounted IMB Standard Variable Home Loan. The loan can be split and extra repayments are allowed.
Other features include a free redraw facility, and internet and mobile banking abilities.
Fixed rate home loan
This loan is great for first-time home buyers and offers the security and peace of mind that comes with fixed repayments for the term of your loan. The interest rate is fixed for between one and five years, and can then be split with a competitive variable rate. There is a free internet redraw facility available with this loan, useful for accessing your money when you need it, while you can make up to one year's worth of repayments in advance without attracting any penalties.
Budget home loan
The Budget Home Loan is a variable interest rate loan that comes with a discount off IMB's standard variable rate for the whole life of the loan. There are unrestricted additional repayments allowed on this loan, and it comes with a free redraw facility via internet and mobile banking.
The Budget Home Loan is available for new funds only and you cannot switch or refinance another IMB loan to the Budget Loan.
This loan is a bundle of some of the most popular products that IMB offers. It features plenty of discounts and one annual fee.
The interest rate on the home loan portion of the Platinum Package can be variable or fixed for a set period, and extra repayments are allowed when the loan is at a variable interest rate. This loan comes with an offset account, an internet redraw facility and mobile banking, and has loan repayment insurance and a $0 annual credit card fee.
There's no application fee for this loan and it also comes with a discounted line of equity for greater flexibility. As an added bonus, the Platinum Package is bundled with a fee-free transaction account and a first-year discount on home and contents insurance and landlord's insurance policy premiums.
Equity line Advantage
The Equity Line Advantage loan is a variable rate loan that combines your home loan and everyday accounts in one so your entire income works towards paying off your home loan. Your salary is paid directly into your IMB equity line, reducing the amount of interest charged.
Additional repayments are allowed with this loan and it can be split. There are no account fees and you will receive loan repayment insurance when approved for the loan. For added equity convenience, you can draw up to your approved credit limit as you need it.
Standard variable home loan
The standard variable rate home loan is offered with a competitive interest rate and comes with an offset account. You can make additional repayments without incurring any penalties and you can also make free redraws via internet and mobile banking.
The offset account lets you make your money work towards paying off your loan faster. This loan allows bridging financing, which means you can easily purchase or build your new home before you have sold your existing property.
Other products offered by IMB include the flexible Essentials Home Loan, the Discount Split Home Loan and the Lo Doc Home Loan as well as a range of products suitable for the purchase of an invesment property.
Pros and cons of IMB home loans
- Loans for any need. Whether you are a first-time buyer, a second-time buyer, refinancing an existing loan, looking for funds for renovations or investing, IMB has a large range of loan types.
- Platinum Package. The Platinum Package bundles some of the best loan benefits with many of IMB's banking options.
- Loan offset options. IMB offers loans that have an offset account, which allows you to put your savings towards a lower interest rate.
- Some restrictions. Some of the loans that IMB provides are only available for new funds. This means you cannot switch or refinance an existing IMB loan into these loans.
How to apply for an IMB home loan
Applying for a loan with IMB is a simple process. Here's how you do it:
- Fill out an online application. You can fill out an IMB online home loan application here. The whole process should take around 15 to 20 minutes. If you have any questions about the application you can call an IMB loan specialist.
- A loan specialist will contact you. This may take a few business days. The loan specialist will walk you through the rest of the loan application process.
- Buy building insurance. IMB will not process your loan application to completion until you have a building insurance policy in place.
Documents needed to apply for an IMB home loan
IMB will ask you to submit some personal identification documents when processing your home loan application. You'll need:
- 100 points of identification. In accordance with Australian law, IMB will require you to submit 100 points of valid personal identification. One of these pieces of ID must be photographic, such as a driver's licence or passport.
- Other forms of ID. A birth certificate, bank statements and citizenship papers are other forms of ID that will count towards the 100 points of identification needed.
You will need to submit some documentation about the property you are buying in order to be approved for a loan:
- Contract of sale. The contract of sale outlines the specifics of the sale that is being carried out. It will show IMB how much you are paying for the property.
- Certificate of title. The certificate of title is a proof of ownership document that shows IMB that the seller actually owns the property.
- Transfer of land. The transfer of land displays the fact that the land itself will be transferred into your name after the sale.
Financial documentation will have to be supplied to IMB in order for them to properly gauge the level of risk that you pose as a borrower, including:
- Assets. Your assets include any real estate or vehicles you own, as well as any shares or savings you may have.
- Proof of income. If you earn a wage or salary you need to provide two consecutive pay slips, a letter from your employer stating your income, and information on wage deposits into a transaction account over a three-month period. If you are self-employed you need to provide personal tax returns.
- Expenses and liabilities. This includes things such as any loan or credit card debts you may have, as well as utility payments and other bills owed.
IMB has several viable home loan options for prospective borrowers. Before settling on a lender and loan package make sure that you have thoroughly weighed all of your options to ensure you are getting the best deal out there.