- IMB Cashback Offer
Eligible refinancers can get between $2,000 and $4,000 cashback depending on the loan amount. Borrowers refinancing a loan of $350,000 to $699,999 can receive $2,000.Borrowers refinancing loans of $700,000 to $999,999 can receive $3,000. Borrowers refinancing loans of more than $1 million can receive $4,000.Borrowers must be refinancing from another institution other than IMB Bank. LVR must be less than 80%.
This offer is available for owner occupier and investor loans, with both P&I and interest only repayments.
This offer is for applications received from 14 June 2024. The loan must be settled within 90 days. Cashback to be paid to an IMB transaction account within 60 days of settlement.
Limit of 1 cashback per eligible application. Other exclusions, terms and conditions apply.
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 learn more about the lender and its loans.
Compare IMB home loans for July 2024
Hit the "Load More" button to compare a bigger selection of products. You can also find more information on each individual product by clicking "More Info".
IMB key facts
- IMB is a mutual bank, meaning it is owned by its members. IMB has many branches around the NSW South Coast region, the ACT, other parts of NSW and Melbourne.
- You can get some IMB loans with a deposit smaller than 20%.
- In addition to home loans, IMB also offers savings accounts, personal loans, credit cards and insurance products.
- IMB is also well-known for its reverse mortgage offering.
Review by our senior home loans writer Richard Whitten.
IMB home loan features
Here are the key features and details you need to know about IMB's mortgage products.
Feature | Details |
---|---|
Minimum deposit | Most IMB loans have 80% maximum LVRs, meaning you can get these loans with a 20% deposit. Some are available with 5% deposits. |
Offset account | Some IMB loans come with offset accounts that let you save money while paying less interest. |
Bridging loans and reverse mortgages | IMB offers reverse mortgages that allow older home owners to borrow against equity in their homes, as well as aged care loans to support borrowers moving into an aged care facility. It also offers bridging loans to help borrowers in between buying a new home and selling their old home. |
Repayment options | Both IMB's fixed and variable rate loans allow you to make interest-only repayments for a limited period. The lender also offers the standard principal-and-interest repayments on its loans. |
Split rate | Most IMB mortgages allow you to split your loan into fixed and variable portions. |
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 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.
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.
Looking for more mortgage options?
- Big Four banks. Check out interest rates from Australia's Big Four banks.
- Best home loans. Finder's top loan picks every month.
- Cheapest rates. Compare the lowest home loan rates on the market.
- Investors. Compare more loans for property investors.
- Mortgage brokers. Still confused? Get free, expert guidance from a qualified mortgage broker.
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