IMB Budget Home Loan
Save on your home loan without compromising on the features you need with the IMB Budget Home Loan.
The IMB Budget Home Loan offers simplicity, a competitive rate and features such as a life-of-loan discount, unrestricted repayments, flexibility in repayments and free withdrawals.
If the Budget Home Loan isn’t right for you, IMB offers other variable home loan options such as the Essentials Home loan, the Introductory Variable Home Loan, the Discount Split Home Loan and Standard Variable Home Loans. There are also the Fixed Home Loan and Platinum Package loans.
Marc Terrano is a lead publisher and growth marketer at Finder. He has previously worked at Finder as a publisher for frequent flyer points and home loans, and as a writer, podcast host and content marketer. Marc has a Bachelor of Communications (Journalism) from the University of Technology Sydney. He’s passionate about creating honest and simple reviews and comparisons to help everyone get value for money.
This home loan is available to owner occupiers.
About this loan
What are the features and benefits of the IMB Budget Home Loan?
- Minimum loan amount. The minimum loan amount is $10,000.
- Loan period. The maximum loan term for the IMB Budget Home Loan is 30 years.
- Life of loan discount. With the IMB Budget Home Loan you will receive a discount off the standard variable interest rate for the life of the loan.
- Repayments. This home loan allows you to make weekly, fortnightly or monthly repayments, and you can also make unrestricted additional repayments to assist you in paying off your loan quicker and saving on interest.
- Redraw facility. The Budget Home Loan also allows you to make redraws so you can access the additional repayments you make. You can redraw for free via internet or mobile banking for further convenience.
- Split loan. Split loans are also available with the Budget Home Loan, allowing you to split the loan between variable and fixed rates.
- Loan repayment insurance. For further security, you can also choose to take out loan repayment insurance.
What fees and charges come with this loan?
- Mortgage processing fee: $350 This fee is charged for processing your home loan.
- Monthly account service fees: $0 per month.
- Redraw fee: $0. Redraws that are made through internet or mobile banking are free of charge and ones that are processed in branch attract a $50 fee.
- Discharge fee: $220. This fee applies to all IMB variable rate home loans.
- Split loan fee: $100. IMB charge this fee every time you split your loan.
How to apply
If the IMB Budget Home Loan sounds like it could be the home loan for you, then all you need to do is click 'Go to Site' and begin your application process.
Before you apply, there are some eligibility requirements you must meet:
- Be at least 18 years old. To be eligible for this loan, you must be 18 years of age or older.
- Be a permanent Australian resident. You also need to be an Australian resident and must be able to prove this.
- You can't have declared bankruptcy or had any legal proceedings against you in the collection of debt. Applicants must declare this up front.
- For new funds only. You can't get a Budget Home Loan from IMB if you're refinancing from another home loan with IMB.
If you meet the above eligibilities, you are now ready to begin your application. Make sure you have the following information and documentation ready:
- Contact details. This includes your name and contact information.
- Proof of identity. A driver's license or passport will be required in addition to more information.
- Employment details. This will generally include the name of your employer and confirmation of your income.
- Membership details. If you are already a member of IMB you'll be required to enter in your member details.
- Financial details. This includes details of your assets, debts and open credit accounts.
If you're interested in the IMB Budget Home Loan add it to your comparison today.