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.

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Review by

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.

Expert review

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: $350. 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.

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    Default Gravatar
    March 6, 2023

    Do you provide refinance home loans to pensioners?
    Looking for $100k with repayments.

      March 22, 2023

      Please contact IMB directly with this enquiry

    Default Gravatar
    October 14, 2019

    I am wondering if mortgage insurance fee varies between lenders, and if so which lenders have the least fees for a mortgage with LVR of 90%.

      Default Gravatar
      October 15, 2019

      Hi Cody,

      Thanks for your comment.

      Yes, mortgage fees are variable among lenders. You can find and compare home loan providers using our comparison table. It should allow you to compare the features and benefits of each home loan provider such as max loan rate, interest and etc. This way it will be easier for you to see which provider fits you best. If you need further help, a quick guide on how to compare home loans is also stated on the page.

      As a friendly reminder, carefully review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the policy. When you are ready, press the ‘Go to site’ button to apply.


    Default Gravatar
    October 23, 2015

    We have put a deposit down on a home. Both my husband and I are on the pension. He is 72 and I am 61. The property is $177,500. We have savings 90,000. Would put down $82,000. Would we get a loan of$95,000?

      October 26, 2015

      Hi Marjiej,
      thanks for the question.

      Unfortunately, because we’re a comparison service and do not offer loans ourselves, we can’t for certain say whether or not IMB will approve this loan. You might want to contact them directly, which you can do by clicking the ‘Go to Site’ button on this page.

      I hope this helps,

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