IMB Essentials Home Loan

Get the most out of your home loan with the IMB Essentials Home Loan

The IMB Essentials Home Loan is a basic home loan complete with added benefits. As its name suggests, this loan covers all the essentials you would want from a home loan including flexibility in repayments, a life-of-loan discount off the standard variable interest rate and zero monthly account-keeping fees to keep things simple and affordable.

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Richard Whitten

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Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206) and a Tier 1 Generic Knowledge certification (RG 146).

Expert review

This home loan is predominantly used to purchase property. This loan can be used for both personal and investing purposes, depending on what your financing needs are. The loan is a variable home loan that provides you with flexibility in terms of repayments and redraws. It’s a basic home loan that gives you the essentials you want with some added benefits and cost-saving opportunities.

About this loan

What are the features and benefits of the IMB Essentials Home Loan?

  • Maximum and minimum loan amount. The maximum Loan to Value Ratio (LVR) you can enjoy with this loan is 95% of the property's value, but know that loans over 80% of the property's value will incur a Lender's Mortgage Insurance premium. The minimum amount you can borrow with this loan is $10,000, except for the Essentials Home Loan - $300,000+, LVR <80% principal and interest home loan for owner occupiers, which has a minimum loan amount of $10,000.
  • Maximum loan term. You can take out this home loan for a maximum period of up to 30 years.
  • Life-of-loan discount. With this loan, you will receive a life-of-loan discount off the standard variable interest rate, helping you to save.
  • Repayment flexibility. The Essentials Home Loan allows you to make unrestricted repayments, potentially saving you thousands in interest by paying off your home loan faster.
  • Redraw facility. This home loan also allows you to redraw on any additional payments you make. You may redraw for free via the internet or mobile banking, allowing you to access your funds when you need it the most.
  • Split loan option. IMB also allows you to split your loan between a fixed and variable rate.
  • Mortgage offset account. The IMB Essential Home Loan offers a mortgage offset account which is linked to your loan and offsets any interest on your loan. If you have $10,000 in your offset account for example, and a loan of $300,000, you'll only pay interest on $290,000.
  • Loan repayment insurance. Loan repayment insurance is also available on this loan to provide you with greater security and peace of mind.

What fees and charges come with this loan?

There are a number of fees that apply to this home loan, some of which depend on whether or not you're an owner occupier or an investor, and also the size of your LVR.

  • Application fee. $449. This fee is waived for the $300,000+, LVR <80% principal and interest home loan for owner occupiers.
  • Mortgage processing fee. $0 for owner occupiers with an LVR under 90% LVR, $0 for owner occupiers with an LVR above 90%.
  • Additional loan application fee: $300. This fee is for any additional loans you apply for with no new security.
  • Split loan: A $100 fee applies for each loan split.
  • Closure fee: $50. This fee applies to the closure of all variable rate home loan products.

How to apply

To take advantage of the IMB Essentials Home Loan, simply click 'go to site' to initiate your application process. To apply, you must be at least 18 years old and a permanent Australian resident, and you must declare any bankruptcies or legal proceedings made against you. You must be applying for new funds only, meaning you can't refinance to this loan from another IMB loan.

Once you meet the above eligibilities, you are ready to initiate your application. You will typically need the following information and documentation ready:

  • Contact details
  • Proof of identify
  • Employment details
  • Membership details (if you are already a member of IMB)
  • Financial details

If the IMB Essentials Home Loan sounds like it's right for you after you have compared the home loans available, get the process underway and speak to a mortgage specialist from IMB today.

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10 Comments

    Default Gravatar
    JA
    May 11, 2017

    Hi,

    Does IMB bank charge settlement fee and is closure fee the same as discharge fee (for other lenders – see their pages on this web site), so there are no other fees if I want to change the lender and take my loan out of IMB? Thanks

    Reply
      Default Gravatar
      Arnold
      May 11, 2017

      Hi,

      Thanks for your inquiry.

      Generally, when you refinance you will need to pay some fees to your current lender to discharge the mortgage from them in order to move it to your new lender.

      For IMB Essentials Home Loan, I would recommend you get in touch with them directly to confirm the fees and charges.

      Hope this information helped.

      Cheers,
      Arnold

      Reply
    Default Gravatar
    JA
    May 9, 2017

    What is “legal fee”, is it basically “application fee”? I am owner occupier.
    How much is “”discharge fee” if I take the loan to another bank?

    Reply
      Default Gravatar
      Arnold
      May 11, 2017

      Hi JA,

      Thanks for your inquiry.

      A Legal fee is an amount that is charged by the attorney for his services to a client. It is different from an application fee. For IBM Essential Home Loan there is no initial application fee, but there is a $300 fee for any additional loans you apply for with no new security.

      Discharge fees vary from $150 to $400 and this is what you’ll have to pay to get a hold of your title deeds. Lenders can also charge what they refer to as ‘early discharge’ or ‘early termination fees. To learn more, please read our guide about home loan exit fees.

      Hope this information helped.

      Cheers,
      Arnold

      Reply
    Default Gravatar
    Wendy
    September 2, 2015

    Are there any government charges such as the cost of having mortgage title released and re-registered when taking out this loan for refinancing purposes? Also is there a valuation fee. Thanks.

    Reply
      Default Gravatar
      Jodie
      September 3, 2015

      Hi Wendy,

      Thank you for reaching out.

      Generally speaking, refinancing your home loan will need you to pay some fees to your current lender to discharge the mortgage from them in order to move it to a new lender. You may like to get a better idea of the possible fees and charges involved in refinancing a home loan and compare how much you can save.

      In terms of the IMB Essentials Home Loan, I would recommend selecting the ‘Go to Site button on this page which will take you to their website where you can begin this conversation with them directly.

      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.

      Regards,
      Jodie

      Reply
    Default Gravatar
    Sue
    August 6, 2015

    If we took out a loan over the maximum term allowable but then paid it off in a year or two when we sell our current property, are there any penalties for early pay-out? thank you

    Reply
      Default Gravatar
      Belinda
      August 6, 2015

      Hi Sue,

      Thanks for your enquiry.

      For the IMB Essentials Home loan, there is no deferred establishment fee if you decide to refinance or pay off the mortgage within a shorter period of time.

      Thanks,
      Belinda

      Reply
    Default Gravatar
    Nick
    March 17, 2015

    Which specific documents are required for a home loan please.

    Reply
      AvatarFinder
      Shirley
      March 18, 2015

      Hi Nick,

      Thanks for your question.

      IMB will advise on the specific documents required for your loan application. If you’re a new customer with IMB, you’ll need to provide one primary photographic identification document, this includes your passport or driver’s licence.

      You’ll also need to supply two of your most recent payslips. If you’re self-employed the requirements are different. If you receive Government benefits you need to provide the latest government advice letter.

      You will also need to provide evidence of your current saving and liabilities. This includes any bills, credit cards, personal loans or funds in your bank account.

      Cheers,
      Shirley

      Reply
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