IMB Essentials Home Loan

Rates and fees last updated on

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.

If the Essentials Home Loan doesn’t sound like it’s right for you, IMB offers a range of other home loans including fixed rate loans, package loans and introductory rate loans. They also offer a range of other products such as personal loans, car loans and everyday banking.

Interest Rate Max Insured LVR Max LVR
LVR <=90% (Owner Occupier)
4.19% p.a.
Comparison Rate
4.19% p.a.
90% 80%
LVR > 90% (Owner Occupier)
4.41% p.a.
Comparison Rate
4.43% p.a.
95% 80%
LVR <=70 (Investor Only)
4.68% p.a.
Comparison Rate
4.73% p.a.
80% 80%
Product NameIMB Essentials Home Loan
Interest Rate TypeVariable
Comp Rate^ (p.a.)
Minimum Loan Amount$75,000
Minimum Loan Term1 year
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR95%
Mortgage Offset AccountYes
Mortgage 100% OffsetYes
Loan Redraw FacilityYes
Split Loan FacilityYes
Loan PortableYes
Suitable for InvestmentYes
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest and Interest Only Options

Application Fee$445
Lender's Legal Fee$323.74
Valuation Fee$0
Ongoing Fees$0 p.a.
Discharge Fee$50


  • 100% offset account attached.
  • $0 monthly fees.


  • $50 discharge fee when closing the loan.
  • $100 split loan fee if you wish to split your loan between fixed and variable.
  • There is a $323.74 legal fee.

Things to consider about the IMB Essentials Home Loan

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.

Features 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 $75,000.
  • 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.


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. $445.
  • Mortgage processing fee. $323.74.

Owner occupiers

  • Application fee. $0.
  • Mortgage processing fee. $323.74 for owner occupiers with an LVR under 90% LVR, $323.74 for owner occupiers with an LVR above 90%.

Other fees you might have to pay

  • Additional loan application fee: $300. This fee is for any additional loans you apply for with no new security.
  • Split loan: $100. A $100 fee applies for each loan split.
  • Closure fee: $50. This fee applies to the closure of all variable rate home loan products.

Know how much you want to borrow? Use our calculator to find out what your repayments will be

How to apply for the IMB Essentials Home Loan

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.

Was this content helpful to you? No  Yes

Related Posts

This page was last modified on 26 July 2017 at 9:45am.

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.

10 Responses

  1. Default Gravatar
    May 11, 2017


    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

    • Staff
      ArnoldMay 11, 2017Staff


      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. If you would want to know more about the possible fees and charges involved in refinancing. See this page for home loan refinancing.

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

      Hope this information helped.


  2. Default Gravatar
    JAMay 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?

    • Staff
      ArnoldMay 11, 2017Staff

      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’. For more information regarding this please click this page – -

      Hope this information helped.


  3. Default Gravatar
    WendySeptember 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.

    • Staff
      JodieSeptember 3, 2015Staff

      Hi Wendy,

      Thank you for reaching out.

      You have come through to we are a financial comparison website that offers consumers generalised information on loans but are not affiliated to the lenders besides linking to them.

      Generally speaking 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. If you would like to have a better idea of the possible fees and charges involved in refinancing we have a page dedicated to this.

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


  4. Default Gravatar
    SueAugust 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

    • Staff
      BelindaAugust 6, 2015Staff

      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.


  5. Default Gravatar
    NickMarch 17, 2015

    Which specific documents are required for a home loan please.

    • Staff
      ShirleyMarch 18, 2015Staff

      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.


IMB Essentials Home Loan

  • Interest Rate


  • Comparison Rate


  • App Fee / Annual Service Fee

    $445 / $0

  • Max LVR


Ask a question