IMB Essentials Home Loan Review

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.

Special offer

If you're interested in the IMB Essentials Home Loan - $300,000+, LVR <90% principal and interest home loan for owner occupiers, please note that the minimum loan amount is $300,000. The other loans on this page have a minimum loan amount of $75,000. Also, the $445 application fee has been waived for this loan but still applies to the others.For other terms and conditions please visit the IMB website for more details.

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, 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 $300,000.
  • 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. $445. 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, 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.

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