Illawarra Mutual Building Society was established with the express purpose of "enabling people to become their own landlords". After many mergers and partnerships along the way, IMB Bank settled on its current form in 2015.
Today, it offers the full suite of retail, business, and digital banking services, winning accolades for its product offerings, including the honour of being named as one of the world's best banks by Forbes Magazine in 2020.
It's now among the top 10 largest customer-owned banks in Australia, with nearly $10 billion in assets on its books - far smaller than the big four banks, but with enough scale to allow for competitive products and personalised service.
Although the institution has grown, IMB has continued to champion its founding ethos of community and personal service, consistently achieving a member satisfaction rating of 95% or above.
Similarly, it has stayed true to its original purpose of helping people purchase their own homes, offering highly competitive interest rates and home loan features.
What home loans does IMB Bank offer?
IMB Bank offers a range of home loans tailored to borrowers' needs. These include principal and interest (P&I) and interest-only (IO) home loans for both owner occupiers and investors.
Customers can choose between variable and fixed interest rates, and there is also the option to split loans for those wanting added flexibility in their homebuying or investment journeys.
IMB's home loan products include:
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Budget Home Loan (basic variable rate)
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Fixed Rate Home Loan (for terms of between 1-5 years)
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Essentials Home Loan (variable rate with offset account)
See also: What are the different types of home loans?
Here are IMB's current home loan offerings:
Considering other lenders? Compare home loans with these low-rate offers for owner occupiers:
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Additional Repayments | Split Loan Option | Tags | Row Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.69% p.a. | 6.00% p.a. | $2,899 | Principal & Interest | Fixed | $6 | $799 | 80% | ||||||||||||||
5.69% p.a. | 5.98% p.a. | $2,899 | Principal & Interest | Fixed | $6 | $799 | 95% | ||||||||||||||
5.69% p.a. | 5.98% p.a. | $2,899 | Principal & Interest | Fixed | $6 | $799 | 80% | ||||||||||||||
5.69% p.a. | 6.00% p.a. | $2,899 | Principal & Interest | Fixed | $6 | $799 | 95% | ||||||||||||||
5.69% p.a. | 5.98% p.a. | $2,899 | Principal & Interest | Fixed | $6 | $799 | 95% | ||||||||||||||
5.79% p.a. | 5.82% p.a. | $2,931 | Principal & Interest | Variable | $0 | $799 | 70% | ||||||||||||||
5.79% p.a. | 5.82% p.a. | $2,931 | Principal & Interest | Variable | $0 | $799 | 80% |
| |||||||||||||
5.79% p.a. | 6.26% p.a. | $2,931 | Principal & Interest | Fixed | $6 | $799 | 80% | ||||||||||||||
5.79% p.a. | 6.22% p.a. | $2,931 | Principal & Interest | Fixed | $6 | $799 | 80% | ||||||||||||||
5.89% p.a. | 6.01% p.a. | $2,962 | Principal & Interest | Variable | $10 | $799 | 80% |
Why choose IMB Bank for your home loan?
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Digital mortgage technology: IMB Bank's digital platform allows customers to apply for their home loans online and can deliver conditional approval within 20 minutes.
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Face-to-face service: With an extensive branch and mobile lender network, IMB also provides real people to support for customers who prefer a personal touch.
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Highly competitive pricing: By dealing directly with borrowers, IMB has the ability to pass on value and savings to its members, offering home loans with competitive interest rates, low or no fees and, from time-to-time, cashback offers to kickstart people taking out new home loans.
Features of IMB Bank Home Loans
Some key features of IMB Bank home loans include:
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Fee-free: Selected home loan products across IMB Bank's portfolio are free from establishment fees and/or monthly fees.
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Split loans: Customers have the option to split their loans into fixed and variable repayment portions for better flexibility.
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Offset accounts: Offset accounts up to 100% are available for select home loans, helping to bring down interest costs.
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Redraw facility: Borrowers have access to free withdrawal of any extra repayments they've made, if needed.
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Additional repayments: Across its home loan portfolio, IMB Bank allows you to make unrestricted additional repayments on your home loan, which means you can pay it off faster.
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Cashback Offers: Some home loan products may include cashback offers for eligible borrowers.
See also: Latest home loan offers and deals
Other considerations in taking out an IMB home loan
As well as all-important interest rates and home loan features, some borrowers like to know what sort of institution they'll be dealing with for the life of their home loan.
As a customer-owned bank, IMB returns its profits to the community it serves. The IMB Bank Community Foundation has played a pivotal role in supporting grassroots initiatives since its establishment 25 years ago, pledging more than $12 million to over 1,000 initiatives. IMB directly empowers local organisations and individuals to make an impact in their communities as part of its business model.
The bank is also recognised for its corporate responsibility efforts, receiving a Workplace Gender Equality Agency (WGEA) Citation for gender equality in 2023 and certification as a carbon-neutral organisation by Climate Active.
Applying with IMB Bank
There are multiple channels in applying for an IMB home loan:
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Apply online via IMB's secure digital mortgage platform
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Speak to a lending specialist at an IMB branch or over the phone through its Australian-based contact centre on 133 462.
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Book an appointment with a mobile lender for a personalised consultation
Eligibility
If you're looking into applying for a IMB Bank home loan, eligibility requirements include:
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Applicants must be over the age of 18
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Applicants must be an Australian citizen or permanent resident
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Applicants must have a regular source of income
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Good credit history
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Demonstrate your ability to service a loan
How does IMB Bank stack up to the competition? Check out other home loan offerings for owner occupiers in the table below.
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Additional Repayments | Split Loan Option | Tags | Row Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.69% p.a. | 6.00% p.a. | $2,899 | Principal & Interest | Fixed | $6 | $799 | 80% | ||||||||||||||
5.69% p.a. | 5.98% p.a. | $2,899 | Principal & Interest | Fixed | $6 | $799 | 95% | ||||||||||||||
5.69% p.a. | 5.98% p.a. | $2,899 | Principal & Interest | Fixed | $6 | $799 | 80% | ||||||||||||||
5.69% p.a. | 6.00% p.a. | $2,899 | Principal & Interest | Fixed | $6 | $799 | 95% | ||||||||||||||
5.69% p.a. | 5.98% p.a. | $2,899 | Principal & Interest | Fixed | $6 | $799 | 95% | ||||||||||||||
5.79% p.a. | 5.82% p.a. | $2,931 | Principal & Interest | Variable | $0 | $799 | 70% | ||||||||||||||
5.79% p.a. | 5.82% p.a. | $2,931 | Principal & Interest | Variable | $0 | $799 | 80% |
| |||||||||||||
5.79% p.a. | 6.26% p.a. | $2,931 | Principal & Interest | Fixed | $6 | $799 | 80% | ||||||||||||||
5.79% p.a. | 6.22% p.a. | $2,931 | Principal & Interest | Fixed | $6 | $799 | 80% | ||||||||||||||
5.89% p.a. | 6.01% p.a. | $2,962 | Principal & Interest | Variable | $10 | $799 | 80% |
First published on January 2022
Image by Rodnae Productions via Pexels
Ready, Set, Buy!
Learn everything you need to know about buying property – from choosing the right property and home loan, to the purchasing process, tips to save money and more!
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Denise Raward
Aaron Bell
