IMB Bank: Servicing Australians for more than 140 years

author-avatar By
on January 07, 2022 Fact Checked
IMB Bank: Servicing Australians for more than 140 years

Established in 1880 as Illawarra Mutual Building Society, IMB Bank is the longest-standing building society in New South Wales and the third-largest building society in Australia.

From humble beginnings, IMB Bank holds a significant place in Australian banking history, growing alongside communities to assist Australians in achieving their financial goals.

135 years post-establishment, IMB continued its philosophy of community and personal service, becoming a mutual bank in 2015 following backing from the Australian Prudential Regulation Authority (APRA),

Whether you're a first home buyer, looking to refinance your current home loan or seeking to invest, IMB Bank has a wide range of mortgage products.

What home loans does IMB Bank offer?

IMB Bank offers principal and interest (P&I) and interest-only (IO) home loans for both owner-occupiers and investors.

These home loans are available in variable and fixed interest rates under the options of ‘Budget’, ‘Fixed Rate’ and ‘Essentials’.

A split option of both variable and fixed interest rates is also available for those seeking added flexibility in their new home or investment journey.


Check out some of IMB Bank’s home loan offerings for owner occupiers in the table below.

Lender
Advertised rate Comparison rate* Monthly repayment Rate TypeOffsetRedrawOngoing FeeUpfront FeesLVRLump Sum RepaymentAdditional RepaymentsPre-approval

VariableMore details
NO ONGOING FEES

Budget Home Loan (Principal and Interest) (LVR < 80%)

NO ONGOING FEES
VariableMore details
UNLIMITED EXTRA REPAYMENTS

Budget Investment Loan (Principal and Interest) (LVR 80%-90%)

UNLIMITED EXTRA REPAYMENTS
FixedMore details

Fixed Rate Home Loan (Principal and Interest) 1 Year (LVR ≤ 80%)

FixedMore details

Fixed Rate Investment Loan (Interest Only) 3 Years

FixedMore details

Fixed Rate Home Loan (Principal and Interest) 5 Years (LVR ≤ 80%)

FixedMore details

Fixed Rate Home Loan (Interest Only) 1 Year (LVR < 90%)

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *Comparison rate is based on a loan of $150,000 over a term of 25 years. Please note the comparison rate only applies to the examples given Rates correct as of January 17, 2022. View disclaimer.

How does IMB Bank stack up to the competition? Check out other home loan offerings for owner occupiers in the table below.

Lender
Advertised rate Comparison rate* Monthly repayment Rate TypeOffsetRedrawOngoing FeeUpfront FeesLVRLump Sum RepaymentAdditional RepaymentsPre-approval

VariableMore details
LIMITED TIME OFFER

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
LIMITED TIME OFFER

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
VariableMore details
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
FixedMore details
USE A MARKET LEADING APP TO HELP YOU PAY OFF YOUR LOAN SOONER

Fixed Home Loan 1 year (Principal and Interest) (LVR < 80%)

  • Make up to $20,000 additional repayments per fixed term
  • Redraw available – lets you access any extra loan repayments you’ve made
  • Choose to rate lock for 90 days (fee applies)
USE A MARKET LEADING APP TO HELP YOU PAY OFF YOUR LOAN SOONER

Fixed Home Loan 1 year (Principal and Interest) (LVR < 80%)

  • Make up to $20,000 additional repayments per fixed term
  • Redraw available – lets you access any extra loan repayments you’ve made
  • Choose to rate lock for 90 days (fee applies)
VariableMore details
REFINANCE IN MINUTES, NOT WEEKS

Nano Home Loans Variable Owner Occupied, Principal and Interest (Refinance Only)

  • No application or ongoing fees.
  • 100% free offset sub account.
  • Fast online application, approval in minutes not weeks.
  • Mobile app, Visa debit card, Apple and Google Pay
  • Refinance loans and variable rates only.
REFINANCE IN MINUTES, NOT WEEKS

Nano Home Loans Variable Owner Occupied, Principal and Interest (Refinance Only)

  • No application or ongoing fees.
  • 100% free offset sub account.
  • Fast online application, approval in minutes not weeks.
  • Mobile app, Visa debit card, Apple and Google Pay
  • Refinance loans and variable rates only.
VariableMore details
ZERO APPLICATION FEES

Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)

  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees
ZERO APPLICATION FEES

Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)

  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees

Rates correct as of January 17, 2022. View disclaimer.


Why choose IMB Bank for your home loan?

While other banks are closing their doors and moving solely online, IMB Bank continues to expand and enhance branch networks to better serve a growing customer base.

From Victoria, to the New South Wales South Coast, the Shoalhaven and the Illawarra, Metropolitan Sydney and Newcastle and the Hunter regions, IMB has 53 branches and key local business banking hubs so you can discuss your goals with the bank digitally, over the phone or face-to-face.

With customer service at its core, IMB Bank utilises a number of features to best serve its growing customer base and propel it into the future for continued success.

Features of IMB Bank Home Loans

Some key features of IMB Bank home loans include:

  • Fee-free: Selected home loan products across IMB Bank’s portfolio are free from establishment fees and/or monthly fees. 

  • Split loans: IMB customers have the option to choose to split their mortgage into a combination of fixed and variable repayment types.

  • Offset accounts: Offset accounts up to 100% are available for select IMB Bank home loans.

  • Redraw facility: Some home loans also come with a redraw facility, allowing borrowers to withdraw extra repayments they’ve made.

  • 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.

Applying with IMB Bank

For many Australians, owning a home is the ‘great Aussie dream’ yet in order to get there, it requires the biggest financial commitment they'll ever make. That’s where IMB Bank comes in. By satisfying a number of IMB Bank’s eligibility criteria, the bank can provide Australians with a mortgage designed specifically to make their new home or investing dreams a reality.

Eligibility

If you’re looking into applying for a IMB Bank home loan, eligibility requirements include:

  • Applicants must be over the age of 18.

  • Applicants must be an Australian citizen or permanent resident.

  • Applicants must have a regular source of income.

  • Good credit history.

  • Demonstrate your ability to service a loan.

How can I refinance with IMB Bank?

IMB Bank has created specific tools to make it easy for Australians considering refinancing their home loan. IMB Bank’s refinance calculator can show you how much you will save on your monthly repayments and how much time you can potentially shave off your loan by refinancing.

Further, IMB Bank’s repayments calculator can show you the further savings and time saved by paying more than your minimum repayments.

To get started with refinancing or a new home loan application, you can head straight to the IMB Bank website or download the app through the App Store on iOS or Google Play on Android. You can also speak to a IMB Bank loan expert on 133 462 or through one of the 53 branches available throughout Australia.


Image by Rodnae Productions via Pexels

Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.

Latest Articles

author-avatar
Jacob Cocciolone joined the Savings team in 2021 as a Finance Journalist. Driven by a passion for keeping Australians up to date with the latest financial news and trends, his areas of interest include financial technology, investing, property and motoring.

Collections:

Be Savings smart.
Subscribe for free money newsletters.

By subscribing you agree to the Savings Privacy Policy