And there’s more! They also offer specialized advice to guide you through the process, making everything simpler, faster, and more efficient. In a competitive real estate market like Australia’s, having a bank that cares about its customers can make all the difference between achieving your homeownership dream or continuing to wait.
With IMB Bank, you’re closer than ever to opening the door to your dream home!
Documents
To apply for a Home Loan from IMB Bank in Australia, you will need to provide several documents to verify your identity, financial situation, and repayment ability. Here are the key documents you will need:
You will need to provide documents that confirm your identity. These usually include:
- A valid passport or Australian driver's license.
- Birth certificate or citizenship certificate, if applicable.
- Proof of address (such as a utility bill in your name).
IMB will need to verify your ability to repay the loan. For this, you must provide:
- Payslips from the last 3 to 6 months.
- Employment letter from your employer confirming your position and salary, if you are employed.
- Tax returns for the past two years, especially if you are self-employed or a business owner.
To assess your repayment capacity, you will need to provide details of your current expenses and financial commitments, such as:
- Bank statements from the last 3 to 6 months.
- Credit card bills or any other loans you may have.
- Details of other financial obligations like car loans or rental agreements.
You will also need to demonstrate that you have the required deposit amount for the property. For this, you should provide:
- Bank statements showing your savings for the deposit.
- Proof of any gift or financial assistance you may have received for the deposit.
If you have already found the property you wish to purchase, you will need to provide:
- The contract of sale or purchase offer for the property.
- Details of the property, including the purchase price and location.
IMB will also conduct a credit history check to assess your ability to manage debt. If you have any existing debts, you will need to provide:
- Details of your current financial commitments.
- Information on any past defaults, if applicable.
If you are purchasing an investment property, you may need to provide:
- Proof of rental income, if applicable.
- Details of any other property you own.
These are the most common documents required for a Home Loan with IMB. The exact list may vary depending on your personal circumstances, so it’s always a good idea to consult IMB or a loan consultant to ensure you have everything you need.
Rates, fees, and commission
Interest rates shown are for new owner occupied loans on principal and interest repayments.
- LVR ≤70%: 6.04 % p.a.
- LVR >70% & ≤80%: 6.14 % p.a.
- LVR >80% & ≤90%: 6.34 % p.a.
- LVR >90% & ≤95%: 6.84 % p.a.
- Variable rate loans have a discount off the standard variable rate. The discount margin will be the discount available at the time a loan contract is issued and may be different to the current discount in the interest rates shown. They are for new applications only and they are not available for refinance of existing IMB loans. Also refer to the general information above.
- This comparison rate is based on a $150,000 secured home loan over 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
- Minimum redraw $500.
- Maximum allowed varies depending on state, occupancy, loan amount and security type.
How to apply
To apply for a Home Loan from IMB Bank in Australia, the process involves several key steps, from preparing documents to final loan approval. Here’s a detailed step-by-step guide to help you navigate the process:
Before starting the application process, it’s important to evaluate your finances and determine how much you can afford for a property. Consider:
- Your monthly budget for repayments.
- The amount of deposit you have available.
- The type of property you want to buy.
IMB offers different types of Home Loans, including fixed rates, variable rates, and split options. Assess which loan type best suits your needs:
- Fixed rate: For stability in repayments.
- Variable rate: For flexibility and potential interest rate reductions over time.
- Offset Account: To reduce the interest paid over time.
Getting pre-approval from IMB is an essential step, as it shows sellers and real estate agents that you are qualified for financing. The pre-approval process includes:
- Submitting basic documents (identification, income proofs, bank statements).
- A preliminary assessment of your credit capacity.
With pre-approval in hand, you’ll have a clear idea of how much you can spend when looking for a property.
Now that you know your approved amount, start searching for the property you want to buy. Consider:
- The location and price of the property.
- Additional costs like brokerage fees, insurance, and maintenance.
Once you find the ideal property, it’s time to start the formal loan application with IMB. You’ll need to:
- Submit all necessary documents (income proofs, property details, deposit).
- Provide any additional financial details if requested.
- IMB will conduct a full credit check and assess your application.
IMB will usually conduct a valuation of the property to ensure that the purchase price matches the market value. This is important to confirm that the loan is in line with the value of the asset being financed.
Once your application is fully assessed and approved, IMB will issue a formal loan approval. At this stage, you will need to review and sign the loan documents, which outline the terms and conditions.
After approval, you will sign the purchase contract for the property and the final loan documents. IMB will coordinate with your solicitor or conveyancer to ensure all legal documentation is in order.
After signing all the documents, IMB will release the funds for the property purchase. This amount will be transferred to the seller or their agent on the settlement day.
Once the purchase is complete, you will start making monthly loan repayments as per the agreed terms. IMB offers 24/7 online access so you can manage your loan, make extra repayments, and monitor the loan balance.
