IMB Bank Home Loan: competitive rates for your home – KNfins

IMB Bank Home Loan: competitive rates for your home

Choosing a mortgage loan is a decision that weighs not only on your pocket, but also on your future. There’s no point in taking any offer out there and then regretting it with hidden fees or misleading conditions. This is even more so if you’re in Australia and have solid options like IMB Bank, an institution with over 140 years of experience in the market.

Advertisements
  • Redraw facility available
  • Flexible repayment options
  • Competitive interest rates
How Apply

IMB doesn’t promise miracles, and that’s great. It offers what really matters: clear, secure loans with conditions that can fit into different stages of life, whether you’re buying your first home, refinancing an old loan or investing in a property.

Why we recommend IMB loans

Before recommending anything, it is important to understand the reason for this recommendation. In the case of IMB Bank, some points are noteworthy:

  • Over 140 years of experience in the Australian market

  • Offers cashback of up to $4,000 for new contracts or refinancing

  • Special conditions for those who need to finance up to 80% of the property value

  • Both fixed and variable rate options, allowing you to choose according to your profile

  • Flexibility to make advance payments and even free redraws on some plans

  • Simple online application process and expert support for those who prefer human service

In short: IMB is not an institution that appears today and disappears tomorrow. It is a solid option for those who want a long-term commitment to financing their property.

What can I use the loan for?

IMB loans are very flexible and can be used for a variety of real estate-related purposes:

  • Purchase of the first residential property

  • Buying a property for investment

  • Refinancing old loans to get better rates

  • Building a new house

  • Renovation or extension of an existing property

The advantage here is that you can tailor the purpose of the loan to your current situation. You don’t have to stick to the traditional idea of ​​”buying a house.”

Advantages and disadvantages of borrowing

Like any financial product, IMB loans have pros and cons. It is important to be aware of both before making any decision.

Advantages of IMB Loan

  • Cashback of up to $4,000 for new contracts and refinancing

  • Free redraws using internet banking and the mobile app (depending on the type of contract)

  • Unlimited Prepayments on Basic Variable Home Loan

  • 100% offset account option on Essentials Home Loan, reducing interest paid

  • Competitive interest rates in both fixed and variable modalities

  • Variety of products for different profiles (fixed, simple variable, variable with offset)

  • No monthly fees on many plans

  • Online and in-person support for those who prefer human contact

  • Hassle-free digital application process

  • Support programs such as the Home Guarantee Scheme for first-time home buyers

Disadvantages of IMB Loan

  • Cashback is only available for new or refinanced loans over $250,000

  • Cashback offer may be terminated at any time.

  • Some financing options require a Loan to Value Ratio (LVR) of up to 80%

  • Products such as construction and commercial loans do not participate in promotions

  • Maximum settlement period may vary depending on the type of transaction (90 days for refinancing, 180 days for purchase)

  • Possible need to open a bank account with IMB to receive cashback

  • Comparing fixed and variable rates can be confusing if not done carefully.

In other words, it’s that famous “it’s not perfect”, but when you put it on the scales, the pros end up weighing more for most buyer profiles.

How credit analysis is carried out at IMB

If there’s one thing no one likes, it’s surprises when applying for a loan. At IMB, the process is very transparent and follows some basic steps that you need to know:

  • Payment capacity assessment based on your monthly income

  • Analysis of your credit history with the main Australian credit bureaus

  • Calculating your Loan to Value Ratio (how much you intend to finance in relation to the total value of the property)

  • Checking documents such as proof of income, identification and bank history

  • Valuation of the property being used as collateral (in cases of purchase)

Depending on your profile and the documentation provided, IMB can approve your loan very quickly. However, being honest and providing everything correctly when applying makes a huge difference in speeding up the process.

Is there a maximum and minimum IMB loan amount?

Yes, there are limits that you need to observe when applying for your financing:

  • Minimum amount to access cashback: 250 thousand Australian dollars

  • Amounts below 250 thousand can be financed, but without the right to the promotional bonus

  • The maximum amount depends directly on your financial profile, the property valuation and the Loan to Value Ratio allowed for the type of loan.

  • For loans without the need for Lenders Mortgage Insurance (mandatory insurance in cases of low down payment), the LVR must be a maximum of 80%

  • In special situations (first-time buyer assistance programs, for example), the LVR can reach up to 95%, but with extra costs built in.

Therefore, if you want to take advantage of all the advantages available, the ideal is to finance at least 250 thousand dollars and try to stay within the limit of 80% of the property value.

Want to apply? Learn how to get an IMB loan right here!

Did you like what you read so far and want to move forward to secure your IMB loan? Then just click the button below.
There, you will find all the detailed information, you can do a quick simulation and even start your application without leaving your seat.

How Apply
Picture of Ella Bailey
Ella Bailey

an editor at KNfins since 2024.

DISCLAIMER:

You will never be asked to make a payment to access any kind of product, including credit cards, loans, or other offers. If this happens, please contact us immediately. Always read the terms and conditions of the service provider you are contacting. We earn revenue through advertising and referrals for some, but not all, products displayed on this website. Everything published here is based on quantitative and qualitative research, and our team strives to be as fair as possible in comparing competing options.

ADVERTISER DISCLOSURE:

We are an independent, objective, and advertising-supported editorial site. To support our ability to provide free content to our users, recommendations appearing on our site may come from companies from which we receive compensation as affiliates. This compensation may affect the manner, location, and order in which offers appear on our site. Other factors, such as our own proprietary algorithms and first-party data, may also affect how and where products/offers are placed. We do not include on our website all financial or credit offers currently available in the market.

EDITORIAL NOTE:

The opinions expressed here are solely those of the author and do not represent any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved, or endorsed by any of the entities mentioned in the message. That said, the compensation we receive from our affiliate partners does not influence the recommendations or advice that our team of writers provides in our articles, nor does it in any way affect the content of this website. Although we work hard to provide accurate and up-to-date information that we believe our users will find relevant, we cannot guarantee that all provided information is complete and make no statement or warranty regarding its accuracy or applicability.