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IMB Bank Home Loan Reviews

IMB Bank has been in existence for over 140 years. It is considered the longest standing building society in New South Wales and the third largest building society in Australia in terms of assets under management. IMB was established in 1880 as Illawarra Mutual Building Society and is headquartered in Wollongong, New South Wales. IMB has branches in New South Wales, Victoria and the ACT. IMB offers a wide range of products, including savings and transactions accounts, credit cards, personal loans, as well as home loans which we will focus on in this article.

Review The Top Features of IMB Bank Home Loans

IMB Bank offers different types of home loans depending on what you need. It takes into consideration if you are a first-time homeowner or if you’re refinancing. It also has home loans available if you are looking at homes as an investment.

Depending on the type of home loan you choose, IMB Bank Home Loan features the following:

  • No monthly fees on select home loan options
  • Discounted standard variable rate
  • Fixed-rate terms for 1 to 5 years
  • Flexible repayment options
  • Advance repayments for up to 12 months without any penalties
  • Option for family guarantee

It’s important to compare different home loan products to make the best decision for you and your family. Don’t skip reading the product disclosure statement or the PDS, as this reflects all the terms and conditions of the home loan.

Make sure that you also read other documentation provided by the bank associate. It is important that you take these steps before you say yes to a home loan.

You may check the quick comparison below to give you a kickstart in choosing a home loan. However, you should note that this comparison is based on a loan amount of $150,000 for a 25-year term. Also, directly check the company’s respective websites to give you a further idea of the loan features.

Company Product Current Rate Comparison Rate Monthly Repayment
IMB Bank Budget Home Loan 4.24% 4.25% $1,719.75
UBank Neat Home Loan Owner Occupied P&I 70-80% 4.24% 4.26% $1,719.75
Home Star Star Gold Home Loan <60% 3.58% 3.58% $1587.33

**Correct as at 25/09/2022

 

Everything You Need to Know About IMB Bank Home Loan

  1. How do I apply for an IMB Bank Home Loan?

Like any other company, IMB Bank will ask for different documents for your home loan application. You can prepare a checklist so you don’t forget anything when you submit your application.

Once ready, you may check the IMB Bank website and submit your application online. Some of the documents they request are standard, like your ID, savings statements, and documents that will verify your income.

You can also call them over the phone for enquiries.

  1. Does IMB Bank allow extra repayments?

The simple answer is yes. As of this writing, IMB Bank allows extra repayments. This will be dependent if you have a fixed rate loan or if it is on a variable rate. IMB Bank even has a Home Loan Repayment Calculator to help you make the computation.

  1. Is there a redraw facility for IMB Bank Home Loans?

IMB Bank currently allows redraws if you have been making extra repayments to your loan. However, remember that it is only free if done via internet banking. There is also a minimum amount of $500 for each redraw.

If you have a joint account, both account holders should provide authorisation on the redraw. Should you prefer to do the redraw through a different process, there will be a fee.

Compare Home Loans

Choose the best home loan for you and compare them using Makes Cents.

We can help you make a smart decision with your home loan choice because we have over 35 lenders in our database. We know the value of peace of mind and clarity of choice, which is why we have compiled all the home loan info you need in one place.

Visit Makes Cents to get started. We also have heaps of articles with valuable insights that can help you make smart financial moves. Browse our website today!

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