IMB Bank Home Loans: The 2026 Review

IMB Bank, originally established in 1880, is one of Australia's oldest financial institutions. Headquartered in Wollongong, New South Wales, it began with a mission to serve the financial needs of local communities. Over the years, IMB has grown significantly, expanding its services across New South Wales, the Australian Capital Territory, and Melbourne. Its long-standing history is marked by a commitment to mutual ownership, ensuring that profits are reinvested to benefit its members.

Today, IMB Bank operates as a major mutual bank, known for its community-focused approach. As an independent entity, it distinguishes itself from the Big 4 banks by prioritising customer satisfaction and offering personalised service. With a network of branches and a robust online presence, IMB provides a comprehensive range of banking products and services. Its competitive edge lies in offering lower home loan rates and unique features like the Family Guarantee, which supports homebuyers with family assistance.

IMB Bank targets customers primarily within its geographic regions, focusing on delivering value through competitive rates and flexible banking solutions. Its member-owned structure allows it to maintain a community-centric approach, appealing to those seeking a more personal banking experience. While its physical presence is limited compared to larger banks, IMB compensates with high customer satisfaction and innovative digital banking solutions.

• Legal Name: IMB Ltd
• ABN: 92087651974
• Established: 1880
• Headquarters: Wollongong, New South Wales
• Type: Mutual Bank
• Ownership: Independent

• Website: https://www.imb.com.au

IMB Bank offers a range of flexible home loan features designed to provide borrowers with financial convenience and support, including competitive rates and unique options like the Family Guarantee.

• Free Redraw via Internet and Mobile Banking: This feature allows borrowers to access extra funds they have paid into their loan, providing financial flexibility. It can be done conveniently through IMB's internet and mobile banking platforms, making it easy to manage finances on the go.
• Unrestricted Additional Repayments: Borrowers can make unlimited additional repayments on their loans without incurring penalties. This flexibility helps reduce the loan principal faster, potentially saving on interest costs over the life of the loan.
• Internet Banking and Mobile Banking App: IMB provides robust digital banking solutions, allowing borrowers to manage their loans and other accounts online or via a mobile app. This accessibility ensures that customers can handle their banking needs anytime, anywhere.
• Family Guarantee: This unique feature enables family members to assist in purchasing a property without providing cash gifts or loans. It can also cover costs like stamp duty and legal fees, making it easier for first-time buyers to enter the market.
• Split Loan Options: Borrowers can divide their loan into multiple portions with different interest rates or features. This allows for tailored financial management, such as combining fixed and variable rates to balance stability and potential savings.
• Offset Account: Linking an offset account to a home loan can reduce the interest payable by offsetting the loan balance with the account balance. This feature offers significant interest savings over time, enhancing financial efficiency.
• $3,000 Cashback Offer: For new purchase or refinance home loans between $500,000 and $749,999, IMB offers a $3,000 cashback. This incentive provides immediate financial relief, though it excludes certain loan types and requires meeting specific criteria.
• IMB Alerts: This service keeps borrowers informed with SMS or email alerts regarding account activity and security. It enhances financial management and security, ensuring borrowers stay up-to-date with their banking details.

IMB Bank provides a transparent fee structure with a range of charges applicable across its home loan products, ensuring borrowers understand the costs involved.

• Additional Loan Application Fee/Top-up Fee: $449 - Payable for an application for an additional loan with no new security.
• Valuation Fee: Variable - Payable when a non-standard valuation is required, such as for rural or heritage properties.
• Amendment Fee: $150 - Charged when contract documentation is re-issued due to a borrower’s request for changes.
• PEXA Transaction Service Fee: Variable - Payable for electronic lodgement of transactions on title after settlement.
• Partial Discharge Processing Fee: $300 - Charged when releasing a security property from a loan with multiple securities.
• Default Fee: $50 - Incurred when a loan is in default due to late payments.
• Portable Loan Fee: $600 - Payable when replacing an existing security property with a new one.
• Redraw Fee: $50 - Applies for redraws not conducted via internet or mobile banking, where they are free.
• Switching Fee: $300 - Charged when changing interest rate type, product type, or repayment type.
• Guarantor Fee: $100 - Payable for preparing and processing guarantee documentation.
• Monthly Fee: $6-$10 (Monthly) - Varies by product and covers account maintenance.
• Advance Repayment Costs: Variable - Charged on fixed rate loans if extra repayments exceed 12 times the monthly repayment.

IMB Bank offers home loans to Australian citizens and permanent residents, focusing on community-oriented borrowers with competitive rates and flexible options.

• Applicants must be at least 18 years old.
• Applicants must be Australian citizens or permanent residents.
• Applicants must be natural persons, not legal entities.
• Applicants must demonstrate the ability to repay the loan, typically through stable income and employment.
• A satisfactory credit history is required.
• Some products may require a minimum deposit of 5%, especially with a guarantor.
• Loan-to-Value Ratio (LVR) may vary, with some products allowing up to 95% LVR.

• Lenders Mortgage Insurance (LMI) may be required for loans with an LVR above 80%.
• The Family Guarantee program allows family members to assist without cash gifts, beneficial for first-time buyers.
• IMB's geographic presence is limited to NSW, ACT, and Melbourne, which may affect accessibility.