IMB Budget Home Loan


Borrowers can make unrestricted additional repayments and free redraws on these payments, via online and mobile banking. There are no ongoing fees on the loan, which is a bonus for borrowers. However, no offset account is available.

Customers can make weekly, fortnightly or monthly repayments, with more regular repayments allowing you to reduce interest’s costs.

IMB charges different variable interest rates based on the proportion of the property value borrowed. Customers can borrow up to 95 per cent of the property’s value, although the highest rates apply to loans equal to or greater than 90 per cent. IMB charges the lowest rates where the home buyer has a deposit of 20 per cent or more with a slightly higher rate applying to loan amounts between 80 and 90 per cent.

The loan is not available as a switch or re-finance from another IMB home loan.

Who is the IMB Budget Loan good for?

The IMB Budget loan is good for first home buyers looking for a low variable rate loan with the ability to make additional repayments. The loan is not available to investors or refinancers and is catered directly to owner-occupiers with a competitive variable rate. IMB rewards those with higher deposits with the lowest rates.

Review - What RateCity says

The IMB Budget loan is a simple variable rate loan that is targeted at new home buyers looking for low interest rates and no ongoing fees. The added flexibility to use your savings to make additional repayments to reduce the length of the loan and interest costs is attractive. The Budget Home Loan lacks some features other IMB variable loans offer, such as an offset account facility. But if you're on a tight budget and don't have much spare cash, then this may not make much difference to your hip pocket. The loan is worth considering if you have a larger deposit or you simply want a low cost home loan with no ongoing fees. But do your sums and don’t forget to include the high upfront fee.

IMB Budget Home Loan Options

The IMB Budget loan is a variable rate loan with different rates depending on the percentage of the property value that is borrowed.

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  • Flexible repayment options.
  • Low interest rate.
  • Additional repayments and redraws allowed, free of charge.
  • No offset account.
  • High upfront fees.
  • Not available to investors or refinancers.

·       Must be over 18 years of age.

·       Must be a citizen or permanent resident of Australia or New Zealand.


Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
  • Estimated upfront fees: $1199.00 - $799.00
  • Discharge fees: $350
  • Ongoing fees: $0

The IMB Budget Home Loan has high upfront fees but no ongoing or annual fees. There are no fees for additional payments or redraws made online or via mobile devices. A minor discharge fee also applies, but it is a lot less than that charged by other lenders.

  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About IMB Bank

IMB, or the Illawarra Mutual Bank, is a member-owned financial institution based in NSW. They have branches in NSW, the ACT and Melbourne and can be contacted via email, in person or by phone.

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