Changed account from fee free without notice and interest rate increases just before RBA lowers rates
Was going good until they decided to start charging $6 per month out of the blue for the account they forced us to set up with the home loan. They consistently raise the variable rate .10% just before the RBA lowers it .25% then only pass on .15% ..do the math. They don't loose! To be honest I wouldn't recommend using them. The royal commission obviously had very little impact on them.
Deceiving and sneaky practices
Banked with IMB for 30 years, home loan for 11years & various personal loans. Home loan was a budget, life of loan discounted variable rate or so we were told. All seemed okay with this product in the early years but inconsistencies frequently occurred. Received a letter of demand after an apparent “default” Always made extra payments ahead of schedule buy some months, this now shows as a default on my credit score. Last few years while the cash rate seems to be dropping steadily they raise loan rate periodically by .10% without much justificat...ion. All of a sudden our rate is at 4.67% when their standard variable sits at 3.36%. Asked to refinance along with an additional purchase of an investment property but would not move on rate! Very bazaar! A few years back I was declined a $10k loan but happily offered a credit card at double the interest rate. Checked my credit score recently an this application was never lodged! Very dodgy mob, just interested in lining their own pockets! AVOID AT ALL COST, YOU HAVE BEEN WARNED!
I have three mortgages with IMB. The application process was fine. The problem is with frequent rate rises and they just appear on your statement with no prior notice. Recently IMB advertised that they are passing on the full RBA .25% rate cut, however what they don't tell you is they put their rates up by .10% just before the RBA cut so really, just .15% was passed on.
Frequent rate rise
We refinance with ImB last year and 2 months since we started, rate rise from 3.69 to 3.84 then just checking my online banking rate rises again just before RBA decision of lowering the rates. Now it's currently at 3.94, I'll be expecting rate rise again soon without any reason. I suppose it's a variable rate but for those who are thinking of getting a home loan or refinancing, BEWARE! I will be looking at getting out very soon.
The month after signing up a homeloan IMB increased the interest rate with a made up excuse while still offering new customers the lower rate, some months later another rate rise for no real reason other than to increase profits, some months later another rise to get in before the reserve bank lowers rates.
will be taking my business elsewhere as soon as possible.
Great discounted homed loan
I got a good discounted home loan rate when refinancing my home. CBA "couldn't compete". Mobile lender was efficient and easy to deal with. They even gave me a $500 cash bonus for sealing the deal. The online account is easy to deal with on desktop or mobile device. I highly recommend.
Moved to IMB from big 4
Must say was quite an experience moving from big 4 who would only drop my rate to 4.5% and slug me $400 a year for the privilege. Went on Jousr where banks bid for your loan, you specify what you are looking for, I said re finance,, no fees. IMB were winning bid, paperwork was arduous, even found anomaly on our title which involved even more paperwork. Loan specialist Warren came to our house for initial setup, then every day was more paperwork required. I just assumed their lending policies are quite strict compared to big 4. Rate is excellent...no fees or early payout charges, has redraw and extra payments allowed. I woul just advise don’t call their 1300 number they know zilch, I just call Warren to answer any questions we have far more helpful. Will review my loan yearly and move if I get a substantially better rate anywhere else
Great experience transferring my home loan
I've been with St George for 30 odd years, since I was a kid. I was always loyal as I felt the service was excellent but the reality is they were nowhere near as competitive and so I've decided to shop around and save myself $500 a month!
IMB have been responsive and personal service by their home lender has been faultless. Very happy.
Now I can afford a holiday every year with the savings :)
Poor Home Loan Process
I have title on a house. I have 20% deposit with collateral and shares. We have numerous sources of income. I cancelled the loan application as it took 10 days with no feedback. I provided more than enough documents to satisfy the loan. When I made a complete they tried to turn it on me by saying that it was rejected when in fact I cancelled the loan. It was explained to me that they had to factor in rate rises. I simply replied that the rent my house would generate would easily facilitate the loan in addition to collateral and income. Don't be fooled by the low interest rates. That's for people with exceptional finance. My credit score is 801. Stay away from this small time Bank. It tries to punch above its own weight which is very light.
Amazing customer service.
Erin was my mobile lender manager from IMB Bank and she continuously exceeded my expectations in helping to facilitate my loan approval. She updated me every couple of days and was extremely polite and personable. Despite my loan being for a much smaller amount and very difficult to obtain the final approval given my low income and self employment, Erin always went out of her way to help me overcome all obstacles. As I had already brought the property, she understood the urgency and stress I was under to obtain the approval as quickly as possib...le. She also came out to my house to show my how to complete the paperwork and run through my many questions. It was great to be able to meet someone face to face for what can be a very overwhelming experience for first home owners. Would highly recommend giving IMB Bank ago. Great competitive rates too.
Wasted all of our times
After going through all of the documents finding & submitting inc giving them our previous two years' business accounting details, IMB Bank's loan assessor insisted on our submitting the current financial accounting which they know will not be ready in the next 7 month and they have already seen the sales figures (which are better than the previous two years) for the current financial year. And they suggested " if you have to wait for next 7 month to supply your business accounting then you have to re-apply ...": what a ridiculous statement, I regret wasting all of the time with them.
Home loan frustration, poor service, lack of communication,no loyalty to loyal customers!!!!!!!
I have been a loyal customer of the IMB for some 30 years now, i was preapproved for a home loan 5 years ago but pulled out due to illegal mods made on the house without council approval.I have now decided to buy land and build as new gov insentives are all geared towards this new home buyers grant etc.
I placed a deposit on a great block in an excellent location and went to see my local IMB manager and was promptly preapproved on another loan for the land first, and then a constructers loan to follow which would role into the one loan once ...
Mortgage interest rates
I have banked with IMB for approximately 10 years. I was disappointed to find that if you are more than 12 months in advance on mortgage repayments and are on a fixed interest rate you incur a monthly 'advance' fee. At no stage did IMB advise me of this when I initially decided to take out a fixed interest rate and only found out when I queried the monthly charge.
This is very disapponting as I feel I am being penalised simply by trying to pay as much off my mortgage as quickly as possible and I like the security of a fixed interest rate. I was advised by IMB to break the fixed 3 year rate would cost me approx $2,600 so I just have to hang in there for another 2 years before I can switch to variable.
not a very helpful branch manager
i have been banking with imb for three years now at the Campbelltown branch in nsw and have always been happy with the service until i wanted to start saving more money and unfortunately i happened to be served by the manager who was not only unfriendly but could not wait to get rid of me, i walked away feeling unsatisfied and have now travelled to the city branch where the service is great.Thank you to the branch opposite Wynyard station where they have more time for you
I have banked with the IMB for approximately 25yrs or long as I can remember, once I was able to get finance for a house`s and what not, I did look around for a better price, some times I used IMB and sometimes I did`nt.
It is nice that the IMB still low transaction fees.
It unfortunate the IMB is not as competitive as much as the Banks
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