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IMB Repayment Knockout Offer - Get $250 if IMB Is Unable to Reduce Your Monthly Loan Repayment

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IMB Repayment Knockout Offer - Get $250 if IMB Is Unable to Reduce Your Monthly Loan Repayment
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Sshanaz on 13/04/2016 - 12:48 imb.com.au (228 clicks)

Got the following offer appeared on my facebook page. I am not eligible but might be useful for some Ozbargainers

If you have a home loan with one of the big 4 banks, take the IMB REPAYMENT KNOCKOUT and see if you could be paying less on your mortgage each month. If IMB can't show how to reduce monthly payment using equivalent IMB Home Loan, they would give you $250.

To be eligible for the repayment knockout your current home loan must be with ANZ, CBA, NAB or Westpac3 and it must have:

1) a variable rate and principal and interest repayments
2) <80% LVR
3) an outstanding balance >$250,000
4) Your home loan must also be for owner occupiers and you must have had it for at least 3 years.

To ensure you get the most out of your appointment, please bring the following proof of your current home loan details and other documentation to your appointment:

your home loan contract and a recent statement (this can be a print from internet banking) which show:
-that you have had your home loan for at least 3 years
-the name of your home loan product
-your current variable interest rate
-that your home loan has principal and interest repayments
-that the outstanding balance of your home loan (excluding redraw) is at least $250,000
-the remaining term of your home loan
-the current repayment being made on your home loan
-a recent rates notice which shows your owner occupier status
-a recent payslip which shows your regular income.

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closed Comments

  • Islund on 13/04/2016 - 12:56
    +3

    So, you send them everything they ask for only to find out you have wasted your time

    1. Appointments can be booked online, by calling IMB on 133 462 or by visiting an IMB branch. Given the constraints of time and staff, limited appointments are available and they will be allocated at IMB’s discretion. If IMB is not able to offer you an appointment because all appointments in your preferred area have already been booked you will not be able to participate

    http://www.imb.com.au/home-loan-repayment-knockout

    • Jack D Price on 13/04/2016 - 12:57

      Yes, you have to meet face to face to get the cashola, and a better loan

  • Sshanaz on 13/04/2016 - 13:04

    Hunter St Sydney CBD branch is always empty so should be easy to make in branch appointment.

  • fertiliser on 13/04/2016 - 13:09

    very unlikely they will pay this out so it looks like a big waste of time.

    its pretty easy to get a lower variable than the big 4. Especially as there is no mention if they will match your current loan exactly (offset or redraw, fees etc) or just get you a lower rate. Just look at the rates that ubank, loans.com.au etc are offering

    • guidedlight on 13/04/2016 - 13:17
      +1

      I agree, however ubank isn't a great example because they are a really big-4 bank under the covers.

  • guidedlight on 13/04/2016 - 13:15
    +1

    Of course, there are lots of cheaper mortgage loan options for those with a big four bank; as non-bank or small-bank lenders are normally cheaper.

    • Big four banks are large expensive organisations to run, that offer the additional regulation provided by the government through APRA.
    • Non-bank lenders are not normally subject to the same level of regulation and are smaller, so they can offer cheaper mortgages but may be more susceptible to poor economic conditions.
    • Tiggrrrrr on 13/04/2016 - 13:28

      I'm with one of the Big 4 for my investment loan.
      No "small" bank could beat the rate at the time, yet alone match it.

      • CyberMurning on 13/04/2016 - 13:40
        +5

        Details please… Not just showing off without proof… And your broker details as well so we can join… That's the ozb spirit

        • Tiggrrrrr on 13/04/2016 - 20:22
          +1

          4.3% (Interest only, Investment property).
          No (additional) ongoing fees. (I have other accounts.)
          This was at the start of the year, so there could well be a better deal now.

          Broker? I don't use one.

          [EDIT] For example, check out THIS LOAN. Bundle your home and investment loan for the low rate of 4.09% (4.11% comparison).

        • CyberMurning on 13/04/2016 - 21:11

          @Tiggrrrrr: "I'm with one of the Big 4 for my investment loan. "
          loans.com.au is not big 4…
          which bank do you use, which product, how much is the loan amount, how much the interest, any offset account? and yearly fees?

        • Tiggrrrrr on 14/04/2016 - 16:22
          +1

          @eisniwre: I said "This was at the start of the year, so there could well be a better deal now." and then "For example, check out THIS LOAN…" . I never said I do (or even would) use them, or endorse them.

          I was simply indicating that you could in fact now get a better deal with a small enterprise, for those that are interested.

          I already answered that there are no fees in addition to my existing accounts (I already stated this above). I don't use the redraw/offset as I already do this on a different loan. The interest is clearly stated in the first line. "4.3% (Interest only, Investment property)"

          It is not NAB, ANZ, or Westpac.

      • sir_bazz on 13/04/2016 - 14:45
        +1

        Yup…details please.

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