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We all know that renovating can be a nightmare and trying to work through all the financial options available can be just as bad! When it comes to renovating, the experts’ mantra is plan, plan, plan. And a financial plan can be just as important as the floor plan!

This 'at-a-glance' summary of some of the best finance solutions for renovators will help you figure out which option to choose when it comes to financing your renovation. If you haven’t got savings to dip into, understanding the different types of loans is the first step to making sure you get the right deal.

Option 1: Redraw on your Home Loan

If you are ahead on your existing home loan repayments, an easy way to access some extra cash is to redraw on your home loan. You don’t need to apply or wait for approval and IMB offers fee-free redraws over the Internet, giving you quick access to your funds.

Option 2: A Personal Loan

An IMB Personal Loan is the first port of call for many people looking for finance. Why? Because you can borrow anywhere from $2,000 to $50,000 and pay it back in regular installments over an agreed time period. A Personal Loan can reduce your risk of spending more than you planned and there are no surprises with your repayment schedule.

And if you can pay your loan off sooner than you planned, there are no penalty fees.

Option 3: Personal Line of Credit

Another option is to take a Personal Line of Credit or what you might already know as an Overdraft. This is an unsecured credit facility attached to your everyday transaction account that works like a credit card but usually has a lower interest rate.

A Personal Line of Credit is different from a Personal Loan because it allows you to establish pre-approved credit against your savings. This credit then acts as support to your regular income as and when you need it.

A Personal Line of Credit allows you the peace of mind of available funds without having to pay interest on unused amounts. You can apply for a credit limit anywhere between $500 and $20,000.

Option 4: Equity Line Advantage

If you have been in your home for some time you will probably find that its value has increased. An IMB Equity Line Advantage lets you tap into this equity by allowing you to borrow against the increased value of your home. With no account keeping fees and no maximum lending amount, IMB’s Equity Line Advantage can be a great way of financing major projects. Access to funds equal to the value of your home without having to sell your home, means you can reinvest your potential profits back into your new renovations.

Home Loans that might be of interest...

Standard Variable Home Loan

The IMB Standard Variable Loan is a fully featured home loan complete with a 100% Offset Account facility3. This product offers a competitive interest rate and a 100% offset account which means you can make all your money work towards paying off your loan faster.

5.42% pa Variable Interest Rate1

5.48% pa Comparison Rate2

For new owner occupier loans with P&I repayments <95% of the property value

Equity Line Advantage

The IMB Equity Line Advantage combines your home loan and everyday accounts. Your salary is paid directly into your IMB Equity Line Advantage reducing interest charged. You then simply draw out what you need to cover your living expenses.

5.62% pa Variable Interest Rate

5.62% pa Comparison Rate2

For new owner occupier loans <90% of the property value


1. These interest rates apply to owner occupied home loans with principal and interest (P&I) repayments. Different interest rates apply to home loans with interest only repayments or for investment purposes. Lending criteria, terms and conditions, fees and charges apply to IMB home loans. Full loan terms and conditions are available upon request from any IMB branch or by calling 133 462, 8:00am to 8:00pm Mon-Fri, or 9:00am to 4:00pm Saturday. For new funds only. Not available for refinance of existing IMB loans. 2. These comparison rates are based on a $150,000 secured home loan over 25 years. WARNING: These comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in different comparison rate. 3. 100% Offset facility is available on the IMB Everyday and Everyday Unlimited accounts. Consider the PDS available from IMB before making a decision about IMB deposit products.

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Why choose IMB Bank?

Established in 1880, IMB has been helping people achieve their financial goals for 138 years. IMB offers a full range of banking solutions including home and personal lending, savings and transaction accounts, term deposits, business banking, financial planning and can arrange a wide range of insurance and travel products.

IMB has a growing branch network throughout the Illawarra, Sydney, NSW South Coast, the ACT and Melbourne. We have a lending specialist in every branch and a team of mobile lending specialists who will come to you. IMB members enjoy access to free automated phone and internet banking and a team of professionals who are just a phone call away at our locally based call centre.

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