IMB Commercial Loans Review for Australian Expats

IMB Commercial Loan Options

IMB Commercial offers the following commercial loan products. Please note that these may not be available for borrowers from overseas. Speak with us to discuss your best options.

The IMB Flexi Loan is a business loan that’s suitable for various business needs like working capital, equipment purchase, or expansion. For example, this can be used to finance your restaurant business.

Features:

  • Flexible loan amount of $5,000 to $5 million
  • Competitive interest rates (fixed or variable)
  • Short-term or long-term repayment options
  • Redraw facility for additional funds (subject to approval)

The IMB Commercial Investment Property Loan offers tailored solutions for purchasing or investing in different commercial property types in Australia, such as offices, retail, industrial, etc.

Features:

  • Competitive interest rates for investment properties
  • Loan-to-value ratios (LVRs) up to 80% for existing properties and 75% for developments (subject to conditions)
  • Interest-only periods available to optimise cash flow during vacancy or construction phases
  • Fixed or variable rate options

The IMB Commercial Development Finance option provides short-term funding for land acquisition, construction, or refurbishment projects.

Features:

  • Flexible loan structures to suit specific project needs
  • Progress payments aligned with construction milestones
  • Expertise in supporting developers and builders
  • Term loan or line of credit options available

IMB Commercial Loans Review

Here are the pros and cons of choosing IMB Commercial to buy property in Australia.

Pros Cons
Competitive interest rates
Limited brand recognition
Flexible loan structures
Potentially higher fees
Personalised service and understanding of expats
Stricter lending criteria
Strong relationships with migration agents and accountants
Limited product range

Allow us to find you the perfect home loan.

Apply online to get expert recommendations with real interest rates and repayments.

Features of IMB Commercial Loans

IMB Commercial can help you get the following commercial loan features.

Feature Details
Additional Repayments
Allows you to make additional repayments towards your loan at any time, helping you reduce your interest expenses and potentially shorten your loan term.
Redraw Facility
Allows you to access additional funds from your loan without needing to apply for a new one, subject to approval and available equity.
Repayment Holiday
Allows you to temporarily suspend or reduce your loan repayments for a set period, typically under specific circumstances like financial hardship.
Professional Package Discounts
Provides discounted interest rates or fees on commercial loans. It can save you money on your loan costs, especially if you have a significant professional association.

Facts About IMB Commercial

Founded in 1880 as the Illawarra Mutual Building Society, IMB Commercial has grown over the years, diversifying its offerings beyond traditional banking.

In 2013, IMB Bank acquired the commercial and asset finance business of CBA (Commonwealth Bank of Australia), significantly boosting its commercial lending capabilities.

Today, IMB Commercial operates as a separate division within IMB Bank, focusing on supporting the needs of businesses.

How Do I Apply for an Expat Mortgage with IMB Commercial?

Here’s how an Australian expat, permanent resident, or foreign investor living overseas can apply for an expat commercial loan with IMB Commercial.

  • Contact a Specialist Mortgage Broker: Contact a team of dedicated specialists experienced in handling expat loan applications to help you get started.
  • Discuss Your Project: Explain your specific needs for the commercial property loan, including the property type, location, loan amount, and desired loan features.
  • Pre-qualification: IMB Commercial may conduct a pre-qualification check to assess your financial eligibility and provide a preliminary idea of loan options.
  • Gather the Required Documents: This typically includes identification documents, overseas income verification documents and any other additional documents, such as a business plan, as required.
  • Submit Your Application: You can submit your application online or through your mortgage broker.
  • Credit Assessment and Verification: The bank will assess your application based on your financial situation, borrowing history, and property details. They may also verify your overseas income and documents with relevant authorities.
  • Loan Offer: If your application is approved, IMB Commercial will provide you with a loan offer outlining the loan terms, interest rate, fees, and repayment schedule.
  • Review and Acceptance: Carefully review the loan offer and ensure you understand all terms and conditions before accepting.
  • Loan Documentation: Once accepted, you will need to sign loan documents and provide any additional required information.
  • Security Registration and Settlement: Depending on the loan type and security requirements, you may need to register security interests on the property and finalise the property settlement process.
  • Loan Disbursement: Once all conditions are met, the bank will disburse the loan funds to your nominated account.

Consider consulting with a financial advisor or mortgage broker specialising in expat finance, such as Odin Mortgage. They can guide you through the process, negotiate better terms, and ensure compliance with all regulations.

Who is Eligible?

Australian expats and permanent residents living overseas are eligible for a commercial loan from IMB Commercial. They have dedicated expat loan teams specialising in handling such applications. However, eligibility will depend on several factors, including those listed below.

  • Financial Strength: Demonstrated income, assets, and creditworthiness are crucial. Overseas income may be considered, but verification may be required.
  • Property Location and Type: Loans are typically offered for commercial properties in Australia, with specific restrictions on certain types like rural land or high-risk development projects.
  • Borrowing Purpose: Loans are typically for business purposes related to the property, like purchase, construction, or investment.
  • Security: IMB Commercial may require additional security, such as a guarantor or mortgage on other assets, depending on the loan amount and risk profile.

IMB Commercial may consider loan applications from foreign investors living overseas, but the criteria are stricter than for Australian expats. Key factors influencing eligibility include those listed below.

  • Financial Strength: Demonstrating robust financial resources and a strong track record in business ventures is essential.
  • Experience in the Australian Property Market: Prior experience investing in Australian commercial real estate may be preferred.
  • Security: IMB Commercial is likely to require significant security, often including a local guarantor or mortgage on other assets within Australia.
  • Regulation Compliance: Foreign investors need to comply with all relevant Australian laws and regulations regarding foreign investment in property.

Below are the general eligibility criteria.

  • Business Registration: The applicant must have a registered business entity in Australia.
  • Minimum Loan Amount: IMB Commercial typically offers commercial loans starting from $20,000.
  • Loan-to-Value Ratio (LVR): LVRs may be lower for expat or foreign investor loans compared to domestic applicants.
  • Credit History: A good credit history is generally required.

While IMB Commercial welcomes applications from expats and foreign investors, they are cautious due to the higher perceived risk. Eligibility depends on meeting stricter criteria and demonstrating strong financial standing and relevant experience.

What Documents Do I Require?

When applying for a commercial loan with IMB Commercial as an overseas applicant, be prepared to provide a comprehensive set of documents to help them assess your financial situation and property viability. Here’s a breakdown of the typical requirements.

Personal Information and Identification

This includes documents such as your passport, driver's Licence, and proof of residency.

Financial Information

This includes documents such as your income tax returns, employment contracts and payslips, bank statements, and audited financial statements for established businesses.

Property Information

This includes documents such as the property details, valuation report, and purchase agreement or contract of sale.

Additional Documents

This includes documents such as a business plan (if applicable), security documentation, overseas banking references, and professional association certificates (if applicable).

Please note that this is a general guideline, and the specific documents required may vary depending on your individual circumstances, loan amount, and property type. It’s best to contact us directly to confirm the exact documents you need for your specific application.

Other Related Products from IMB Commercial

Trade Finance Solutions

The IMB Trade Finance Solution helps businesses import and export goods with confidence and mitigate risks.

Features:

  • Letters of credit (LCs) for secure international trade transactions
  • Guarantees for various trade finance needs like import/export financing or performance bonds
  • Hedging solutions to mitigate currency fluctuations
  • Expertise in navigating complex international trade processes

IMB Sustainable Business Loan

The IMB Sustainable Business Loan option helps businesses achieve their environmental goals while accessing competitive financing.

Features:

  • Competitive interest rates for businesses implementing sustainable practices
  • Funding for renewable energy equipment, energy efficiency upgrades, or green building projects
  • Flexible loan terms to support your sustainability goals
  • Dedicated sustainability specialist support

IMB Factoring

IMB Factoring is an invoice finance option that helps businesses manage their cash flow more effectively and avoid cash flow gaps.

Features:

  • Immediate access to cash by selling your outstanding invoices to IMB Commercial
  • Improves cash flow and reduces reliance on traditional bank loans
  • Flexible financing solutions for businesses of all sizes

Need a Mortgage With IMB Commercial?

IMB Commercial is a well-respected lender in Australia, known for its personalised approach and competitive offerings. While not a household name like some larger banks, it has carved a niche for itself by focusing on the needs of businesses and building strong relationships with its clients.

Odin Mortgage specialises in residential and commercial mortgages for Australian expats, permanent residents and foreign investors living overseas looking to buy property in Australia. Speak with us today to discuss your needs and unique situation to check out your best options.

Other Australian Lender Reviews

Allow us to find you the perfect home loan.

Apply online to get expert recommendations with real interest rates and repayments.

FAQs About IMB Commercial

Yes! IMB welcomes expat applications with dedicated expat loan teams experienced in your situation. However, eligibility depends on your financial strength, property details, and security options.

Prepare comprehensive documentation like tax returns, bank statements, property details, valuation reports, and proof of overseas income. Contact Odin Mortgage for a specific list based on your loan and property.

IMB offers various repayment options like fixed or variable rates, interest-only periods, and additional repayment flexibility. Discuss your preferred repayment schedule with us to find the best fit for your cash flow needs.

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