Question 1

What is IMB?

Accepted Answer

IMB is an Australian mutual bank established in 1880, making it one of the country's oldest and most enduring financial institutions. Headquartered in Wollongong, New South Wales, IMB (formerly Illawarra Mutual Building Society) serves over 85,000 members across NSW, the ACT, and Victoria. With more than $7.3 billion in assets, IMB provides comprehensive retail and business banking services while maintaining its customer-owned structure.

In 2020, Forbes named IMB as one of the World's Best Banks, and in 2022, Canstar found IMB to have Australia's Most Satisfied Customers for both the Bank and Mutual Bank categories.

Question 2

When was IMB founded?

Accepted Answer

IMB was founded in 1880 in the port community of Wollongong, 85 kilometers south of Sydney. Originally established as the Illawarra Mutual Building Society, the organization's express purpose was "enabling people to become their own landlords" during a time when home ownership was difficult to achieve for working-class Australians.

The building society grew steadily throughout southern New South Wales over subsequent decades. IMB entered the Sydney market in 1989, expanded to Melbourne in 2006, and following a successful merger with Hunter United Credit Union in 2020, established a strong presence in the Newcastle/Hunter Region.

In 2015, the organization transitioned from a building society to a mutual bank, formally rebranding as IMB Bank. This change reflected the expanded range of banking services offered while preserving the customer-owned mutual structure that has defined the institution for over 140 years.

Question 3

Where is IMB headquartered?

Accepted Answer

IMB is headquartered in Wollongong, New South Wales, where it was founded in 1880. The bank's head office houses its Australian-based contact centre, which provides customer support for members across the country.

Wollongong remains the heart of IMB's operations, reflecting the bank's deep roots in the Illawarra region and its ongoing commitment to serving the communities where it began.

Question 4

Where does IMB operate?

Accepted Answer

IMB operates throughout New South Wales, the Australian Capital Territory, and Victoria. The bank has an extensive branch network of 52 branches across these regions, spanning from the Illawarra and South Coast through Greater Sydney, the Newcastle/Hunter Region, and extending to Melbourne.

Following the 2020 merger with Hunter United Credit Union, IMB significantly expanded its presence in the Newcastle and Hunter Valley regions. The bank serves customers through physical branches, an Australian-based contact centre located at the Wollongong head office, internet banking, telephone banking, and a mobile banking app.

Question 5

What services does IMB offer?

Accepted Answer

IMB provides a full range of retail banking services including home loans, personal loans, savings accounts, transaction accounts, term deposits, credit cards, business banking products, and access to general insurance and financial planning services through partnerships.

Digital banking capabilities include internet banking, telephone banking, and a feature-rich mobile banking app with convenient account management tools. The bank offers specialized accounts such as business accounts with competitive interest rates and integrated accounting software feeds for platforms like Xero and MYOB BankLink.

IMB provides various savings account options including the Wisdom Saver Account for customers aged 55 and over, Cash Management Accounts with competitive interest rates and no lock-in periods, and DIY Super accounts offering low costs and high liquidity for self-managed superannuation funds.

Question 6

What makes IMB unique?

Accepted Answer

IMB's 145-year history makes it one of Australia's oldest financial institutions, with an enduring commitment to putting customers first. As a customer-owned bank, IMB has no external shareholders, allowing profits to be reinvested in better products, services, and community support.

The IMB Bank Community Foundation, established in 1999, has donated over $12 million to more than 850 not-for-profit and charity groups in the communities where IMB operates. This commitment to community support extends beyond financial contributions to include sponsorship of sporting competitions, civic groups, community events, and local business advocacy.

IMB's renowned personal service combines traditional values with innovation. The bank maintains a growing retail branch network throughout its operating regions while providing sophisticated digital banking options. With an average customer tenure demonstrating strong loyalty, IMB has built lasting relationships based on trust and personalized service.

Question 7

What type of financial institution is IMB?

Accepted Answer

IMB is a customer-owned mutual bank authorized by APRA as an authorised deposit-taking institution (ADI). The bank operates under a mutual structure where customers are also members and owners of the institution.

This cooperative ownership model distinguishes IMB from investor-owned banks, as the organization operates for the benefit of its member-owners rather than external shareholders. IMB is a member of the Customer Owned Banking Association (COBA), which represents Australia's mutual banking sector. As a mutual bank, IMB combines the full capabilities of a modern financial institution with the customer-focused values of cooperative banking.

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About IMB in Australia