Jason McCartney opened the scoring for the visitors with a deflected effort in the 20th minute, with Chris Curran doubling his sides' advantage seven minutes into the second half.
Any hope of a comeback by the Whites evaporated when Phillip Simpson received a red card for his part in a confrontation between players on both sides.
The Mallards soon capitalised on their numerical advantage, with Andy Crawford tapping in from close range to make it 3-0.
McCartney though had the final say with two more goals to complete his hat-trick.
His second of the afternoon came from the penalty spot after Ryan McCann had fouled Curran inside the area, and the treble was completed a minute from time with a fine individual effort to send his side into dreamland.
Defending champions Linfield, meanwhile, will have to wait a little longer for their first win of the season after being held to a scoreless draw by Coleraine at Windsor Park.
Following their opening day shock defeat at Ballymena last weekend manager David Jeffrey made five chances to his startling line up but Coleraine were more than a match for the Blues and fully deserved their point.
The first chance of the game fell to the Blues with Jamie Mulgrew's corner just directed wide of the target by William Murphy on five minutes.
Coleraine responded with Ryan McIlmoyle curling in a teasing cross which Alan Blayney did well to come off his line and collect.
The visitors threatened again on 18 minutes when a good cross from Ruairi Harkin was glanced wide of goal by Curtis Allen.
Allen was at the end of another good attack but his tame shot did not trouble Blayney.
At the other end things looked promising for the home fans when Matthew Tipton found some space in the box but despite a good turn he scuffed his shot and the chance was lost.
Ballinamallard manager Whitey Anderson toasted his team’s magnificent 5-0 win over Lisburn Distillery with a drink of tea and then quipped to reporters: “It’s the only cup we’ll get all season!”
John Flack in his blog Mallards in full flight
Coleraine moved the ball quickly to the other end and Harkin drilled a low shot wide of the post.
Linfield offered little for the remainder of the half until Browne fired wide two minutes from the break. There was still time for McIlmoyle to dart into the box but Murphy did well to cut out the danger.
The second half began rather tamely with too many passes going astray. Curtis Allen became the first player to receive a booking when he clipped the legs of fullback Niall Quinn.
Allen ran on to a smart pass from Harkin on 65 minutes but went down too easily in the box and was told to get up by referee Colin Burns.
McIlmoyle almost made the most of hesitation in the Linfield box but as the ball fell to him he failed to connect cleanly and it was an easy save for Blayney.
Linfield introduced both Peter Thompson and Robert Garrett in a bid to add some punch to their attack but it was Coleraine who again went close with Lowry dragging the ball back onto his left foot but again there was not enough power in his shot.
There was a let-off for the home team when Blayney kept the ball out after a quick corner was met by Gillan.
Gary Browne tried to open the scoring in spectacular fashion with a shot from 25 yards out but the ball was always rising. The Blues upped the tempo and from a Mulgrew corner Burns rose highest but powered his header over the bar.
Then Carvill had two efforts on target, the first direct at Doherty, the second stinging the palms of the Coleraine keeper before the danger was cleared.
Carvill might have grabbed the headlines with a late winner but after homing in on a great pass from Browne his volley flew over the bar.
That was the final chance and the Blues had to be happy with a share of the spoils.
Elsewhere on Saturday Portadown needed an injury-time goal from Gary Breen to salvage a point against Donegal Celtic at Suffolk Road.
Breen equalised a minute into added time to cancel out Mark Miskimmin's 57th minute opener for DC.
It was honours even in the other three games of the day, with Dungannon Swifts earning a 1-1 draw against Cliftonville at Stangmore Park.
Liam Boyce netted the opener for the visitors, but his defelcted effort was cancelled out by a stunning goal from distance by Stephen O'Neill.
Glentoran's meeting with Glenavon also finished 1-1, with Mattie Burrows netting against his former club after andy Waterworth foubnd the mark for the opener.
The game between Crusaders and Ballymena United finished goalless.
IFA Premiership results in full:
Crusaders 0-0 Ballymena Utd
Donegal Celtic 1-1 Portadown
Donegal Celtic: Miskimmin 57.
Portadown: Breen 90+2.
Dungannon Swifts 0-0 Cliftonville
Dungannon Swifts: O'Neill 83.
Cliftonville: McMinn 58 (OG).
Glenavon 0-1 Glentoran
Glenavon: Burrows 87.
Glentoran: Waterworth 44
Linfield 0-0 Coleraine
Lisburn Distillery 0-5 Ballynamallard Utd
Ballinamallard Utd: McCartney 20, 75 (PEN), 89, Curran 52, Crawford 66.