Home Compare Personal Loans lenders IMB Personal & Car Loans Review

IMB Personal & Car Loans Review

IMB offers digital banking and online loan options. Compare the building society’s personal and car loans.

on 22 Apr 2022

First established in 1880 as Illawarra Mutual Building Society, IMB has expanded its reach over its 142 year history, with branches now serving regions beyond Illawarra including Sydney, Newcastle and the Hunter, Melbourne and the ACT. Regarded as the third-largest building society in Australia, IMB combines a wealth of experience with a member-first mindset to deliver better value banking. It delivers customer support at an onshore contact centre.

IMB Personal & Car Loans

IMB offers both secured and unsecured personal loans for a number of uses from $2,000 to $75,000 depending on the loan. These uses include:

Holidays
Consolidating debts
Home improvements
Marriage
Unexpected expenses

Loan amount

Compare

Lender	Advertised rate	Comparison rate*	Monthly repayment	Interest Type	Secured Type	Early Exit Fee	Ongoing Fee	Application Fee	Total Repayment	as ofAugust 21, 2024

	6.84^%_p.a.	7.19^%_p.a.	^$616	Fixed	Secured	N/A	^$0	^$250	N/A	More details
	Secured Personal Loan
Secured Personal Loan More details
	8.98^%_p.a.	9.34^%_p.a.	^$636	Fixed	Unsecured	N/A	^$0	^$250	N/A	More details
	Unsecured Personal Loan
Unsecured Personal Loan More details
	13.85^%_p.a.	13.85^%_p.a.	^$682	Variable	Unsecured	N/A	^$0	^$0	N/A	More details
	Personal Line of Credit
Personal Line of Credit More details

Secured Personal Loan

Product Features

Interest rates start at 14.95% and could be as high as 27.95% based on your personal circumstances and loan term
Australian residents and citizens only
Personal Loans from $3,000 to $25,000, with loan terms ranging from 25 - 48 months
Terms, Conditions and Lending Criteria apply

Monthly repayments:$693

14.95%Advertised Rate (p.a.)

29.30%Comparison Rate*

More details

Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here.

The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates are for unsecured personal loans only for the relevant amounts and terms. The comparison rates for car loans and secured personal loans are for secured loans unless indicated otherwise. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates are not calculated for revolving credit products.

Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. Rates correct as of August 21, 2024. View disclaimer.

Important Information and Comparison Rate Warning

Secured Personal Loan

IMB’s secured personal loan offering allows customers to borrow up to $60,000 across a one to five-year term. Given this loan is secured, IMB allows customers to put up an asset such as a new or used vehicle as a guarantee to borrow for a range of purposes.

The main benefit of a secured loan is that the interest rate could be a lot more competitive than unsecured finance. The drawback is, however, that the loan is tied to an asset and there could be more restrictions as to how you use the loan.

Unsecured Personal Loan

IMB’s unsecured personal loan offering allows customers to borrow up to $30,000 without requiring an asset as a guarantee. Loan terms for unsecured personal loans range from one to five-years.

The main benefit of an unsecured loan is that it’s not tied to an asset and can be more flexible with how you use the loan. However the drawback is unsecured loans often attract higher interest rates.

New Car Loan

IMB offers customers new car finance up to $75,000 across a loan term of one to seven-years. In order to qualify for finance, the car that is intended to be purchased must be no more than two years old. Terms are available from one to seven years, and there are no penalties for early-payouts.

Car Buying Service

Emerging as a popular option when car shopping, a car buying service essentially removes the legwork of going around to dealerships. Through IMB you can enlist the help of a car buying service, using National Car Search Australia. This means through IMB you can secure a car loan and organise a hassle-free car search and delivery in one spot.

The cost of the service is usually baked-in to the final sticker price, however, as car buying services can access fleet pricing and it’s their job to negotiate, the cost savings could be worth it.

Loan amount

Compare

Lender	Advertised rate	Comparison rate*	Monthly repayment	Interest Type	Vehicle Type	Maximum Vehicle Age	Ongoing Fee	Application Fee	Total Repayment	Early Repayment	Instant Approval	Online Application

Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here.

The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates for car loans and secured personal loans for the relevant amounts and terms are for secured loans unless indicated otherwise. The comparison rates for unsecured personal loans are applicable for unsecured loans only. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates are not calculated for revolving credit products.

Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. Rates correct as of . View disclaimer.

Important Information and Comparison Rate Warning

IMB Wedding Package

A unique offering from IMB, this package allows customers to bundle a secured or unsecured personal loan, an Everyday Unlimited Account and a Reward Saver Account - two other banking products offered by IMB. This package lets customers take advantage of lower fees and convenient access to funds to help plan their special day.

IMB Personal & Car Loan Features

Flexible loan amounts

IMB offers customers the flexibility of financing an amount to cater to their needs, from $2,000 to $75,000.

Fee-free additional repayments

Customers looking to get ahead of their loan by making additional repayments will not be charged across any of IMB’s personal loans. This can help save total interest paid over the life of the loan.

Extra Payment Calculator

No monthly fees

IMB personal and car loan customers won’t be charged monthly account keeping fees.

Insurance options

Loan repayment insurance can be added onto IMB personal loans to ensure customers are protected if they are unable to make repayments. This is an optional extra on all of IMB personal loan products.

Am I eligible?

To be eligible for any IMB personal loan, the following requirements must be met:

Applicants must be over the age of 18 years.
Applicants must have a monthly income.
Applicants must be an Australian citizen or permanent resident.
Applicants must have good credit history.
Applicants must must use the loan for personal use only.

What do I need to provide to receive an IMB personal or car loan?

To obtain an IMB personal loan, you may need to supply the following information and documents as part of your personal loan application:

Your personal details including name, address and date of birth.
A drivers licence or passport details.
Proof of your address - for example, a utility bill.
Proof of your income in the form of payslips or bank statements.
Details about your day-to-day expenses, and any other debts.

Image by Bayley Clark via Unsplash

Jacob Cocciolone

Jacob Cocciolone joined the Savings team in 2021 as a Finance Journalist. Driven by a passion for keeping Australians up to date with the latest financial news and trends, his areas of interest include financial technology, investing, property and motoring.

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Product Coverage and Sort Order

We strive to cover a broad range of products, providers, and services; however, we do not cover the entire market. Products in our comparison tables are sorted based on various factors, including product features, interest rates, fees, popularity, and commercial arrangements.

Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes.

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For more details, visit How We Get Paid and Managing Conflicts of Interest.

Comparison Rate Warning and Base Criteria

For home loans, the base criteria include a $400,000 loan amount over 25 years. For car loans and personal loans, the base criteria include a $30,000 loan over 5 years. These rates are only examples and may not include all fees and charges.

*The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Monthly Repayment Figures

Monthly repayment figures are estimates that exclude fees. These estimates are based on the advertised rates for the specified term and loan amount. Actual repayments will depend on your circumstances and interest rate changes.

Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you.

Related Brands

Savings.com.au is proudly part of the InfoChoice Group, which includes InfoChoice.com.au, YourMortgage.com.au, YourInvestmentPropertyMag.com.au, and PerformanceDrive.com.au. The InfoChoice Group is associated with the Firstmac Group.

We may include products and services from loans.com.au, CarLoans.com.au, OnlineAuto.com.au, and YourMortgageBroker Pty Ltd, all associated with the Firstmac Group. Importantly, these brands are treated like any other commercial partner.

Learn more about how we manage conflicts of interest.

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Rates and product information should be confirmed with the relevant credit provider. For more information, read Savings.com.au’s Financial Services and Credit Guide (FSCG).

IMB Personal & Car Loans Review