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IMB Bank Personal Loan Review

Compare the key features of IMB Bank’s personal loan offers, as well as those from other lenders, right here with Savvy.

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, updated on May 28th, 2024       

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IMB is one of the largest building societies in Australia and has expanded from its beginnings in Illawarra to include branches in three states and territories.

With a list of services including mortgages, banking products, insurance and financial planning, they also offer personal loans, which are important to consider if you’re currently in the market for finance.

Comparing personal loans is simple when you do it with Savvy. We’ve broken down IMB’s loan offers so you can see all their key features at a glance to help you make an educated choice on which is right for you. Start the process today.

*Please note that Savvy does not represent IMB Bank for their personal loan products.

The features and benefits of personal loans with IMB Bank

Interest rates starting from 6.84% p.a.

Depending on the type of loan you choose and your individual profile, you can be approved for a loan with a competitive rate as low as 6.84% p.a. (7.19% p.a. comparison).

Borrow up to $75,000

The size of your loan can range from as little as $2,000 up to $75,000, so you’ll be able to take out a loan to suit your needs regardless of how big or small they are.

Take as long as seven years to repay

It’s important to be able to tailor your loan’s repayments to your preferences, so you can select a short term of one year up to as many as seven to space them out to your liking.

Free additional repayments

There aren’t any penalties for early repayments with IMB, meaning you can pay above the minimum and complete your loan payments ahead of schedule to save on interest.

Set your preferred frequency

Whether you receive income from your job or other sources monthly, fortnightly or weekly, you’ll be able to choose whichever you prefer with an unsecured loan.

Use your loan funds how you like

Personal loans are meant to be flexible in terms of their usage, unlike home or car loans, so you can take one out for anything from buying a new car to consolidating debts.

The pros and cons of IMB Bank personal loans

PROS

Choose secured or unsecured finance

Crucially, you can decide whether to use your car as collateral for your loan or leave it unsecured, with various benefits stemming from both types of finance.

No ongoing fees

Monthly fees can add up throughout your loan, especially if you’ve opted for a longer term, so they’re one less cost you’ll need to worry about with IMB.

Online application process

You won’t have to visit any branches if they’re not convenient for you; the process of taking out a loan can be conducted 100% online from your computer or smartphone.

CONS

$250 application fee

Although there aren’t any ongoing fees, you’ll have to fork out for an application fee at the beginning of your loan term which isn’t cheap by any means.

Lower borrowing cap for unsecured loans

If you’ve decided to go with an unsecured personal loan, you’ll only be able to borrow a maximum of $50,000, rather than the $75,000 available to borrowers taking out secured finance.

Available to borrowers with good credit only

Part of the eligibility criteria set in place by IMB dictates that borrowers must have a good credit history, which is likely to rule out those who’ve struggled with their score.

IMB Bank personal loans explained further

What’s the difference between IMB Bank’s secured and unsecured loans?

It’s important to understand the differences between secured and unsecured finance when applying for your loan, as you might find that one ends up suiting your needs more than the other. Compare these offers with one another, as well as a range of other offers from different lenders, with Savvy before you apply, as doing so will position you ideally to confidently make a call on which loan is best for your needs. You can use our repayment calculator to help determine which will cost you less and which is best for you.

Secured Personal Loan

IMB’s secured personal loan product requires an asset to be affixed to the loan as collateral. In this case, you’ll need a vehicle such as a new car or one which is no older than six years at the time you take out your loan. If you can do this, though, you’ll be able to access a loan with interest rates as low as 6.84% p.a. (7.19% p.a. comparison) and a borrowing range of up to $75,000. Interest rates are fixed on this loan, meaning your repayments will remain the same throughout your term, but you’ll only be able to make monthly repayments.

Unsecured Personal Loan

In contrast, unsecured loans come without the need for any asset security, which may make them faster to process and apply for. However, because of this, they come with a higher base interest rate of 8.98% p.a. (9.34% p.a. comparison) and lower maximum borrowing range of $50,000, although they share the same minimum loan amount of $2,000. Like the secured loan, you can make free additional repayments and pay your loan out early without any fees, but you can choose to pay on a weekly, fortnightly or monthly schedule, instead of being restricted to monthly payments only.

How do I apply for a personal loan with IMB Bank?

Your online application process with IMB for your loan will be as follows:

Make sure you’re eligible

Before you apply, always check that you meet the required eligibility criteria. For IMB, these include the following:

  • You must be an Australian citizen or a permanent resident
  • You must be at least 18 years old at the time of applying
  • You must be applying as an individual, rather than a company
  • You must be earning a stable monthly income
  • You must have a good credit history and not be bankrupt or insolvent

Complete your application form

You can then move onto your application form, which lets IMB know more about you as a borrower and what type of loan you’re after. This shouldn’t take you long to complete, no more than ten to 15 minutes, and you can send it off once you’re done to be assessed.

Receive conditional approval

Provided the verification documents you supply are satisfactory (as well as your loan security if you’re looking for a secured loan), you can be granted conditional approval. This can last up to 60 days, giving you time to use it as a means of negotiating better prices if you need to.

Receive formal approval and sign your contract

Once everything is in place, you can be formally approved and sent a contract to sign confirming the details of your agreement. Once you’ve done this and returned it, the approved funds can be advanced directly into your account and you can spend them on whatever you need.

More questions answered about personal loans

How much will I be able to borrow on my personal loan?

The amount you’ll be approved for will depend on several different variables, such as your credit history and record of repaying similar loans, your income, job stability, expenses and more. Fortunately, you can use Savvy’s borrowing power calculator to help give you a rough idea of how much you might be able to borrow based on some of these factors.

Is it better to have a shorter or longer loan term?

The answer to this depends on whether you’re prioritising reducing the cost of your repayments or cutting down on the overall cost of the loan itself. In general terms, the shorter the loan term, the less interest you’ll pay, so opting for a short term will help you save overall. However, if your monthly budget prevents you from committing too much to your repayments, you might need to look at a longer loan term.

What are the best ways to compare personal loans?

There are several key areas to consider when comparing personal loans with Savvy. The main ones to think about are:

  • Interest rates
  • Borrowing range
  • Loan terms
  • Ongoing and establishment fees
  • Repayment flexibility (early repayments without fees)
  • Other features (such as accessibility through apps or redraw facilities)
What can I do to speed up the application process?

When it comes to increasing the speed of your application, there are several things you can do to increase your chances of rapid approval. Some of these include:

  • Preparing all the required documents in advance
  • Only applying within your means
  • Submitting your application earlier in the day or week to reduce the likelihood of going over multiple days or weekends
  • Show a positive record of repaying similar loans
How does personal loan refinancing work?

Refinancing your personal loan is when you take out a new loan to essentially pay off your existing one so you can pay by its schedule instead. This may be for a variety of reasons, such as to access a lower interest rate or increase your available funds if you need more. Always ensure your loan doesn’t have any early repayment fees when doing so, as paying it out early and being charged a hefty fee may negate the benefit of refinancing in the first place.

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