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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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.
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 5.98% p.a. (6.33% p.a. comparison).
The size of your loan can range from as little as $2,000 up to $60,000, so you’ll be able to take out a loan to suit your needs regardless of how big or small they are.
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 five to space them out to your liking.
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.
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.
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.
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.
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.
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.
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.
If you’ve decided to go with an unsecured personal loan, you’ll only be able to borrow a maximum of $30,000, rather than the $60,000 available to borrowers taking out secured finance.
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.
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 5.98% p.a. (6.33% p.a. comparison) and a borrowing range of up to $60,000. 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. (10.78% p.a. comparison) and lower maximum borrowing range of $30,000, 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.
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:
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.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
