IMB Bank was established in 1880 as the Illawarra Mutual Building Society. It offers secured and unsecured personal loans for a variety of different purposes, as well as home loans, credit cards, and other banking and insurance services.
IMB has branches in Illawarra, Sydney, NSW South Coast, the ACT and Melbourne. IMB customers can also receive service via mobile home loan specialists, a network of ATMs, and free phone and internet banking.
Benefits
Drawbacks
Australian Credit Licence 237391Fees & charges apply
6.84%
6.84%
$592
$35,506
Australian Credit Licence 237391Fees & charges apply
8.98%
10.72%
$622
$37,348
Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios.
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IMB Bank offers both secured and unsecured personal loans that can be used to pay for holidays, weddings, renovations, car purchases, debt consolidations, or other unexpected expenses. These loans have fixed interest rates, can run from 1 to 5 years, and be used to borrow between $2000 and $60,000.
IMB Bank personal loans allow borrowers to make unlimited extra repayments when possible, which can help to limit interest charges and even exit the loan early. While IMB Bank personal loans charge no ongoing fees, applicants will need to pay an application fee.
Customers can get in touch with IMB Bank about personal loans by visiting a branch, or contact the bank’s team through phone, email or internet banking, including online chat on the website and a mobile banking app. Mobile lenders are also available to visit home loan customers.
To be eligible for an IMB Bank personal loan, you must be over 18 years of age, have a good credit history and a monthly income. Secured personal loans must be secured with either a new or used vehicle (up to 6 years of age)
As a mutual bank, IMB Bank is owned by its customers, which helps it to offer affordable financial products suited specifically for its customers.
IMB Bank’s personal loans can be utilised for a variety of purposes, from paying for a wedding or holiday, to buying a car, to consolidating existing debt. While these straightforward personal loans can prove useful to borrowers with regular income and good credit, borrowers with credit problems or less stable incomes may not be eligible.
Interest rates on IMB Bank personal loans range from moderately low for secured loans, to moderate for unsecured loans. While borrowers won’t have to pay ongoing fees, and may be able to make extra repayments to help limit their interest charges, IMB Bank does charge an application fee for its personal loans.
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