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.
IMB Bank personal loan repayment calculator
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IMB Bank personal loans rates
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Secured Personal Loan
based on $30,000 loan amount for 5 years
Fully drawn advance
Unsecured Personal Loan
based on $30,000 loan amount for 5 years
Fully drawn advance
- No ongoing fees
- No early exit penalty
- Can apply online or in branch
- Application fee charged
- No redraw facility
- Requires good credit history and monthly income
Features of an IMB Bank personal loan
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.
IMB Bank personal loans customer service
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.
Who is eligible for an IMB Bank personal loan?
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)
- An individual, not a company
- An Australian citizen or permanent resident
- You must be at least 18 years of age
- Not currently bankrupt or insolvent
How to apply for an IMB Bank personal loan
- Provide loan details (e.g. loan purpose, secured or unsecured, how much you want to borrow)
- Provide financial details (employment history, income information, details of security etc.)
- Calculate loan repayments to confirm you can afford the repayments
- Provide personal information (contact details, identification etc.)
- Provide any additional information required
IMB Bank personal loan review
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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In the best-case scenario, an application for a bad credit personal loan can be made within minutes and then be approved within 24 hours.
The worse your credit history, the harder you will find it to consolidate your debts, because lenders will be less willing to lend you money and will charge you higher interest rates.
However, people with bad credit histories can make debt consolidation work by following this three-step process. First, find a lender willing to give you a bad credit personal loan – this process will be simplified if you go through a mortgage broker or use a comparison website like RateCity. Second, make sure the interest repayments on your new loan are less than the repayments on the loans being replaced. Third, instead of spending those savings, use them to repay the new loan.
Lenders aren’t allowed to charge interest on loans of $2,000 and under. Instead, they make their money by charging a one-off establishment fee of up to 20 per cent and a monthly account-keeping fee of up to four per cent. Lenders might also ask you to pay a government fee.
For loans between $2,001 and $5,000, lenders can make their money in only two ways: a one-off fee of $400 and annual interest rates of up to 48 per cent.
For loans of $5,001 and above, or for loans that have terms longer than two years, lenders can charge annual interest rates of up to 48 per cent. (Those fee caps don’t apply to loans offered by authorised deposit-taking institutions such as banks, building societies or credit unions – although such institutions are highly unlikely to charge interest rates of anywhere near 48 per cent.)
Some lenders are able to approve applications over the internet and within minutes. However, there is a catch. People who take out easy/instant loans generally pay higher interest rates and are restricted to lower amounts than people who follow a traditional borrowing process.
A bad credit personal loan is ‘secured’ when the borrower offers up an asset (such as a car or jewellery) as collateral or security. The lender can then seize the asset if the borrower fails to repay the loan.
In some instances, bad credit personal loans can help people with bad credit history to consolidate their debts in such a way that it makes it easier for them to repay those debts. This is because the borrower might be able to consolidate several debts with higher interest rates (such as credit card loans) into one single debt with a lower interest rate.
However, this strategy can backfire if the borrower spends the extra money instead of using it to repay the new loan. Another disadvantage of bad credit personal loans is that they have higher interest rates than regular personal loans.
Few, if any, lenders would be willing to give guaranteed approval for a bad credit personal loan. Borrowers with bad credit histories can have more complicated financial circumstances than other borrowers, so lenders will want time to study your application.
It’s all about risk. When someone applies for a personal loan, the lender evaluates how likely that borrower would be to repay the money. Lenders are more willing to give personal loans to borrowers with good credit than bad credit, because there’s a higher likelihood that the personal loan will be repaid.
So a borrower with good credit is more likely to have a loan approved and to get that approval faster, while a borrower with bad credit is less likely to have a loan approved and to get that approval slower.
It’s unusual for a lender to make a personal loan above $100,000, although there is no formal limit. As with all lending products, each lender sets its own policies, while each borrower is assessed on a case-by-case basis.
Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans – they also get loaned less money. Each lender has its own policies, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
The Australian personal loans market contains dozens of lenders offering several hundred different products. Personal loans are available through a range of institutions, including:
- The big four banks (ANZ, Commonwealth Bank, NAB and Westpac)
- Smaller banks (such as Bank of Queensland, Bendigo Bank and MyState)
- Mutual banks (such as Heritage Bank, Greater Bank and Newcastle Permanent)
- Credit unions (such as People’s Choice Credit Union, BCU and Community First Credit Union)
- Non-bank lenders (such as Pepper Money, Liberty and RACV)
- Peer-to-peer marketplaces (such as Harmoney, SocietyOne and RateSetter)
There are three main ways to access personal loans. You can go through a comparison website, such as RateCity. You can use a finance broker. Or you can directly contact the lender.