IMB Personal and Auto Loan Review
IMB offers digital banking and online lending options. Compare personal and auto loans from the building society.
First established in 1880 as the Illawarra Mutual Building Society, IMB has extended its reach over its 142 year history, with branches now serving areas beyond Illawarra including Sydney, Newcastle and the Hunter, Melbourne and the ACT. Considered the third largest building society in Australia, IMB combines a wealth of experience with a member-driven mindset to deliver better banking value. It provides customer support in an onshore contact center.
IMB Personal and auto loans
IMB offers secured and unsecured personal loans for a number of uses ranging from $2,000 to $75,000 depending on the loan. These uses include:
*Comparative rates based on a loan of $30,000 for a term of five years. Please note: this comparison rate is only true for this example and may not include all fees and charges. Different terms, fees or other loan amounts may result in different comparison rate, rates correct as of July 4, 2022. See disclaimer.
Secured personal loan
IMB’s secured personal loan offering allows clients to borrow up to $60,000 over terms of one to five years. Since this loan is secured, IMB allows clients to put up an asset such as a new or used vehicle as collateral to borrow for various purposes.
The main advantage of a secured loan is that the interest rate could be much more competitive than unsecured financing. The downside though is that the loan is asset-linked and there might be more restrictions on how you use the loan.
Unsecured personal loan
IMB’s unsecured personal loan offering allows clients to borrow up to $30,000 without the need for any asset as collateral. Loan terms for unsecured personal loans range from one to five years.
The main advantage of an unsecured loan is that it is not tied to an asset and can be more flexible in how the loan is used. However, the downside is that unsecured loans often attract higher interest rates.
See also: Debt consolidation explained
New car loan
IMB offers customers new car financing for up to $75,000 on loan terms of one to seven years. To be eligible for financing, the car you want to buy must not be more than two years old. Terms are available from one to seven years, and there are no penalties for early payments.
Car buying service
Emerging as a popular option when buying cars, a car buying service essentially takes the legwork out of getting to dealerships. Through IMB you can seek help from a car buying service, using National Car Search Australia. This means that through IMB, you can get a car loan and arrange a hassle-free car search and delivery all in one place.
The cost of the service is usually built into the final sticker price, however, as car buying services can access fleet prices and it’s their job to negotiate, the cost savings could be worth it. sadness.
*Comparative rates based on a loan of $30,000 for a term of five years. Please note: this comparison rate is only true for this example and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate. Rates correct as of July 4, 2022. See disclaimer.
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 allows customers to enjoy reduced fees and convenient access to funds to help them plan their special day.
Read more: The different types of personal loans explained
Features of IMB Personal and Auto Loans
Flexible loan amounts
IMB offers clients the flexibility to fund an amount to meet their needs, from $2,000 to $75,000.
Additional refunds free of charge
Customers looking to get their loan ahead of time by making additional repayments will not be charged on any of IMB’s personal loans. This can help save the total interest paid over the term of the loan.
No monthly fees
IMB personal and auto loan customers will not be charged a monthly account maintenance fee.
Loan repayment insurance can be added to IMB personal loans to ensure clients are protected if they are unable to make repayments. This is an optional extra on all IMB personal loan products.
Am I eligible?
To be eligible for any IMB personal loan, the following conditions must be met:
Applicants must be over 18 years old.
Applicants must have a monthly income.
Applicants must be Australian citizens or permanent residents.
Applicants must have a good credit history.
Applicants must use the loan for personal purposes only.
What do I need to provide to qualify for an IMB personal or auto loan?
To obtain an IMB personal loan, you may need to provide the following information and documents as part of your personal loan application:
Your personal data, including name, address and date of birth.
A driving license 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 of your daily expenses and any other debts.
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