First established in 1880 as Illawarra Mutual Building Society, IMB has expanded its reach over its 140+ year history. It's now one of the largest customer-owned banks in the country, with branches serving regions including Sydney, Newcastle and the Hunter, Melbourne, and the ACT.
IMB personal & car loans: Key details
IMB offers both secured and unsecured personal loans of between $2,000 and $125,000:
- New Car Loan
Borrow up to $125,000 with a fixed interest rate and terms of up to seven years. Eligible cars must be no more than four years old. - Secured Personal Loan
Borrow up to $75,000 with a fixed rate and terms up to seven years. A new or used car, motorcycle, or caravan up to six years old can be used as security. - Unsecured Personal Loan
Borrow up to $50,000 with a fixed rate and terms of up to seven years, with no asset required as security.
Borrowers can use an IMB personal loan to purchase or fund a near-unlimited number of costs, including:
- A new or used vehicle
- Holidays
- Debt consolidation
- Home improvements
- A wedding
- Unexpected bills
IMB Bank personal loan interest rates
| Lender | Car Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Interest Type | Secured Type | Early Exit Fee | Ongoing Fee | Upfront Fee | Total Repayment | Early Repayment | Instant Approval | Online Application | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
6.24% p.a. | 6.59% p.a. | $611 | Fixed | Secured | $0 | $0 | $250 | $21,982 | |||||||||||
6.24% p.a. | 6.59% p.a. | $611 | Fixed | Secured | $0 | $0 | $250 | $21,982 | |||||||||||
6.24% p.a. | 6.59% p.a. | $611 | Fixed | Secured | $0 | $0 | $250 | $21,982 | |||||||||||
6.24% p.a. | 6.59% p.a. | $611 | Fixed | Secured | $0 | $0 | $250 | $21,982 | |||||||||||
6.24% p.a. | 6.59% p.a. | $611 | Fixed | Secured | $0 | $0 | $250 | $21,982 | |||||||||||
6.24% p.a. | 6.59% p.a. | $611 | Fixed | Secured | $0 | $0 | $250 | $21,982 | |||||||||||
6.24% p.a. | 6.59% p.a. | $611 | Fixed | Secured | $0 | $0 | $250 | $21,982 | |||||||||||
7.24% p.a. | 7.59% p.a. | $620 | Fixed | Secured | $0 | $0 | $250 | $22,311 | |||||||||||
7.24% p.a. | 7.59% p.a. | $620 | Fixed | Secured | $0 | $0 | $250 | $22,311 | |||||||||||
7.24% p.a. | 7.59% p.a. | $620 | Fixed | Secured | $0 | $0 | $250 | $22,311 |
Secured Personal Loan
IMB’s secured personal loan offering allows customers to borrow up to $75,000 across terms of one to seven years. Given this loan is secured, IMB allows customers to put up an asset such as a new or used vehicle, no older than six years, as a guarantee.
The main benefit of secured loans is that they typically offer more competitive interest rates than unsecured loans. The drawback is that the loan is tied to an asset, may have more restrictions, and the lender could repossess the asset if the borrower defaults.
Unsecured Personal Loan
IMB’s unsecured personal loan offering allows customers to borrow up to $50,000 without requiring an asset as a guarantee. Loan terms for unsecured personal loans range from one to seven years.
The main benefit of an unsecured loan is that it’s not tied to an asset and can be more flexible with how you use the loan. However, unsecured loans often attract higher interest rates than secured loans.
See also: Debt Consolidation Explained
New Car Loan
IMB offers up to $125,000 of new car finance across loan terms of one to seven years. In order to qualify for finance, the car that is intended to be purchased must be no more than four years old.
IMB personal & car loan features
Flexible loan amounts
IMB offers customers the flexibility of financing an amount to cater to their needs, from $2,000 to $125,000.
Fee-free additional repayments
Customers looking to get ahead of their loan by making additional repayments will not be charged across any of IMB’s personal loans. This can help save total interest paid over the life of the loan.
No monthly fees
IMB personal and car loan customers won’t be charged monthly account keeping fees.
Am I eligible for an IMB personal or car loan?
To be eligible for any IMB personal loan, the following requirements must be met:
Applicants must be over the age of 18 years
Applicants must have a monthly income
Applicants must have good credit history
Applicants must must use the loan for personal use only
Pros and cons of IMB personal & car loans
Pros of IMB personal & car loans
- Broad range of loan options
Borrow from $2,000 up to $125,000, depending on the loan type - a broader range than many competitors offer. - Competitive fixed rates
IMB generally advertises lower personal and car loan rates than some other lenders. - No monthly account‑keeping fees
This can help reduce the total cost of the loan. - Fee‑free extra repayments
Borrowers can get ahead on their loan, helping to reduce interest paid over the loan term. - Long loan terms available
Terms of up to seven years can make repayments more manageable. - Customer‑owned bank
Some borrowers prefer dealing with a customer‑owned institution rather than a major bank.
Cons of IMB personal & car loans
- Eligibility can be restrictive
Applicants need a steady income and good credit history, and borrowers with weaker credit may not qualify. - Fixed‑rate only options
All IMB personal and car loans are fixed‑rate, which means no access to variable options for those who want rate‑flexibility. - Asset restrictions on secured loans
Assets used as security must usually be no older than four or six years, limiting options available to buyers of older vehicles. - Limited branch footprint outside of NSW, ACT, and VIC
IMB isn't a nationwide branch network and some borrowers may prefer a lender with broader physical coverage.