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IMB Bank personal loans

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.

Mark Bristow
Mark Bristow

Personal Finance Editor

Content updated

Product data updated

Why choose IMB Bank

Benefits

  • No ongoing fees
  • No early exit penalty
  • Can apply online or in branch

Drawbacks

  • Application fee charged
  • No redraw facility
  • Requires good credit history and monthly income

IMB Bank Personal Loans

Personal Loans calculator

Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios.

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  1. This is an estimate of how much you would pay (weekly/fortnightly/monthly) based on your borrowing amount, interest rate and loan term.
  2. Calculations assume that details entered into calculator, including interest rates, do not change for the lifetime of the loan.
  3. Interest is calculated by compounding on the same frequency as the repayment selected, i.e. weekly, fortnightly or monthly.
  4. Months are assumed to be of equal length. However, given that some months are longer than others, interest charged by vary depending upon the month.
  5. The calculation rounds of the personal loan repayment to the closest dollar value without decimals.
  • All calculations are estimates only; there are no guarantees, pre-qualifications or pre-approvals for borrowing. All results are based solely upon the data entered into the calculator.
  • Your final mortgage repayments or borrowing amount will depend on your lender’s eligibility criteria among other factors.
  • Calculator does not include the cost of fees or other extra charges.
  • Calculator does not account for changes to interest rates over time.
  • This calculator is for information purposes only. Any advice is general and has not taken into account your personal circumstances. Read our full disclaimer.

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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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, target market determination fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.