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IMB Bank Secured Personal Loan

Interest rate from
6.45% p.a.
Comparison rate from*
6.80% p.a.based on $30,000
over 5 years
Upfront fee
$250

Mozo editorial review IMB Bank Secured Personal Loan

Last updated: 9 July 2020.

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What's hot
  • 6.45% interest rate (6.80% comparison rate*)
  • No ongoing fees
  • Extra repayments allowed
What's not
  • $250 application
  • $50 late fee
Mozo snapshot

If you're looking for a way to finance an upcoming large expense like a wedding or dream around the world holiday, IMB are offering an impressively low fixed rate personal loan of 6.69% (7.04% comparison rate*). In fact, this is one of the cheapest personal loan rates on the market, but it is only available if you have a car to put up against the loans as security.

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Key features

The IMB fixed personal loan starts from as low as $2,000 and goes up to as much as $60,000. It is available for periods between 1-5 years and no matter how long or how much you borrow, the interest rate will always stay a cool 6.45% (6.80% comparison rate*).

Interest is calculated daily and charged monthly. Payment options are limited to monthly repayments but you can make extra repayments at any time (for free). However, once you make additional contributions there is no turning back as you cannot make redraws on this loan.

Although there are no ongoing account keeping fees, the IMB personal loan has a $250 application fee and a steep $50 fee if your payments are late.

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Who is it good for

This is a great low-rate loan to get if you need to cover some upfront expenses but don't have the cash right now to pay the full cost. And because you can pay out the loan early without any penalties it has great flexibility.

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Any catches

You'll need a car as security to put against the loan which may exclude some borrowers.

Details

Rates and fees information correct as at 10 July 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Fixed

  • 6.45% p.a. fixed

  • 6.80% p.a.based on $30,000
    over 5 years

Fees
  • $250.00

  • $0.00

  • $50.00

  • $0.00

  • $0.00

Other financial bits
  • $2,000.00

  • $60,000.00

  • 1 Year

  • 5 Years

  • Vehicle

Features
  • Weekly, Fortnightly, Monthly

  • yes

  • no

  • Must be secured with a vehicle up to 6 years old. For more information, go to https://www.imb.com.au/

  • none

*The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Customer Reviews

How are IMB Bank personal loans rated by the Mozo community?

Overall customer rating
8.3/10
Price
8.5/10
Features
7.4/10
Customer service
8.8/10
Convenience
7.9/10
Trust
8.4/10

Latest reviews of IMB Bank Secured Personal Loan

  • Overall 1/10
    Extremely poor customer service

    The customer service received by the IMB team is completely unprofessional, asking probing questions on a continual basis about personal family matters associated with our loan. Their level of communication and ability to listen is very poor. They evoked a real air of distrust and I would seriously dissuade anyone from dealing with this company.

    Read full review

    The customer service received by the IMB team is completely unprofessional, asking probing questions on a continual basis about personal family matters associated with our loan. Their level of communication and ability to listen is very poor. They evoked a real air of distrust and I would seriously dissuade anyone from dealing with this company.

    Price
    7/10
    Features
    4/10
    Customer service
    0/10
    Convenience
    1/10
    Trust
    0/10
    Less
    Paul, Victoria reviewed about 6 years ago
  • Overall 4/10
    Customer service is nil

    I have been with this bank for 15 years when I went to apply for a personal loan it was not accepted even though I had a credit card with them. They suggested I try another bank or increase my credit limit which I did not want to do I did not find them helpful or care about me as a person, I have just opened up another account with a bank that has approved my loan and treats me with the respect that I deserve.

    Read full review

    I have been with this bank for 15 years when I went to apply for a personal loan it was not accepted even though I had a credit card with them. They suggested I try another bank or increase my credit limit which I did not want to do I did not find them helpful or care about me as a person, I have just opened up another account with a bank that has approved my loan and treats me with the respect that I deserve.

    Price
    4/10
    Features
    4/10
    Customer service
    5/10
    Convenience
    5/10
    Trust
    4/10
    Less
    Kerry, New South Wales reviewed over 6 years ago
IMB Bank

About IMB Bank

IMB is one of Australia's largest building society servicing the lower east coast of Australia. IMB's better value banking offers its customers lower cost banking and secure services. IMBs' face-to-face facilities allow them to offer a more personalised service in taking care of the IMB community. IMB offers a range of products including insurance, business banking, term deposits, saving & transaction accounts and home & personal loans.

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