I have an existing loan for $16k. The term is for 5 years although I will have easily cleared it in the next 2. I am purchasing a new car, and thought I would move the loan to the car to reduce the interest I am paying. I had calculated this will save me over $2000 over the 24 months if I leave my payments as they are. My wife and I both work, and yes we have a mortgage. On first contact with IMB the phone people were great, answered all the questions I had, were very forthcoming and made every effort to sell the loan to me. As they should. However once an application was filed I was treated like a second class citizen or perhaps a felon and spoken to in such a manner as to cause offence from the first word. It was like speaking to some sort of enemy who wanted to do all they could to make you feel small and obstruct any constructive comment into a destructive force. This person insisted on my wage paying 100% of all the expenses to qualify for a loan I already have with another bank. Blaming responsible lending for this requirement. However the attitude was clear that she was not there to find a way to help the client she was there to obstruct and belittle the client every way she can. I thought this was me, or having a bad day. However due to her impossible irrational non listening no thought approach she insisted on contacting my wife the following day. My wife's comments are worse than mine. In fact what my wife said about this woman cannot be written here.,however let's say she was less than impressed. If IMB policy is what this woman claims it is then surely this should be made clear on the application at time of applying. Not post application after tearing everything up, altering every financial number to fit a different agenda and making it impossible to qualify for a loan I can pay within 2 years without any issue. I don't actually need the loan. I have enough from the sale of my previous car to pay cash for the new car. I was only trying to save money on a loan I already have. However apparently reducing my overall commitments is not responsible banking? Apparently reducing my payment amount over the loan term is not responsible banking?
Service seems to break down with their Online Service Division: they were poor when communicating with me and they seemed to have no communication at all with their own local branches. I found dealing with them very frustrating.
Tried to apply for a $20,000 car loan. They made it incredibly difficult and kept wanting more and more information and validation. They kept asking about our HECS debt - never had one. Weren't willing to lend even though we have two properties with no mortgage and have never had an issue with credit or defaulting on any payment. The lower interest rate is not worth the amount of stress and the amount of time we have wasted over this application.
Since I started this loan application process on the 6th, we have gotten nowhere despite us providing significant information, far more than I have ever had to provide when applying for loans from other banking institutions. The final straw was the request for group certificates - something I have never provided to finance providers in my 40 years of banking. To date I purchased a scanner to provide on-line documents but that proved inadequate (resolution requirements not stated). I then had to resort to the local library to do expensive faxing. All considered I have done more than enough to apply for this small loan.
Possibly the worst customer service I've experienced! Do NOT recommend getting a personal loan with IMB. The hoops you have to jump through is ridiculous. We applied for a small car loan. My husband and I have a combined income of over $170,000+ with a good credit history and yet it has been such an ordeal to get this loan. Steer well clear of them and use a more reputable provider.
Amazing customer service! I love the email contact service since I use email all the time, very reliable and outstanding.
Great car loan, never had a single issue, great service.
I searched long and hard on a few comparison sites for the right car loan. IMB by far had the best product. The rate was brilliant, they had no on-going fees, but the service was the best. Got a phone call from the Manager (yes the Bank Manager). He ran me through everything about the loan, features, options. We had it all done within a few days. Never thought I'd say it, but this bank manager was the best. My home loan is on it's way over. 2 others I know have also gone to IMB for car loans, and said again how great the service was from the manager.
Informed the bank I was buying a vehicle in Sydney in a few days. After going to pick up the car I called my bank in Canberra and was told I would have to go back to them to sign the papers. I asked to have them faxed to a branch in Sydney but the branch manager insisted she wanted to handle the paperwork. I'd saved a considerable amount of money going to Sydney but the bank cost me a lot of headache!
I would do your research and look at different banks and their rates however I found IMB to be compeitive with other banks. Their service was good and everything was explained to me before I took the loan. Watch out for banks who charge an early fee to complete your loan.
I did my research and went with a credit union. Interest rate was good but the extra payments with penalty option was key. Living in Canberra, IMB were very local and had numerous branches. Only wish that I had gone into one and not called - what I didn't know is that if you get a loan via the call centre they own the loan, so to speak. It means my local branch had to defer to them; no one explained this to me at the time I signed up. As an added bonus the branch staff directed me to balance transfer my then credit card to an IMB branded Citibank Mastercard with 0% for the life of the card!
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Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 4.67% would cost $34,096.76 including fees.
Terms from 3 to 7 years. Representative example: a 5 year $30,000 loan at 4.74% would cost $33,949.23 including fees.
Terms from 2 to 5 years. Representative example: a 3 year $10,000 loan at 5.95% would cost $11,538.74 including fees.
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 5.29% would cost $34,402.89 including fees.
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 5.35% would cost $34,507.61 including fees.
WARNING: 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. 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.
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