22 June 2018

IMB Bank has made a change to our standard variable interest rates for investment and owner-occupier home loans. From 22 June, 2018, our standard variable interest rate will increase by 0.08% p.a. for new and existing home loan customers.

Why we’ve changed our rates

Like most banks, we use our customer’s deposits to fund the loans we make to our borrower members and we pay interest to attract and use these deposits.

Over the last few months, the cost of this money has increased and as a result we are having to pass on some of this increased cost.

Increasing our rates was a difficult decision, but one we felt we needed to make in order to balance the needs of all our customers and our communities, allowing us to deliver new banking technologies, enhanced products and services, while maintaining our investment into our communities.

What you need to do

If your loan has a variable interest rate, your minimum monthly loan repayment has been recalculated. This is reflected in your statement, but you won’t need to change your repayments until September 2018.

If you’re currently paying more frequently than monthly, please call us on 133 462 so we can help you adjust your repayments to ensure your new minimum repayment is effective by the due date.