Wednesday March 4, 2020.

In response to the RBA’s decision to reduce the official cash rate, we will be reducing variable home and business lending interest rates by 0.25% p.a.

Our interest rate reduction will apply to new and existing borrowers for variable residential owner occupied and investment home loans, residential equity lines and variable business loans. The rate reductions will take effect from Tuesday, 24 March 2020.

IMB Bank Chief Executive Officer, Robert Ryan, said: “We recognise the impact recent events have had on many of our customers and our communities more broadly. As a customer-owned bank, that has been helping communities since 1880, we know the critical role we play in helping communities recover from difficult times and this decision reflects that responsibility.”

Interest rates on fixed rate loans, personal loans, reverse mortgages and aged care loans remain under review.