07 October 2022
Following the Reserve Bank of Australia’s recent change to the official cash rate, we are announcing changes to some interest rates. The changes include:
These rate movements are based on a range of factors, including the economic outlook the RBA’s cash rate decision and the need to balance the needs of depositor and borrower members.
“While we are pleased to offer higher rates for our depositor members after years of historic low rates, we are very aware that increasing variable home loan rates may be challenging for some members,” said IMB Bank CEO Robert Ryan. “I encourage any members feeling financial pressure to reach out to our professional team and discuss their individual situation.”
IMB’s existing variable home loan interest changes are effective from October 14. To provide members time to prepare for this increase, variable rate borrowers will be notified of their new repayment amount in their December statement, with the new amount payable from March 2023.
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