12 December 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:

• Variable rate home loan interest rates will increase by 0.25% p.a. for existing home loans, effective 16th December
• Wisdom Saver interest rates* will increase by between 0.25% p.a. and 0.55% p.a. for balances over $10,000, effective 16th December
• Zoo Account Standard Variable Bonus Rate^ will increase by 0.25% to 2.65%, effective 16th December.

These changes are in addition to recent increases to a range of our deposit account rates, including:

• Christmas Club Standard Variable Bonus Rate^# was increased by 2.50%, effective 5th December
• DIY Super rate was increased by 1.50%, effective 5th December
• Cash Management and Business Cash Management Account rates were increased by between 0.30% p.a. and 0.80% p.a. for balances over $10,000, effective 5th December.

Of the recent movements, IMB Bank Chief Executive Robert Ryan sayd, “With these changes, we are pleased to offer higher rates to members on some of our most popular deposit accounts. But we are also aware that increasing variable home loan rates may be challenging for some members. Any members who are feeling financial pressure in the rising rate environment, we encourage you to speak with our team to explore your options.

“We strive to provide a competitive banking alternative to the big banks for our members,” continued Mr Ryan. “Both our variable and fixed home loan interest rates remain some of the leading rates in the current market.”

Variable rate borrowers will be notified of their new repayment amount in their December statement, with the new repayment amount payable from March 2023.

 

*Interest is calculated on a step up basis which means a different rate applies to the portion of the balance in each tier. ^Standard Variable Bonus interest is payable when bonus interest criteria are met - a minimum $10 deposit and no withdrawals are made in the calendar month.  ^#Bonus interest is paid after close of business on the last day of October. If a withdrawal is made between 1st January and 31st October, the account will be closed and the bonus interest forfeited.

Lending criteria, terms and conditions, fees and charges apply to IMB loan products. You should consider the Product Disclosure Statement before deciding whether to acquire any of the products shown on this website. Target Market Determinations, available here.