IMB Bank announces interest rate changes – August 2022

9 August 2022

Following the Reserve Bank’s change to the official cash rate, IMB Bank has today announced a number of changes to its interest rates. The changes include:

• 12-month Term Deposit rate will lift to 3.10% p.a.*, an increase of 0.6%
• Variable rate home loan interest rates will increase by 0.50% p.a. on existing home loans
• A range of fixed rate home loans will decrease by up to 0.80% p.a.

IMB Bank CEO Robert Ryan says that the rate movements follow the Reserve Bank of Australia’s move to increase the official cash rate, and a range of other factors. By increasing rates on deposit products in addition to its variable rate home loans, IMB seeks to balance the needs of all its customers in the prevailing economic outlook.

“Our decision to make changes to interest rates on some products reflects careful consideration of a range of factors. These include the RBA’s increase in the official cash rate but also the needs of our depositors and our borrower customers,” said Mr Ryan.

“Raising interest rates again on our Term Deposit and Reward Saver Accounts benefits our savings customers who have endured an extended period of historic low interest rates. We believe this will help our customers grow their savings and provide those who rely on interest income some comfort for the future.

“However, we understand that increasing variable home loan rates will be challenging for some of our members,” said Mr Ryan. “I encourage any of our members feeling financial pressure to reach out to team who are standing by to support them and discuss their options.”

IMB’s variable home loan interest changes are effective from August 12, 2022. Variable rate borrowers will be notified of their new repayment amount in their October statement, with the new repayment amount taking effect from December 2022.

For new borrowers needing surety on their home loan repayments, IMB announced reductions to their 2, 3 and 4 year owner occupied fixed rate home loans. For selected loan to valuation ratios on these terms, rates are now below 5% and are available from 12 August, 2022.

In addition to an increase in variable bonus interest rate on IMB’s Reward Saver accounts^#, the increased 12-month term deposit rates (minimum $5000 investment, interest paid annually) will be effective from August 12, 2022.
 

_{Lending criteria, terms and conditions, fees and charges apply to IMB loan products. *Minimum $5000 investment, interest paid annually. #To earn bonus interest the account holder must make a minimum $50 deposit and no withdrawals per month. 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.}