IMB Bank announces interest rate changes – October 2022

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:

• the 12-month term deposit rate will lift by 0.30% to 3.40% p.a.*, effective October 14
• Variable rate home loan interest rates will increase by 0.25% p.a. on existing home loans

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.

Lending criteria, terms and conditions, fees and charges apply to IMB loan products. *Minimum $5000 investment, interest paid on maturity. 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.