IMB Bank announces interest rate changes – Sept 2022

13 September 2022

Following the Reserve Bank of Australia’s change to the official cash rate, we are announcing changes to some interest rates. The changes include:

• 6-month Special Term Deposit rate will lift by 0.70% to 1.70% p.a.*
• Variable rate home loan interest rates will increase by 0.50% p.a. on existing home loans
• The Standard Variable Bonus Rate on Reward Saver accounts will increase by 0.55% p.a. (for balances up to $1,000,000).

We have made these rate movements based on a range of factors, including economic outlook and the RBA’s decision. IMB has increased rates on deposit products in addition to its variable rate home loans, seeking to balance the needs of all its customers.

IMB Bank CEO Robert Ryan said that interest rates on our Term Deposit and Reward Saver Accounts will help our customers grow their savings.

“We are pleased to offer some comfort for our savings customers after years of historic low rates. However,  we are very aware that increasing variable home loan rates may be challenging for some members,” said Mr Ryan. “I encourage any members feeling financial pressure to reach out to our professional team. We are here to discuss all options and to support them through.”

IMB’s variable home loan interest changes are effective from 19 September 2022. Variable rate borrowers will be notified of their new repayment amount in their September statement, with the new repayment amount taking effect from December 2022.

The increase in Standard Variable Bonus Interest Rate on IMB’s Reward Saver accounts^#, and 6-month Special Term Deposit rates (minimum $5000 investment, interest paid on maturity)* will be effective from 19 September 2022.

Lending criteria, terms and conditions, fees and charges apply to IMB loan products. *Minimum $5000 investment, interest paid on maturity. #To earn the Standard Variable Bonus Rate  the account holder must make a minimum $50 deposit for Reward Saver accounts or a minimum $20 deposit for Reward Saver Kick Start accounts and make 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.