Changes to owner-occupier and investor home loan rates
IMB Bank today announced changes to investor and owner occupier home loan interest rates.
IMB Bank’s standard variable interest rate on all investment home loans will increase by 0.25% p.a., while owner-occupied home loans will increase by 0.10% p.a. The changes apply to new and existing loans.
CEO Robert Ryan said IMB Bank did not take the decision to increase interest rates lightly and needed to take into account economic and regulatory factors.
Although interest rates were at historically low levels, both deposit and wholesale funding had increased over the past nine months, Mr Ryan said.
He added IMB Bank carefully balances the needs of both depositors and borrowers when making rate decisions and despite the increases, continues to offer some of the best home loan interest rates in Australia.
The changes will be effective from April 5, 2017.