IMB Bank announces interest rate changes - February 2023

February 10, 2023

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

  • Variable rate home loan interest rates will increase by 0.25% p.a. for existing home loans, effective 17th February.
  • Reward Saver interest rates* will increase by up to 0.30% p.a., 0.15% on the Standard Bonus Variable Rate effective 17th Feb, and 0.15% on the Introductory Fixed Bonus rate, effective 1st March.

IMB Bank Chief Executive Robert Ryan said, “The increases in our Reward Saver rates build on the those we have made to saving products in recent months, and we are currently reviewing rates on our other deposit products.”

Members who have concerns about their home loans in the current rate environment, including those who are on fixed rate loans about to reach the end of term, are encouraged to contact IMB.  

“We understand that the rate changes may have an impact on some members, and I encourage them to speak with our team to explore the best options for them,” said Mr Ryan. “We understand that every person’s situation is unique, and IMB’s award-winning customer satisfaction^ reflects our desire to work with each member to deliver the best solutions for their banking goals.”

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

*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. Introductory Fixed Bonus Interest Rate is payable for the first 4 interest payments for new Reward Saver accounts opened from 1st of March 2023, for new or existing Members who have not held a Reward Saver account before.

^The Canstar 2022 Most Satisfied Customers Awards were received in July 2022 for the Bank and Customer Owned Bank categories.

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.

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