Following the Reserve Bank’s increase in the official cash rate, IMB Bank announced today that it will be increasing its home and business loan variable interest rates by 0.50%.
IMB Bank CEO Robert Ryan said that the decision follows the RBA’s move to increase the official cash rate, as well as other factors including a review of IMB’s rates and the broader economic outlook.
“Our decision to lift variable rates reflects careful consideration of a range of factors and how to best balance the needs of all of our members, including those with loans and those who are saving with us,” said Mr Ryan.
“Although many of our borrowers are ahead of their loan repayment schedule, we understand that the rising rate market may create difficulties for some of our home loan customers, especially as cost-of-living pressures increase. I encourage those members to speak with our team of specialists about the options available to them to provide repayment certainty.”
Mr Ryan also said that building upon the increase in some term deposit rates last month, the 12-month term deposit will rise to 2.25%pa*.
“The falling rate market has benefitted borrowers in recent years, but been challenging for savers, who have experienced reduced earnings on savings accounts. We are pleased to offer the special term deposit rate to support our depositor members, and are reviewing our deposit products more broadly,” said Mr. Ryan.
IMB’s variable home loan interest changes are effective from June 17, 2022. Variable rate borrowers will be notified of their new repayment amount in their July statement, with the new repayment amount taking effect from September 2022.
The increased 12-month term deposit rates (minimum $5000 investment, interest paid annually) will be effective from June 17, 2022 with more information found here.
Lending criteria, terms and conditions, fees and charges apply to IMB loan products. *Minimum $5000 investment, interest paid annually. 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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