IMB Bank announces interest rate changes - June 2023

June 14, 2023

Following the Reserve Bank of Australia’s latest increase to the official cash rate, we are announcing changes to interest rates on some of our products.

The adjustments include an increase to our existing variable home loan interest rates by 0.25% p.a#, effective from 20 June 2023. We have also lifted rates on several of our savings accounts, which will come into effect on 22 June 2023.

  • 12-month Term Deposit rate to increase by 0.20% to 4.60%*
  • Reward Saver and Reward Saver Kick Start introductory bonus rate (for new accounts) to increase by 0.25%, earn up to 5.00%^
  • Zoo account bonus interest rate to increase by 0.50% to 3.90%, total rate 4.00%+
  • Business Cash Management account and retail Cash Management account1 to increase by up to 0.30%.

IMB Bank Chief Executive Robert Ryan recognised that the continued increases in rates will impact borrowers with home loans. “Our home loans remain very competitive in the market and the majority of our customers are managing the current economic challenges. But if any of our members are experiencing concerns regarding their repayments and loan commitments, please contact our team on 133 462 to discuss a range of relief measures that may be put in place,” he said.

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

Any customers who wish to contact our team to discuss their options, please call us on 133 462.

# Lending criteria, terms and conditions, fees and charges apply to IMB loan products.

* Minimum $5000 investment, interest paid on maturity. Penalties apply to early withdrawal. If you don’t provide instructions at maturity, your funds will be reinvested in a new facility for the same term at the rate applicable at that time.

^ To earn the bonus interest 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. If bonus interest criteria are not met for the calendar month, both the Standard Variable Bonus Interest and Introductory Fixed Bonus Interest Rate are forfeited. Introductory Fixed Bonus Interest Rate is payable for the first 4 interest payments for new Reward Saver accounts opened from 22 June 2023, for new or existing Members who have not held a Reward Saver account before.

+Zoo account available for individuals aged 0-12. Account eligibility requirements apply. Zoo account opening requirements will vary depending on your relationship with the child. Standard Variable Bonus interest is payable for Zoo accounts when bonus interest criteria are met - a minimum $10 deposit and no withdrawals are made in the calendar month.

1. Minimum opening balance of $5,000 required.

Information current as at date of appearance and subject to change. This advice is general advice only and does not take into account your objectives, financial situation or needs. 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.

More news

How We Can Help

We've been supporting our members for over 140 years

Chat with us online, on a phone, video call or in person.

Empowering our users with streamlined digital banking solutions.

Disaster relief support and help through financial stress.

About IMB

why us

IMB Bank is one of the most enduring financial institutions in the country, helping people achieve their financial goals for over 140 years.

Find out more

Your security, our priority

Security is a fundamental right for our customers, and we hold it as one of our core values.

Need support?

Contact us

Get in touch with one of our Australia-based team.

Locate us

Our friendly branch staff are looking forward to helping you achieve your financial goals.