IMB Bank announces interest rate changes - May 2023

May 9, 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, effective 16 May 2023.

The changes include an increase to our existing variable home loan interest rates by 0.25% p.a#. We have also made increases to the rates on several of our savings accounts.

  • Term Deposits*: 3-month term deposit to increase by 0.30% to 3.30%
  • Reward Saver and Reward Saver Kick Start Account^: interest rates will increase by up to 0.25% p.a., by increasing the Standard Variable Bonus Interest Rate by 0.25%
  • Zoo Account+: Interest rates up by 0.25%.

IMB Bank Chief Executive Robert Ryan said, “We have increased the rates on a range of deposit accounts, including our suite of youth saver accounts, providing competitive options for those saving for the future.”

Mr Ryan also encouraged any home loan members who are feeling the impacts of the economic environment to speak with the team about their options. “Our variable interest rate home loans remain extremely competitive in the market, but we recognise that everyone’s situation is unique. The team is standing by to work with any of our customers who require assistance.”

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

* 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 Standard Variable Bonus Interest 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.

+ 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.

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

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.

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