IMB Bank announces interest rate changes – November 2022

November 4, 2022

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

  • Increasing the 12-month term deposit rate by 0.40% to 3.80% p.a.*
  • Raising the Wisdom Saver interest rate by up to 0.30% p.a. for balances in tiers over $50k^
  • Variable rate home loan interest rates will increase by 0.25% p.a. on new and existing home loans

These rate movements continue to be based on factors including the economic outlook, the RBA’s cash rate decision and the need to balance the needs of depositor and borrower members.

IMB Chief Executive Robert Ryan said, “We are pleased to offer higher rates for our depositor members to help offset the increasing cost of living. However, we are also aware that rising home loan rates may present challenges for some members and I encourage any members who may be experiencing hardship to reach out to our team and discuss their individual situation.”

IMB’s existing variable home loan interest changes are effective from November 14. Variable rate borrowers will be notified of their new repayment amount in their December statement, with the new amount payable from March 2023.

The Wisdom Saver and Term Deposit changes will also be effective from November 14. The Wisdom Saver $50,000 - $249,999.99 tier will be increased by 0.25% and the $250,000.00 and over tier will be increased by 0.30%^.

Lending criteria, terms and conditions, fees and charges apply to IMB loan products. *Minimum $5000 investment, interest paid on maturity. ^Interest is calculated on a step up basis which means a different rate applies to the portion of the balance in each tier. 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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