IMB Bank will lower its variable home loan interest rates for new and existing borrowers by 0.25% following yesterday’s decision by the RBA to lower the official cash rate.
In addition, IMB Bank will lower variable business loan interest rates for existing borrowers by 0.25% and selected fixed home loan interest rates for new borrowers by 0.40%.
The rate reductions will be effective on May 30.
IMB Bank Chief Executive Officer, Robert Ryan, said “We recognise the steps the RBA is undertaking to support a balanced economy and to relieve cost of living pressures on households and businesses, particularly after the cash rate increases in recent years. Our announcement to pass on the rate cut in full on variable rate home loans, variable business loans for existing customers and reduce rates even further on selected fixed rate home loans for new borrowers, reflects our commitment to delivering value and supporting our members.”
IMB Bank’s rate reductions for new and existing variable rate home loan borrowers and existing business loan borrowers become effective on May 30.
Security is a fundamental right for our customers, and we hold it as one of our core values.
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