IMB Bank will lower its variable home loan interest rates by 0.25% following yesterday’s decision by the Reserve Bank of Australia to lower the cash rate.
In addition, IMB reduced the interest rate on its two-year Fixed Rate Home Loan for Owner Occupiers to 4.99%p.a. for new loans.
IMB Bank Chief Executive Officer, Robert Ryan, said “Our announcement to pass on the rate cut in full reflects our commitment to delivering value and supporting our members.”
Mr Ryan added, “We are pleased to be able to maintain some of the most competitive home loan interest rates in Australia. We hope this latest reduction will further ease cost-of-living pressures for our members, however, we encourage any borrowers who may still be facing financial strain to contact us for support.”
IMB Bank’s rate reductions for existing variable rate home loan borrowers, and new fixed rate home loan borrowers, become effective on August 26.
For media enquiries contact:
James Tait
Res Publica Pty Ltd
+61 402 128 161
About IMB Bank
Established in 1880, IMB Bank is proudly customer-owned, and has been helping members achieve their financial goals for over 145 years. IMB Bank offers comprehensive retail and business banking solutions supported by leading digital banking channels and a branch network throughout NSW and in Melbourne. IMB was recognised by Canstar in 2022 as having Australia’s Most Satisfied Customers in the Customer-Owned Bank and Bank categories. With total assets over $8 billion, IMB is regulated by APRA and ASIC and is one of the leading mutual banks in Australia.
We want to empower you with the knowledge to stay vigilant, protect your finances and act quickly if you suspect you’ve been targeted.
.svg)
