IMB Bank reduces home loan rates - July 2019

IMB Bank announced today that it will cut its variable home loan interest rates by 18bps for both owner occupier and investor borrowers.

The decision comes after assessment of a range of factors including the impact lower rates continue to have on IMB deposit customers.

IMB Bank CEO Rob Ryan said, “As a mutual bank, we strive to act in the best interests of all our customers as equitably as we can – we have done so for nearly 140 years.

“Interest rate decisions are driven by balancing the needs of all our customers. Home loan interest rates are at historic lows. Unfortunately, so too are deposit rates. And, like most banks, the vast majority of our customers are deposit holders, many of whom rely on interest income.”

The decision to cut rates by 18 basis points was taken to both reduce the cost of living for our borrowers, while attempting to insulate depositors – such as retirees and those saving for their first home – from the full impact of the interest rate reduction. In addition, IMB Bank continues to invest in new banking technologies and products, and to support our communities.

“We recognise not all of our customers may agree with this approach, but we hope they understand our desire to provide an equitable solution and that our home loan rates remain some of the most competitive in the country.”

The interest rate change takes effect on July 25.

_{Lending criteria, terms and conditions, fees and charges apply for IMB Home Loans. Full terms and conditions are available upon request from any IMB branch or by calling 133 463, 8:00am to 8:00pm Mon-Fri, or 9:00am to 4:00pm Saturday.}