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We’re here for you with our expanded financial support package

At IMB, we’ve faced many uncertain times during our 140 years, but what is certain is our continued commitment to supporting you in difficult times. Today, we’ve extended a stronger hand to support our business and personal banking customers. 

Outlined below is our comprehensive range of initiatives designed to help you through if you are being financially affected by the COVID-19 pandemic.

 

Supporting your business

We’ve implemented a range of small business initiatives designed to help protect your cash flow and keep you trading.

You can ask us to:

  • Defer your repayments on Principal and Interest loans for up to 6 months on business loans, for loans under $5m
  • Reduce your loan repayments by switching your loan to Interest Only repayments for up to one year
  • Waive fees on loan redraws on eligible business loan products
  • Reduce your loan repayments to minimum levels

We’re also reducing interest rates for new and existing Secured and Unsecured Business Overdrafts by 200bps or 2%, effective 3 April 2020.

If you’re eligible to receive support, our team will review your individual situation and work with you to find the best solution.

Supporting our borrowers

After reducing our variable interest rates by 0.25% on March 24, there will be no further changes to the standard variable home loan rate at this time. Our variable rate home loans remain some of the most competitive in the country.

For those whose repayment capacity has been affected by COVID-19, we have improved flexibility and reduced or removed costs associated with restructuring loan arrangements.

You can ask us to:

  • Defer your loan Principal and Interest repayments for up to 3 months for variable rate home loans, which can be extended to 6 months after review of your situation1
  • Reduce your home loan repayments by switching your loan to Interest Only repayments for up to one year

  • Waive fees on home loan redraws on eligible home loan products
  • Reduce your loan repayments to minimum levels

Today, we announced rate reductions on the following loan products that are effective from 3 April 2020:

  • Our Personal Line of Credit interest rate has been reduced by 100bps or 1% for new and existing customers
  • Our Reverse Mortgage and Aged Care Loan interest rates have been reduced by 25bps or 0.25% for new and existing customers

Supporting our deposit customers

We know savers have suffered under interest rate cuts on deposit products in recent times so, in addition to our competitive daily banking products, from 3 April 2020 we’re offering a special 10-month term deposit to help those wanting to save or who rely on term deposits for their income. 

  • 10-month Term Deposit rate of 1.75%, interest paid on maturity2




 

If you need help, we're here

To find out if you’re eligible for IMB’s hardship support due to COVID-19 and want to take advantage of any of these initiatives, please contact our team on 133 462.

To stay up to date on our response to COVID-19, visit imb.com.au and follow us on Facebook and Instagram.

In the meantime, stay safe and if there’s anything we can do, call our team on 133 462.

 

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Important Information:
Lending criteria, terms and conditions, fees and charges apply to IMB loan products. You should consider the relevant Terms and Conditions or Product Disclosure Statement before making a decision about IMB products and facilities. 1. On request and subject to hardship eligibility criteria. Interest will continue to accrue against the principal loan amount in line with your current rate (or as otherwise amended in line with other measures). 2. For deposits $5,000 and over.

Why choose IMB Bank?

Established in 1880, IMB has been helping people achieve their financial goals for 140 years. IMB offers a full range of banking solutions including home and personal lending, savings and transaction accounts, term deposits, business banking, financial planning and can arrange a wide range of insurance and travel products.

IMB has a growing branch network throughout the Illawarra, Sydney, NSW South Coast, the ACT and Melbourne. We have a lending specialist in every branch and a team of mobile lending specialists who will come to you. IMB members enjoy access to free automated phone and internet banking and a team of professionals who are just a phone call away at our locally based call centre.

Find out more