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5 October 2018

We’re making changes to our owner occupier and investment home loan rates

We will be making some changes to our standard variable interest rates for investment and owner-occupier home loans. From October 5, 2018, the standard variable interest rate will increase by 0.15% p.a. for new and existing home loan customers.

Why are we changing our rates?

Like other banks who have raised their home loan interest rates in recent weeks, we use customers’ deposits and other sources of funding to lend to our borrowers and we pay interest to attract and use these deposits. Over a sustained period, the cost of this money has increased and as a result we are having to pass on some of this increased cost. This decision was a difficult one, but is required to continue to balance the needs of our borrower and depositor members.

What you need to know

If your loan has a variable interest rate, your minimum monthly loan repayment will change. To help you manage this change, your repayments will not change until January, 2019, when you will need to ensure your repayment is adjusted accordingly.

We will send you a separate communication detailing your new repayment amount in coming weeks and it will also be shown in your December loan statement.

Why choose us?

Established in 1880, IMB Bank is one of the most enduring financial institutions in the country, helping people achieve their financial goals for over 140 years. Our members can access a fully featured range of services: home and personal lending, savings and transaction accounts, term deposits, business banking, and more.

Our renowned personal service is backed by innovation, providing convenient, secure digital banking options where and when you want it. IMB also has a growing retail branch network throughout NSW and Victoria, for when you need to speak to someone in person, and a team of professionals at our locally based contact centre. We have a lending specialist in every branch and a team of mobile lending specialists who will come to you.

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