IMB Bank announces interest rate changes – November 2023

10 November 2023

Following the Reserve Bank of Australia’s latest increase to the official cash rate, we are announcing changes to interest rates on some of our products.

The adjustments include an increase to our existing variable home loan interest rates by 0.25% p.a^*, effective from Friday, 17 November 2023. 

We have increased rates on retail Cash Management and Business Cash Management savings accounts by 0.25% for balances over $5,000, also effective Friday 17 November.

IMB Bank Chief Executive Robert Ryan acknowledged that cost of living pressures are increasing. 

“Our customers are for the most part budgeting well and managing their repayments despite the challenging economic environment,” said Mr Ryan. “However, we understand that interest rate changes can impact household budgets and we encourage members who feel that they need assistance to reach out to us and work through the options available that best meet their needs.”

Variable rate borrowers will be notified of their new repayment amount in their December statement, with the new repayment amount payable from March 2024.

Any customers who wish to contact our team to discuss their options, please call 133 462 or fill out our contact form so we can contact you at a time that suits you.

^*Lending criteria, terms and conditions, fees and charges apply to IMB loan products.

Information current as at date of appearance and subject to change. This advice is general advice only and does not take into account your objectives, financial situation or needs. You should consider the Product Disclosure Statement before deciding whether to acquire any of the products shown on this website. Target Market Determinations,available here.