Following the Reserve Bank’s change to the official cash rate, IMB Bank has today announced a number of changes to its interest rates. The changes include:
IMB Bank CEO Robert Ryan said the decision follows the Reserve Bank of Australia’s move to increase the official cash rate. By increasing rates on deposit products in addition to its variable rate home loans, IMB seeks to balance the needs of all its customers in the prevailing economic outlook.
“Our decision to lift interest rates on some of our products reflects careful consideration of a range of factors. These include the RBA’s increase in the official cash rate but also the needs of our depositors and our borrower customers”, said Mr Ryan.
“We’ve provided historically low interest rates in recent times which has enabled many of our borrowers to get ahead on their home loan repayments. However, we understand that increasing home loan rates may create challenges for some of our members with home loans, and I encourage members who are feeling financial pressure to speak with our team about the options available to them. They are here to help.”
Mr Ryan added, “the historically low interest rate environment of recent years has provided benefits for home loan customers. However, this has presented challenges for savers, especially those saving for their first home who rely on savings interest for their home deposit. In that regard, we are pleased to provide those customers an increase on our Reward Saver account standard variable bonus interest rate of 0.50%p.a.# and to lift our 12-month deposit Term Deposit rate to 2.50% p.a.*”
IMB’s variable home loan interest changes are effective from July 15, 2022. Variable rate borrowers will be notified of their new repayment amount in their October statement, with the new repayment amount taking effect from December 2022.
The Reward Saver account standard variable bonus interest rate will increase by 0.50%# effective July 15, 2022, with more information found here.
The increased 12-month term deposit rates (minimum $5000 investment, interest paid annually) will be effective from July 15, 2022 with more information found here.
Lending criteria, terms and conditions, fees and charges apply to IMB loan products. *Minimum $5000 investment, interest paid annually. #To earn bonus interest the account holder must make a minimum $50 deposit and no withdrawals per month. 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.
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