IMB Bank announces interest rate changes - March 2023

Following the Reserve Bank of Australia’s recent adjustment to the official cash rate, we are announcing changes to interest rates on some of our products, effective 21 March 2023.

The changes include an increase to our existing variable home loan interest rates of 0.25% p.a. In support of our depositor members, we have also made increases to the rates on some of our savings accounts.

Term Deposits*

• 3-month term deposit to increase by 0.50% to 3.00%
• 6-month term deposit to increase by 0.60% to 3.60%
• 12-month term deposit to increase by 0.40% to 4.40%

Reward Saver^

• Interest rates will increase by up to 0.45% p.a., by increasing the Standard Variable Bonus Rate by 0.25%, and the Introductory Fixed Bonus Rate (for new accounts) by 0.20%, effective 21^st March.

IMB Bank Chief Executive Robert Ryan said, “The increases to the rates on our saving accounts deliver improved returns for our members, many of whom are saving for their first home or using these returns as part of their retirement income.

“But we also understand that a rising home loan rate environment can be challenging for customers with home loans, including those who are on fixed rate loans about to reach the end of term,” Mr Ryan said. “We encourage any members who may be feeling the impacts of the current economic environment to contact our team, who are standing by to help them explore their home loan options.”

Variable rate borrowers will be notified of their new repayment amount in their March statement, with the new repayment amount payable from June 2023.

_{* Minimum $5000 investment, interest paid on maturity.}

_{^ To earn the Standard Variable Bonus Rate the account holder must make a minimum $50 deposit for Reward Saver accounts or a minimum $20 deposit for Reward Saver Kick Start accounts and make no withdrawals per month. Introductory Fixed Bonus Interest Rate is payable for the first 4 interest payments for new Reward Saver accounts opened from 21st of March 2023, for new or existing Members who have not held a Reward Saver account before.}

_{Lending criteria, terms and conditions, fees and charges apply to IMB loan products. 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.}