IMB Bank will lower its variable home and business loan interest rates by 0.25% following yesterday’s decision by the RBA to lower the official cash rate. The rate reduction becomes effective from March 4 for new and existing borrowers.
IMB Bank Chief Executive Officer, Robert Ryan, said, “We understand that cash rate increases in recent years have put pressure on our borrowers and this rate reduction will provide welcome relief for the many members and small businesses around Australia who bank with IMB. Today’s announcement to pass on the rate cut in full reflects our commitment to delivering value and supporting our members.”
Mr. Ryan added, “Although our members have managed previous cash rate increases well, we are pleased to be able to pass on the RBA rate reduction in full and maintain some of the most competitive interest rates in Australia. However, some members may still be facing financial strain, and we encourage those members to contact us to discuss how we can support them.”
IMB Bank’s rate reductions for existing variable rate home and business loan borrowers become effective on March 4, and new minimum repayments will take effect from April.
Security is a fundamental right for our customers, and we hold it as one of our core values.
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