Changes to home loan interest rates

IMB has announced a range of changes to home loan interest rates.

These changes include the immediate introduction of two home loan specials for owner-occupiers. IMB’s Budget Home Loan for loans 70% of the property value and greater than $150,000 has been reduced to 3.99% p.a. For owner occupied loans 80% of the property value the rate is 4.08% p.a. These rates will be available for new loans until 31 st December 2015.

In addition, IMB has also announced an increase in its residential standard variable interest rates (SVR) for owner occupiers and investors of 0.13% p.a. and 0.15% p.a. respectively. The SVR increases will be effective from December 14 with loan repayments adjusted from February 2016 for principal and interest loans and January 2016 for interest only loans. Members will be notified in their December statements of their new loan repayments.

With this change, IMB’s standard variable interest rate for owner occupiers remains below that of the major banks as it has been for over five years.

Comparison of Standard Variable Interest Rates – Owner Occupied (from December 14, 2015)