MOVE Bank Standard Variable Rate Home Loan

Key features

When it comes to flexibility, the MOVE Bank Standard Variable Rate Home Loan has all of the bells and whistles. Both owner occupiers and investors can reduce their repayments with a 100% offset account, plus MOVE Bank allows extra repayments to be made towards the loan. There's even a redraw facility for any borrowers who want to  ‘dip’ back into any of those extra repayments they've made.

Plus, this home loan lets you choose between weekly, fortnightly and monthly repayments, and it comes with a repayment holiday feature. There’s also a split account option available if you want to split the loan between the Standard Variable and a MOVE Bank fixed home loan. 

What about the interest rates though? Well, here's how they break down based on different borrower types:

Owner occupiers 

Borrowers planning on living in their homes can borrow amounts between $50,000 and $3,000,000 with a variable rate of 3.50% (3.54% comparison rate*). While these aren’t the most competitive rates around, the advantage is that you won’t need to save up a 20% deposit before being eligible for the loan, because MOVE Bank allows owner occupiers to borrow with a loan-to-value ratio (LVR) of up to 95%. Just bear in mind that if your deposit is below 20% you may be required to take out lenders mortgage insurance (LMI). 

Investors 

For property investors, the Standard Variable Rate Home Loan also caters to loan amounts between $50,000 and $3,000,000, though variable rates are slightly higher at 4.09% (4.13% comparison rate*). Investors taking out this home loan can borrow with an LVR as high as 90%.

Who is it good for

The MOVE Bank Standard Variable Rate Home Loan could suit either investor or owner occupier buyers who are looking to get into the property market with a deposit lower than 20%. It may also suit borrowers who want a loan packed with flexible features like an offset account, extra repayments and repayment holidays. 

Any catches

The Standard Variable Rate Home Loan does come with a few fees, including a $450 application fee and a $150 discharge fee, plus valuation fees are charged at cost. There's also no option to make interest-only repayments.