Choose the version of this loan that suits you best
| Availability | Loan type | LVR | Min loan amount | Max loan amount | |
|---|---|---|---|---|---|
|
|
Owner Occupier | Principal & Interest | < 95% | $50,000 | $3,000,000 |
|
|
Investor | Principal & Interest | < 90% | $50,000 | $3,000,000 |
If you’re looking for a home loan with a low deposit requirement to get your foot on the property ladder sooner, then the MOVE Bank Standard Variable Rate Home Loan could be a worthy contender. Owner occupiers can borrow with a minimum 5% deposit and investors with a minimum 10% deposit, plus, there are no monthly service fees to worry about and plenty of flexible features to enjoy, including extra repayments, a redraw facility and an offset account.
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 7.75% (7.80% 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 8.34% (8.39% comparison rate*). Investors taking out this home loan can borrow with an LVR as high as 90%.
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.
The Standard Variable Rate Home Loan does come with a few fees, including a $600 application fee and a $350 discharge fee, plus valuation fees are charged at cost. There's also no option to make interest-only repayments.
|
7.75% p.a. |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
7.80% p.a. |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
$600.00 |
|
|
$0.00 |
|
|
n/a |
|
|
$0.00 |
|
|
n/a |
|
|
$0.00 |
|
|
$350.00 |
|
$50,000 |
|
|
$3,000,000 |
|
|
none |
|
|
95.00% |
|
Owner Occupier |
|
|
Principal & Interest |
|
|
Weekly, Fortnightly, Monthly |
|
|
yes - free |
|
|
yes |
|
|
yes - free |
|
|
$1.00 |
|
|
yes |
|
|
yes |
|
|
Valuation fee payable at cost |
|
|
Includes one free valuation up to $250 |
|
|
none |
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
|
8.34% p.a. |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
8.39% p.a. |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
$600.00 |
|
|
$0.00 |
|
|
n/a |
|
|
$0.00 |
|
|
n/a |
|
|
$0.00 |
|
|
$350.00 |
|
$50,000 |
|
|
$3,000,000 |
|
|
none |
|
|
90.00% |
|
Investor |
|
|
Principal & Interest |
|
|
Weekly, Fortnightly, Monthly |
|
|
yes - free |
|
|
yes |
|
|
yes - free |
|
|
$1.00 |
|
|
yes |
|
|
yes |
|
|
Valuation fee payable at cost |
|
|
Includes one free valuation up to $250 |
|
|
none |
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
Home Value Loan
6.09% p.a. variable
6.09% p.a.
Fixed Rate
6.59% p.a.
fixed 3 years
7.06% p.a.
Elevate
6.09% p.a.
6.20% p.a.
Fixed Rate Loan (with Orange Advantage)
5.99% p.a.
fixed 3 years
6.12% p.a.
Fixed Rate
6.59% p.a.
fixed 3 years
7.06% p.a.
Home Value Loan
6.09% p.a.
6.09% p.a.
$0.00
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
