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MOVE Bank Standard Variable Rate Home Loan

The details shown below are for an owner occupier taking out a principal & interest loan between $50,000 and $3,000,000 with an LVR below 95%

The details shown below are for an investor taking out a principal & interest loan between $50,000 and $3,000,000 with an LVR below 90%

Choose the version of this loan that suits you best

  • Owner Occupier (Principal & Interest)

    LVR < 95%

    Loan: $50,000 $3,000,000

  • Investor (Principal & Interest)

    LVR < 90%

    Loan: $50,000 $3,000,000

Rate
3.65% p.a.
Comparison Rate*
3.68% p.a.
Service fee
$0.00
Upfront fee
$450
Rate
4.09% p.a.
Comparison Rate*
4.12% p.a.
Service fee
$0.00
Upfront fee
$450

Mozo editorial review MOVE Bank Standard Variable Rate Home Loan

Last updated: 24 June 2020.

binocular icon
What's hot
  • Borrow up to 95% LVR
  • Free extra repayments and redraw facility
  • No monthly fees
What's not
  • $450 application fee
Mozo snapshot

If you’re looking for a low-deposit home loan 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, like free extra repayments and a fee-free redraw facility. 

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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 have the option to open a 100% offset account to save on interest, as well as the ability to make free extra repayments and access a free redraw facility should they need to ‘dip’ into those extra repayments.

Plus, this home loan lets you choose between weekly, fortnightly and monthly repayments, and 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 another MOVE Bank home loan

Owner occupiers 

With the Standard Variable, you can borrow any amount between $50,000 and $3 million, at variable rates of 3.65% p.a. (3.68% p.a. comparison rate*) for owner occupiers. While these aren’t the most competitive rates around^, the good news is you won’t need to save up a 20% deposit before taking out a MOVE Bank Standard Variable Rate Home Loan since it allows owner occupiers to borrow up to 95% of the property value. 

Investors 

The Standard Variable also offers investors loan amounts between $50,000 and $3 million, at variable rates from 4.09% p.a. (4.13% p.a. comparison rate*). Investors taking out this home loan can borrow up to 90% of the property value.

In terms of fees, this home loan has no monthly service fees, although you’ll need to factor in a $450 upfront fee and a $150 discharge fee once you’ve finished repaying your loan. 

^The average rate in the Mozo database for $400,000 variable home loans with a 95% LVR (owner-occupier, principal & interest) is 3.96% p.a., as of 2 March 2020. 

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Who is it good for

The MOVE Bank Standard Variable Rate Home Loan will suit home buyers looking to get into the property market with only a 5-10% deposit saved up. It also suits borrowers who want a loan packed with flexible features like a 100% offset account and repayment holidays. 

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Any catches

Just bear in mind this home loan comes with a few fees, including a $450 application fee and a $150 discharge fee. 

And if you’re borrowing with a deposit below 20%, you’ll have to pay Lenders Mortgage Insurance.

Details

Rates and fees information correct as at 20 October 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 3.65% p.a.

  • n/a

  • n/a

  • n/a

  • 3.68% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $450.00

  • $0.00

  • n/a

  • $0.00

  • n/a

  • $0.00

  • $150.00

Other financial bits
  • $50,000

  • $3,000,000

  • none

  • 95.00%

Features
  • Owner Occupier

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • yes

  • yes - free

  • none

  • yes

  • yes

  • Valuation fee payable at cost

  • none

  • Receive $1,000 for new applications for loan amounts of $500,000 or more received before 30 June 2020 and settled by 31 July 2020 with a MOVE Bank Savings Account.

*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.

Details

Rates and fees information correct as at 20 October 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 4.09% p.a.

  • n/a

  • n/a

  • n/a

  • 4.12% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $450.00

  • $0.00

  • n/a

  • $0.00

  • n/a

  • $0.00

  • $150.00

Other financial bits
  • $50,000

  • $3,000,000

  • none

  • 90.00%

Features
  • Investor

  • Principal & Interest

  • Weekly, Fortnightly, Monthly

  • yes - free

  • yes

  • yes - free

  • none

  • yes

  • yes

  • Valuation fee payable at cost

  • none

  • Receive $1,000 for new applications for loan amounts of $500,000 or more received before 30 June 2020 and settled by 31 July 2020 with a MOVE Bank Savings Account.

*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.

Customer Reviews

How are MOVE Bank home loans rated by the Mozo community?

Overall
7.1/10
Price
7.1/10
Features
6.1/10
Customer service
7.1/10
Convenience
6.3/10
Trust
6.9/10

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*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.