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MOVE Bank Standard Variable Rate Home Loan

Advertiser disclosure
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

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
  • Owner Occupier (Principal & Interest)
    LVR < 95%
    Loan: $50,000 $3,000,000
  • Investor (Principal & Interest)
    LVR < 90%
    Loan: $50,000 $3,000,000
Rate
7.75% p.a.
Comparison Rate
7.80% p.a.
Service fee
$0.00
Upfront fee
$600
Rate
8.34% p.a.
Comparison Rate
8.39% p.a.
Service fee
$0.00
Upfront fee
$600

Mozo editorial review MOVE Bank Standard Variable Rate Home Loan - last updated: 15 December 2023

binocular icon
What's hot
  • Borrow up to 95% LVR
  • Offset account, extra repayments and a redraw facility
  • No monthly fees
What's not
  • $600 application fee
Mozo snapshot

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. 

key icon
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 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%.

snapshot
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. 

question icon
Any catches

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. 

Details

Rates and fees information correct as at 13 July 2024. 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

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

Fees

$600.00

$0.00

n/a

$0.00

n/a

$0.00

$350.00

Other financial bits

$50,000

$3,000,000

none

95.00%

Features

Owner Occupier

Principal & Interest

Weekly, Fortnightly, Monthly

yes - free

yes

yes - free

$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.

Details

Rates and fees information correct as at 13 July 2024. 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

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

Fees

$600.00

$0.00

n/a

$0.00

n/a

$0.00

$350.00

Other financial bits

$50,000

$3,000,000

none

90.00%

Features

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.

Customer Reviews

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

Overall
7.5/10
Price
6.7/10
Features
6.0/10
Customer service
6.7/10
Convenience
5.8/10
Trust
6.5/10
Based on 20 MOVE Bank home loan reviews as rated by the Mozo customers. More about the Mozo Customer Ratings.
Mozo recommends that ratings are only one factor to be taken into account when deciding whether to take up any financial product offer.

About MOVE Bank

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6.59% p.a.
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5.69% p.a.
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fixed 3 years

6.34% p.a.

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Variable

5.99% p.a.

5.90% p.a.

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Macquarie

Basic Home Loan

6.14% p.a.

6.16% p.a.

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Greater Bank

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6.19% p.a.

6.21% p.a.

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Police Credit Union

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6.14% p.a.

6.20% p.a.

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6.01% p.a.

6.14% p.a.

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6.09% p.a.

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6.14% p.a.

6.17% p.a.

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Offset Home Loan (Package)

6.14% p.a.

6.39% p.a.

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6.25% p.a.
fixed 3 years

6.20% p.a.

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5.69% p.a.
fixed 3 years

6.34% p.a.

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Basic Home Loan (Fixed)

6.35% p.a.
fixed 3 years

6.26% p.a.

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6.09% p.a.
fixed 3 years

6.15% p.a.

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6.59% p.a.
fixed 3 years

7.06% p.a.

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5.99% p.a.
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6.41% p.a.

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Express Home Loan (Fixed)

6.54% p.a.
fixed 3 years

6.38% p.a.

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Flex Home Loan Fixed

5.99% p.a.
fixed 3 years

6.41% p.a.

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Variable

5.99% p.a.

5.90% p.a.

$0.00

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Greater Bank

Great Rate Home Loan

6.19% p.a.

6.21% p.a.

$0.00

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Police Credit Union

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6.14% p.a.

6.20% p.a.

$0.00

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6.09% p.a.

6.09% p.a.

$0.00

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6.29% p.a.

6.20% p.a.

$0.00

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6.99% p.a.

7.00% p.a.

$0.00

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Express Home Loan

6.01% p.a.

6.14% p.a.

$10.00 monthly

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6.14% p.a.

6.16% p.a.

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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.

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