MOVE Bank Straightforward Home Loan

Mozo snapshot:

With a seriously competitive variable rate of just 3.59% (3.62% comparison rate*), the Straightforward Home Loan is one likely to impress budget savvy borrowers. But it’s not just a great rate that makes MOVE Bank’s home loan stand out. It also allows home buyers to borrow with deposits as low as 5%, as well as providing them with the ability to make free extra repayments and redraws. 

And you know a home loan has some quality when it takes out a suite of awards, and that's exactly what the Straightforward Home Loan did, grabbing 2019 Mozo Experts Choice Awards in the First Home Buyer Loan, Low Cost Home Loan and Split Home Loan categories. 

Key features:

If you’re looking for funding to buy your first home, chances are that the first thing on your home loan checklist is a low rate to keep your repayments down. This is where the MOVE Bank Straightforward Home Loan really delivers, with a seriously low 3.59% variable rate (3.62% comparison rate*) for owner occupiers making principal and interest repayments.

The MOVE Bank home loan could be suitable for a range of borrowers, with a minimum loan amount of $150,000 all the way up to $3,000,000, and prospective homeowners can even borrow with a deposit as low as 5%. It’s worth remembering that borrowers with deposits below 20% are likely to need to take out Lenders Mortgage Insurance (LMI).

The Straightforward Home Loan doesn’t just offer a low rate though, it also offers borrowers the opportunity to choose their repayment schedule (either fortnightly or monthly) and make extra repayments on their loan for free. And anyone that does manage to make extra repayments will be able to dip into them for free using MOVE Bank’s handy online redraw facility.

When it comes to fees, the MOVE Bank Straightforward Home Loan does come with a $450 application fee as well as a $150 discharge fee once you’ve paid out your mortgage in full. The good news is that MOVE doesn’t charge any ongoing service fee so you won’t need to worry about allocating that in your budget.

Who it's good for:

Because the Straightforward Home Loan from MOVE Bank is only available for new lending, it could be a great option for owner occupiers looking to get into the market for the first time - especially with the competitive low variable rate.