MOVE Bank logo Mozo experts choice 2020

MOVE Bank Straightforward Home Loan

Advertiser disclosure

The details shown below are for an owner occupier taking out a principal & interest loan between $150,000 and $499,999 with an LVR below 80%

The details shown below are for an owner occupier taking out a principal & interest loan between $500,000 and $3,000,000 with an LVR below 80%

Choose the version of this loan that suits you best

  • Owner Occupier (Principal & Interest)

    LVR < 80%

    Loan: $150,000 $499,999

  • Owner Occupier (Principal & Interest)

    LVR < 80%

    Loan: $500,000 $3,000,000

Rate
2.54% p.a.
Comparison Rate
2.57% p.a.
Service fee
$0.00
Upfront fee
$450
Rate
2.44% p.a.
Comparison Rate
2.47% p.a.
Service fee
$0.00
Upfront fee
$450

Mozo editorial review MOVE Bank Straightforward Home Loan

Last updated: 19 November 2020.

binocular icon
What's hot
  • 2.54% variable rate (2.58% comparison rate*)
  • No ongoing service fees
  • Free extra repayments and redraw facility
What's not
  • $450 application fee
Mozo snapshot

With a seriously competitive variable rate of just 2.54% (2.58% 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 make free extra repayments and redraws.

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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 competitive 2.54% variable rate (2.58% comparison rate*) for owner occupiers making principal and interest repayments. Rates could go as low as 2.44% (2.48% comparison rate*) if you're borrowing over $500,000. 

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 borrow with a deposit of 20% or more.

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.

snapshot
Who is it 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.

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Any catches

As you might expect from a ‘Straightforward’ basic Home Loan, borrowers won’t have access to an offset account, though they will be able to make reduce their interest with the use of handy perks like free extra repayments and a free online redraw facility

Details

Rates and fees information correct as at 22 January 2021. 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
  • 2.54% p.a.

  • n/a

  • n/a

  • n/a

  • 2.57% 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
  • $150,000

  • $499,999

  • none

  • 80.00%

Features
  • Owner Occupier

  • Principal & Interest

  • Fortnightly, Monthly

  • yes - free

  • no

  • yes - free

  • none

  • yes

  • no

  • 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 22 January 2021. 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
  • 2.44% p.a.

  • n/a

  • n/a

  • n/a

  • 2.47% 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
  • $500,000

  • $3,000,000

  • none

  • 80.00%

Features
  • Owner Occupier

  • Principal & Interest

  • Fortnightly, Monthly

  • yes - free

  • no

  • yes - free

  • none

  • yes

  • no

  • 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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