MOVE Bank Straightforward Home Loan

2.94% p.a.

2.97% p.a.

$0.00

MOVE Bank Straightforward Home Loan

2.94% p.a.

2.97% p.a.

$0.00

Mozo Review   MOVE Bank Straightforward Home Loan Review

Last updated: 21 October 2019.

What's hot:
  • Low 2.94% variable rate (2.97% comparison rate*)

  • Three 2019 Mozo Experts Choice Awards

  • 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 2.94% (2.97% 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 2.94% variable rate (2.97% 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.

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 13 November 2019. 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
  • 2.94% p.a.

  • n/a

  • n/a

  • n/a

  • 2.97% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees
  • $450.00

  • $0.00

  • $0.00

  • $0.00

  • n/a

  • $0.00

  • $150.00

Other financial bits
  • $150,000

  • $3,000,000

  • none

  • 95.00%

Features
  • Owner Occupier

  • Principal & Interest

  • Fortnightly, Monthly

  • yes - free

  • no

  • yes - free

  • none

  • yes

  • no

  • none

  • none

  • 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 customer rating
7.6/10
Price
7.3/10
Features
6.4/10
Customer service
7.8/10
Convenience
7.2/10
Trust
7.5/10

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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.