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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
3.24% p.a.
Comparison Rate
3.30% p.a.
Service fee
$0.00
Upfront fee
$600
Rate
3.14% p.a.
Comparison Rate
3.20% p.a.
Service fee
$0.00
Upfront fee
$600

Mozo editorial review MOVE Bank Straightforward Home Loan - last updated: 4 August 2022

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What's hot
  • Variable rates from 3.24% (3.29% 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 rates from just 3.24% (3.29% comparison rate*), the Straightforward Home Loan is one likely to impress budget savvy, owner occupier borrowers. But it’s not just a great rate that makes MOVE Bank’s home loan stand out because it also allows home buyers to make free extra repayments and redraws.

Move Bank also currently has a special offer for new home loan applicants who's applications are received before 30 October 2022 and are settled by 31 December 2022. The offer means that eligible customers can get up to $4,000 cash back depending on the loan amount. For loans between $350,000 and $749,999, customers can get $2.5k cash back and for loans over $750,000, customers can get $4,000 cash back. 

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Key features

If you’re looking for funding to buy your first home with a deposit of 20% or more, 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 two competitive variable rates on offer depending on your loan size: 

  • 3.24% (2.29% comparison rate*) for loan amounts from $150,000 to $499,999 
  • 3.14% (3.19% comparison rate*) for loan amounts above $500,000 

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.

Currently, MOVE Bank are offering a deal where you can receive $2,500 for new applications for new lending with amounts of $350,000 or more received before 30 June 2022 and settled by 31 August 2022. (T&Cs apply.)


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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 rates on offer.

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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 9 August 2022. 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

3.24% p.a.

n/a

n/a

n/a

3.30% 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

$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 $2,500 for new applications for new lending with amounts of $350,000 and $749,999 and receive $4,000 for amounts over $750,000 received before 30 August 2022 and settled by 31 December 2022.

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 9 August 2022. 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

3.14% p.a.

n/a

n/a

n/a

3.20% 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

$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 $2,500 for new applications for new lending with amounts of $350,000 and $749,999 and receive $4,000 for amounts over $750,000 received before 30 August 2022 and settled by 31 December 2022.

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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About MOVE Bank

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.