MOVE Bank Straightforward Investment Loan

Key features

The MOVE Bank Straightforward Investment Loan is only offered to investors, and has a 2.44% variable rate (2.48% comparison rate*) on loans over $500,000. You can still get a competitive 2.54% (2.58% comparison rate*) on amounts between $150,000 and $499,999 though.

To be eligible for the current $1,000 cash back deal, you'll have to meet a few conditions, including holding either an Everyday Saver or an Express Saver account for the money to be paid into, be refinancing at least a $400,000 loan and have joined MOVE Bank on or after 17 December 2019.

With this loan, you won’t have to worry about any ongoing service fees and there are almost no upfront fees involved, although you will need to budget for a $450 application fee. And once you finish paying off your loan balance or if you decide to refinance with another lender down the track, you’ll have to factor in a $150 discharge fee too. 

While the MOVE Bank Straightforward Investment Loan only gives you the option of making monthly repayments, but it does come with some flexibility. You can make free extra repayments, and there’s also a free redraw facility which could come in handy if you’re suddenly in need of some cash, whether to buy a new car or to handle a financial emergency.

Who is it good for

The MOVE Bank Straightforward Investment Loan could be a great choice for investors looking for a loan with one of the more competitive sets of variable rates around.

Any catches

Keep in mind that the MOVE Bank Straightforward Investment Loan only allows you to make monthly repayments, so if you’re hoping to pay down your balance on a more frequent basis, you won’t be able to with this loan. However, you could instead opt for making extra repayments every month to pay off the loan early and save on interest.