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MOVE – People Driven Banking First Home Loan

Features

The MOVE First Home Loan has a small deposit requirement which means you don’t have to put forth a hefty chunk of cash towards a deposit on your new property, although there is a minimum amount you have to borrow to be eligible for this loan.

And, make sure you factor in lenders mortgage insurance if you’re going to make less than a 20 per cent deposit as this will be an added cost.

Great features of this loan are the very low variable interest rate and the 100 per cent offset account that is available, which could reduce the interest you must repay on your loan by offsetting your loan balance with the balance in your offset account.

Considering your interest rate is very low to being with, being diligent in your use of the offset account could end up saving you a ton in interest over the life of your loan.

Your repayments can be made weekly, fortnightly or monthly which means you can choose a repayment schedule that suits the cycle of your income and your lifestyle. And you can choose to have your repayments automatically deducted from your payroll instead of having to remember to make them each time yourself.

Additional repayments can be made on your First Home Loan without penalty, meaning you could be well on your way to owning your home sooner should you have extra funds to put forth towards early repayments, without being charged any fees.

To give you some added security, the redraw facility provides you with the ability to redraw on these funds should you need them.

MOVE – People Driven Banking offer a fast application and approvals process as well as pre-approval to help you get your foot in the door of your new home faster.

The loan is only offered to owner-occupiers and cannot be used by investors or refinancers.

Who is the MOVE – People Driven Banking First Home Loan good for?

MOVE – People Driven Banking offers its First Home Loan as a tailored home loan suited just for first home buyers. As such, this loan is not available to investors or refinancers. You also must be a member of MOVE – People Driven Banking in order to pull out this loan, so it’s best suited for borrowers wanting to become a member of this credit union or who already are a member.

Review - What RateCity says

The MOVE – People Driven Banking First Home Loan could be a great loan for first home buyers and is worth considering.

With features such as a small deposit requirement and pre-approval, this could help you to move straight into your property. And the very low interest rate, 100 per cent offset account, and ability to make early repayments could get you well on your way to owning your home sooner.

There are fees attached to this loan, though, they aren’t substantial enough to completely knock this loan as an option if it hits all of your priorities and needs.

MOVE – People Driven Banking First Home Loan Options

The MOVE – People Driven Banking First Home Loan can be researched further at the link provided.

Product
Advertised rate
Comparison rate*
Monthly repayment
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Details

Variable Rates from

3.99%

Advertised rate

4.02%

Comparison rate
Pros
  • Very low variable interest rate.
  • 100 per cent offset account.
  • $0 in ongoing fees.
Cons
  • Entry and exit fees.
  • Limited branch access.
  • Only available to owner-occupiers.
Eligibility

Must be a member of MOVE – People Driven Banking.

Must be an owner-occupier.

Must be over 18 years of age.

Must meet serviceability criteria.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
Fees
  • Estimated upfront fees: $450.00
  • Discharge fees: $75
  • Ongoing fees: $0

The First Home Loan has a moderate upfront cost and a small discharge fee that will be due when you finish your loan.

However, you will pay $0 in ongoing monthly or annual fees.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
About MOVE - People Driven Banking

MOVE – People Driven Banking, formerly the Railways Credit Union, is a member-owned credit union based in Brisbane, Queensland. While there is limited branch access, customers can set up an online banking account or have access to banking over the phone or at a partner ATM throughout Australia.

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