The myHome Package Loan from MOVE – People Driven Banking features low variable interest rates for owner-occupied properties, whether for new purchases or refinancing.
Though low, the exact interest rate you’re offered depends on the amount you’re borrowing, however you only need a small deposit for this loan. Keep in mind if you’re planning to make less than a 20 per cent deposit that you will have to pay lenders mortgage insurance.
To make the interest you must pay even less, the offered 100 per cent offset account charges interest on the difference between your offset savings account and your loan balance – which could help you to save a sizeable chunk on interest if you’re good about maintaining your offset account balance.
To repay your loan sooner, you can make additional repayments towards your myHome Package Loan without penalty and redraw these funds from the available redraw facility for free online.
The package benefits you receive with the myHome Package Loan include fee-free eligible transactions through accounts you hold with MOVE – People Driven Banking and a Visa debit card with the monthly fee waived.
If you need to increase the size of your loan, you can use the top up facility for free, which is a benefit of this package deal since there usually is a fee for doing this.
And, if you’re refinancing from another MOVE – People Driven Banking home loan, you will not have to pay any fees.
Who is the MOVE – People Driven Banking myHome Package good for?
The myHome Package Loan could suit borrowers who are members or looking to become members of MOVE – People Driven Banking and who are looking for a simple and flexible loan with an intended use of the extra package offers, as an annual fee is charged for access to these products.
Review - What RateCity says
Although there is no upfront cost for this loan, the annual fee you have to pay for the myHome Package Loan might not be worth the limited package benefits you receive. There are some great features included with this loan, however, this lender does offer some other great options with similar ranges of features without the large annual fee attached.
This could still be a suitable option for you since there is a low variable interest rate and low deposit requirement, so if it ticks all of your boxes, it could be worth further research to make a final decision to determine if this is the best option available to you.
MOVE – People Driven Banking myHome Package Options
The Move myHome Package offers a range of options to accommodate different loan and deposit sizes.
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