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MOVE – People Driven Banking Wealth Builder Loan

Features

The Wealth Builder Loan is offered at a very low variable interest rate available to you if you’re looking to purchase an investment property or refinance from an existing one. However, you must have at least a 20 per cent deposit on your property in order to qualify for this loan.

Starting with the very low variable rate, you can reduce the amount you have to pay in interest even further through steady use of the offered 100 per cent offset account.

The balance you keep in this account offsets your interest with the difference of your loan balance – harnessing the interest on your savings to reduce the interest payable on your home loan.

The ability to make early repayments also helps to reduce the total amount you have to pay since you can repay your loan sooner and shave months and even years’ worth of interest repayments by doing so.

Another feature of the Wealth Builder Loan is the automatic salary reduction through which you can authorise your loan repayments to be deducted automatically from your salary – an option that can help you to manage your finances.

Who is the MOVE – People Driven Banking Wealth Builder Loan good for?

The Wealth Builder Loan is available to investors with a large deposit saved up. If you are looking for a simple variable rate loan that offers a few methods to reduce your debt sooner and get ahead on your repayments, then this could be a suitable option.

Deducting your loan repayments from your salary is an option that may appeal to disciplined money managers who appreciate the ease and convenience of transacting mostly online and via phone.

Review - What RateCity says

MOVE – People Driven Banking’s Wealth Builder Loan comes with some impressive features, which together, can help you pay off your investment loan early.

As always, take a close look at your needs and what you’re looking to get out of your loan in order to determine if the Wealth Builder Loan can move you closer to your goals. More information is provided below about the Wealth Builder Loan from MOVE – People Driven Banking.

MOVE – People Driven Banking Wealth Builder Loan Options

More information is provided below about the Wealth Builder Loan from MOVE – People Driven Banking.

Product
Advertised rate
Comparison rate*
Monthly repayment
Go To Site
Details

Variable Rates from

4.39%

Advertised rate

4.42%

Comparison rate
Pros
  • Very low variable interest rate.
  • 100 per cent offset account.
  • Early repayments and redraws allowed.
Cons
  • Entry and exit fees.
  • Ongoing monthly fee.
  • Not available to owner-occupiers.
Eligibility

Must be a member of MOVE – People Driven Banking.

Must be over 18 years of age.

Must meet serviceability criteria.

Suitable For
  • First Home Buyers
  • Investors
  • Refinancers
Fees
  • Estimated upfront fees: $450
  • Discharge fees: $75
  • Ongoing fees: $0

There are a number of fees associated with the Wealth Builder Loan, starting with the moderate upfront cost including loan establishment, valuation, and legal fees.

You will pay a low monthly fee due throughout the entire life of your loan in addition to a small fee when your loan is complete and you are discharged. Use of the redraw facility online is free, but you will have to pay a fee if you make a manual redraw.

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

MOVE – People Driven Banking is a mutually-owned credit union, not a bank. This means that members own the lender and get to have a say in how the institution is run. Though located in Brisbane, MOVE – People Driven Banking offers 24/7 banking online and over the phone. 

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