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 Bank 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.
MOVE Bank 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 Bank 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.
The MOVE Bank 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.
The MOVE Bank First Home Loan can be researched further at the link provided.
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