The Lockit Home Loan from MOVE – People Driven Banking allows you – whether an owner-occupier, investor or refinancer – to secure a very low fixed rate for one or three years of your loan.
During your fixed term, you can make additional repayments towards your loan balance as long as you don’t exceed the maximum amount allowed. A downside to this option is that there is no redraw facility in case you need to access these funds again.
The interest-only period on the Lockit Home Loan gives you the option to make repayments only towards your interest during a time specified by MOVE – People Driven Banking, an option especially suited for investors.
There is no 100 per cent offset account available with this loan, which would help you to reduce your interest repayments, but if you’re looking for some added security, this loan gives you the option of taking out an insurance policy for repayment insurance which would help cover your loan repayments if you become unable to work.
At the end of your fixed term, your Lockit Home Loan will revert to one of MOVE – People Driven Banking’s variable interest rates, though the rate your offered may depend on your own finances and your borrowing amount.
Who is the MOVE – People Driven Banking Lockit Loan good for?
The Lockit Home Loan could be a good option for borrowers who are either on a tight budget or want the certainty of fixed repayments for a set period. The upfront fee and lack of offset account may be limiting, however first home buyers might be lured by the low deposit requirements and investors the interest-only option.
You must become or already be a member of MOVE – People Driven Banking to qualify for this loan, which requires you to set up a transaction account.
Review - What RateCity says
When it comes to fixed rates, the MOVE – People Driven Banking Lockit Home Loan has one of the lowest fixed rates on the market, giving it instant appeal to the range of borrowers this loan is available to.
However, you should make sure that what you stand to gain from the low fixed rate is still worth a possibly high variable rate in the absence of a 100 percent account. Knowing exactly what rate and features you will be offered and the fees you will be charged is an essential step in determining the suitability of any loan to you.
Although, this loan could end up being a great option if it meets all of your needs. The MOVE Lockit Loan lets you lock in a low fixed rate for a period of one or three years, with more information available about each at the provided links.
MOVE – People Driven Banking Lockit Loan Options
The MOVE Lockit Loan lets you lock in a low fixed rate for a period of one or three years, with more information available about each at the provided links.
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Advertised rate3.99%Fixed - 3 years
Advertised rate3.79%Fixed - 1 year
Advertised rate4.29%Fixed - 3 years
Advertised rate4.19%Fixed - 1 year