MOVE Bank home loan repayment calculator

Thinking about taking out a home loan with MOVE Bank? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how MOVE Bank home loans compare with other options.

I'd like to borrow

$

I am an

Loan term

With a repayment type

Your estimated repayments

at interest rate 2.69 %

Total interest payable

$0

Total amount payable

$0

Pros and cons

Pros
  • Package and specialised loans available.
  • Suitable for small deposits.
  • Discounted rates offered.
  • Flexible repayment options.
Cons
  • Limited branch access.

MOVE Bank home loans rates

Product
Advertised Rate
Total estimated upfront fees
Comparison Rate*
Ongoing fee
Go to site
Company

2.69%

Variable

$450

2.73%

$0
MOVE Bank
More details

2.84%

Variable

$450

2.88%

$0
MOVE Bank
More details

2.19%

Fixed - 3 years

$0

3.15%

$395 annually
MOVE Bank
More details

2.19%

Fixed - 2 years

$0

3.21%

$395 annually
MOVE Bank
More details

2.59%

Fixed - 5 years

$0

3.21%

$395 annually
MOVE Bank
More details

2.80%

Variable

$0

3.23%

$395 annually
MOVE Bank
More details

2.19%

Fixed - 1 year

$0

3.26%

$395 annually
MOVE Bank
More details

2.39%

Fixed - 3 years

$0

3.52%

$395 annually
MOVE Bank
More details

2.89%

Fixed - 3 years

$0

3.58%

$395 annually
MOVE Bank
More details

2.39%

Fixed - 2 years

$0

3.59%

$395 annually
MOVE Bank
More details

3.24%

Variable

$0

3.66%

$395 annually
MOVE Bank
More details

2.39%

Fixed - 1 year

$0

3.67%

$395 annually
MOVE Bank
More details

3.65%

Variable

$450

3.69%

$0
MOVE Bank
More details

4.09%

Variable

$450

4.13%

$0
MOVE Bank
More details

4.29%

Variable

$450

4.73%

$0
MOVE Bank
More details

MOVE Bank customer service

MOVE customers can contact the credit union in a number of ways. There is a general customer phone line, as well as a dedicated line for regional customers in central and northern Queensland. Customers can also get in contact via email, or online by the MOVE website. They also have a branch in Brisbane for customers looking to meet in person with a MOVE staff member.

  • Customer service (phone, email, branch)
  • Online banking

How to Apply

Potential MOVE home loan customers can apply through a number of channels. There is an online application form and customers can also apply by phone or by meeting a home loan specialist in person at the MOVE branch. Customers can also request a callback from a MOVE staff member via the website. Before applying for a home loan it is advisable to think about how much money you could conceivably borrow given your financial situation and income. You will also need to provide documentation when applying for a home loan. This will include:

  • Personal identification material.
  • Proof of income, assets and other earnings.
  • Details and type of employment.
  • Information on other loans, debts and liabilities.
  • Personal insurance documents.

Refinancers will also have to provide home loan statements for the past six months and a current payout quote for the loan you wish to refinance.

About MOVE home loans

MOVE offers home loans to its members only, and has a suite of home loan options to suit different types of borrowers, including:

  • First home buyers
  • Owner-occupiers
  • Investors
  • Upgraders
  • Refinancers

MOVE Bank home loans also come with a range of interest rate options:

  • Variable rate home loans
  • Fixed rate home loans
  • Principal-and-interest home loans
  • Interest-only home loans

Offset accounts are available on some of MOVE’s home loans, giving borrowers the opportunity to reduce their interest payable by offsetting the loan amount with their own savings.

MOVE home loans have a maximum loan term of 30 years. Depending on which home loan you choose, MOVE also offers redraw facilities, and unlimited extra repayments can be made.

MOVE home loan rates tend to be very low to moderately low based on the type of home loan chosen.

MOVE home loan rates

As a member-owned credit union, MOVE offers competitive home loan rates to its members.

MOVE home loan interest rates are typically very low to moderately low based on whether the borrower is an owner-occupier or investor, and whether they are paying principal and interest or interest only.

Typically, members wanting to borrow money to buy a home to live in (owner-occupier home loans) will be able to secure a lower interest rate than those wanting to borrow money to invest in property (investor home loans).

Likewise, MOVE members who choose a variable interest rate on their home loan will usually get a lower interest rate (at least initially) than those who choose a fixed-rate home loan.

Upfront fees tend to be moderately high while ongoing fees tend to be very low. MOVE home loan packages typically have very low upfront fees and high ongoing fees (but may offer savings in other areas).

MOVE home loans review

MOVE home loans are clearly structured, with a specific option to suit each standard category of borrower, including first home buyers, investors, refinancers and upgraders. It also offers specialist home loans such as high-LVR loans and lines of credit.

In terms of interest rates, MOVE tends to be at the cheaper end of the market, with mortgage rates tending to be very low to moderately low.

MOVE’s home loan fee structure varies depending on the type of home loan. Standard mortgages typically come with moderately high upfront fees and very low ongoing fees.

On the other hand, home loan packages tend to come with very low upfront fees and high annual fees. However, home loan packages may also offer additional discounts and fee reductions.

MOVE’s allowance for extra repayments, offset accounts and redraw facilities on some of its products also offers borrowers additional flexibility with their mortgages.

Learn more about MOVE Bank

Are bad credit home loans dangerous?

Bad credit home loans can be dangerous if the borrower signs up for a loan they’ll struggle to repay. This might occur if the borrower takes out a mortgage at the limit of their financial capacity, especially if they have some combination of a low income, an insecure job and poor savings habits.

Bad credit home loans can also be dangerous if the borrower buys a home in a stagnant or falling market – because if the home has to be sold, they might be left with ‘negative equity’ (where the home is worth less than the mortgage).

That said, bad credit home loans can work out well if the borrower is able to repay the mortgage – for example, if they borrow conservatively, have a decent income, a secure job and good savings habits. Another good sign is if the borrower buys a property in a market that is likely to rise over the long term.

Who has the best home loan?

Determining who has the ‘best’ home loan really does depend on your own personal circumstances and requirements. It may be tempting to judge a loan merely on the interest rate but there can be added value in the extras on offer, such as offset and redraw facilities, that aren’t available with all low rate loans.

To determine which loan is the best for you, think about whether you would prefer the consistency of a fixed loan or the flexibility and potential benefits of a variable loan. Then determine which features will be necessary throughout the life of your loan. Thirdly, consider how much you are willing to pay in fees for the loan you want. Once you find the perfect combination of these three elements you are on your way to determining the best loan for you. 

How can I get a home loan with bad credit?

If you want to get a home loan with bad credit, you need to convince a lender that your problems are behind you and that you will, indeed, be able to repay a mortgage.

One step you might want to take is to visit a mortgage broker who specialises in bad credit home loans (also known as ‘non-conforming home loans’ or ‘sub-prime home loans’). An experienced broker will know which lenders to approach, and how to plead your case with each of them.

Two points to bear in mind are:

  • Many home loan lenders don’t provide bad credit mortgages
  • Each lender has its own policies, and therefore favours different things

If you’d prefer to directly approach the lender yourself, you’re more likely to find success with smaller non-bank lenders that specialise in bad credit home loans (as opposed to bigger banks that prefer ‘vanilla’ mortgages). That’s because these smaller lenders are more likely to treat you as a unique individual rather than judge you according to a one-size-fits-all policy.

Lenders try to minimise their risk, so if you want to get a home loan with bad credit, you need to do everything you can to convince lenders that you’re safer than your credit history might suggest. If possible, provide paperwork that shows:

  • You have a secure job
  • You have a steady income
  • You’ve been reducing your debts
  • You’ve been increasing your savings

How do I refinance my home loan?

Refinancing your home loan can involve a bit of paperwork but if you are moving on to a lower rate, it can save you thousands of dollars in the long-run. The first step is finding another loan on the market that you think will save you money over time or offer features that your current loan does not have. Once you have selected a couple of loans you are interested in, compare them with your current loan to see if you will save money in the long term on interest rates and fees. Remember to factor in any break fees and set up fees when assessing the cost of switching.

Once you have decided on a new loan it is simply a matter of contacting your existing and future lender to get the new loan set up. Beware that some lenders will revert your loan back to a 25 or 30 year term when you refinance which may mean initial lower repayments but may cost you more in the long run.

What is a comparison rate?

The comparison rate is a more inclusive way of comparing home loans that factors in not only on the interest rate but also the majority of upfront and ongoing charges that add to the total cost of a home loan.

The rate is calculated using an industry-wide formula based on a $150,000 loan over a 25-year period and includes things like revert rates after an introductory or fixed rate period, application fees and monthly account keeping fees.

In Australia, all lenders are required by law to publish the comparison rate alongside their advertised rate so people can compare products easily.

What is a bad credit home loan?

A bad credit home loan is a mortgage for people with a low credit score. Lenders regard bad credit borrowers as riskier than ‘vanilla’ borrowers, so they tend to charge higher interest rates for bad credit home loans.

If you want a bad credit home loan, you’re more likely to get approved by a small non-bank lender than by a big four bank or another mainstream lender.

Who offers 40 year mortgages?

Home loans spanning 40 years are offered by select lenders, though the loan period is much longer than a standard 30-year home loan. You're more likely to find a maximum of 35 years, such as is the case with Teacher’s Mutual Bank

Currently, 40 year home loan lenders in Australia include AlphaBeta Money, BCU, G&C Mutual Bank, Pepper, and Sydney Mutual Bank.

Even though these lengthier loans 35 to 40 year loans do exist on the market, they are not overwhelmingly popular, as the extra interest you pay compared to a 30-year loan can be over $100,000 or more.

What is 'principal and interest'?

‘Principal and interest’ loans are the most common type of home loans on the market. The principal part of the loan is the initial sum lent to the customer and the interest is the money paid on top of this, at the agreed interest rate, until the end of the loan.

By reducing the principal amount, the total of interest charged will also become smaller until eventually the debt is paid off in full.

What is a variable home loan?

A variable rate home loan is one where the interest rate can and will change over the course of your loan. The rate is determined by your lender, not the Reserve Bank of Australia, so while the cash rate might go down, your bank may decide not to follow suit, although they do broadly follow market conditions. One of the upsides of variable rates is that they are typically more flexible than their fixed rate counterparts which means that a lot of these products will let you make extra repayments and offer features such as offset accounts.

Can I change jobs while I am applying for a home loan?

Whether you’re a new borrower or you’re refinancing your home loan, many lenders require you to be in a permanent job with the same employer for at least 6 months before applying for a home loan. Different lenders have different requirements. 

If your work situation changes for any reason while you’re applying for a mortgage, this could reduce your chances of successfully completing the process. Contacting the lender as soon as you know your employment situation is changing may allow you to work something out. 

How do I know if I have to pay LMI?

Each lender has its own policies, but as a general rule you will have to pay lender’s mortgage insurance (LMI) if your loan-to-value ratio (LVR) exceeds 80 per cent. This applies whether you’re taking out a new home loan or you’re refinancing.

If you’re looking to buy a property, you can use this LMI calculator to work out how much you’re likely to be charged in LMI.

What happens to my home loan when interest rates rise?

If you are on a variable rate home loan, every so often your rate will be subject to increases and decreases. Rate changes are determined by your lender, not the Reserve Bank of Australia, however often when the RBA changes the cash rate, a number of banks will follow suit, at least to some extent. You can use RateCity cash rate to check how the latest interest rate change affected your mortgage interest rate.

When your rate rises, you will be required to pay your bank more each month in mortgage repayments. Similarly, if your interest rate is cut, then your monthly repayments will decrease. Your lender will notify you of what your new repayments will be, although you can do the calculations yourself, and compare other home loan rates using our mortgage calculator.

There is no way of conclusively predicting when interest rates will go up or down on home loans so if you prefer a more stable approach consider opting for a fixed rate loan.

What happens when you default on your mortgage?

A mortgage default occurs when you are 90 days or more behind on your mortgage repayments. Late repayments will often incur a late fee on top of the amount owed which will continue to gather interest along with the remaining principal amount.

If you do default on a mortgage repayment you should try and catch up in next month’s payment. If this isn’t possible, and missing payments is going to become a regular issue, you need to contact your lender as soon as possible to organise an alternative payment schedule and discuss further options.

You may also want to talk to a financial counsellor. 

How personalised is my rating?

Real Time Ratings produces instant scores for loan products and updates them based what you tell us about what you’re looking for in a loan. In that sense, we believe the ratings are as close as you get to personalised; the more you tell us, the more we customise to ratings to your needs. Some borrowers value flexibility, while others want the lowest cost loan. Your preferences will be reflected in the rating. 

We also take a shorter term, more realistic view of how long borrowers hold onto their loan, which gives you a better idea about the true borrowing costs. We take your loan details and calculate how much each of the relevent loans would cost you on average each month over the next five years. We assess the overall flexibility of each loan and give you an easy indication of which ones are likely to adjust to your needs over time. 

How often is your data updated?

We work closely with lenders to get updates as quick as possible, with updates made the same day wherever possible.