MOVE Bank is a member-owned credit union that was established in 1968 as the Railways Credit Union and renamed in 2016.
MOVE is based in Brisbane and offers a range of home loans to suit borrowers such as first home buyers, upgraders, investors and refinancers. It also offers other banking products such as bank accounts and insurance.
MOVE has a central branch in Brisbane, and home loan enquiries can also be made online, over the phone or by email.
Pros and cons
- Package and specialised loans available.
- Suitable for small deposits.
- Discounted rates offered.
- Flexible repayment options.
- Limited branch access.
Owner occupied products interest rates
|Loan type||Principal & Interest rate||Interest Only|
Straightforward Home Loan (Min Deposit 20%)
2.43% p.a. Comparison rate
Complete Package Variable Owner Occupier (Min Deposit 5%)
3.18% p.a. Comparison rate
3 Year Complete Package Fixed Owner Occupier (Min Deposit 5%)
3.01% p.a. Comparison rate
2 Year Complete Package Fixed Owner Occupier (Min Deposit 5%)
3.07% p.a. Comparison rate
1 Year Complete Package Fixed Owner Occupier (Min Deposit 5%)
3.12% p.a. Comparison rate
5 Year Complete Package Fixed Owner Occupier (Min Deposit 5%)
3.12% p.a. Comparison rate
3 Year Lockit Home Loan (Min Deposit 5%)
3.14% p.a. Comparison rate
Standard Variable Rate Home Loan (Min Deposit 5%)
3.54% p.a. Comparison rate
Investment purpose products interest rates
|Loan type||Principal & Interest rate||Interest Only|
Standard Variable Rate Investment Loan (Min Deposit 25%)
4.73% p.a. Comparison rate
Straightforward Investment Loan (Min Deposit 20%)
2.58% p.a. Comparison rate
Complete Package Variable Investment (Min Deposit 10%)
3.76% p.a. Comparison rate
3 Year Complete Package Fixed Investment (Min Deposit 10%)
3.58% p.a. Comparison rate
2 Year Complete Package Fixed Investment (Min Deposit 10%)
3.59% p.a. Comparison rate
3 Year Lockit Fixed Rate Investment Loan (Min Deposit 10%)
3.6% p.a. Comparison rate
1 Year Complete Package Fixed Investment (Min Deposit 10%)
3.65% p.a. Comparison rate
Standard Variable Rate Investment Loan (Min Deposit 10%)
4.13% p.a. Comparison rate
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.
Your estimated mortgage repayments
at interest rate 1.89%
Total interest payable
Total loan repayments
Contact a mortgage broker
MOVE Bank homeloans are vailable through brokers who can help find the right loan and manage your application at no charge.
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
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 home loans
How do you compare home loans?
To compare home loans, you can assess the components of the loan against your own financial situation and other mortgages in the market.
Look at the interest rate, rate type (fixed or variable), loan fees, features, loan term, repayment frequency and more to find a home loan that fits with your budget and property goals.
How do I apply for a home improvement loan?
When you want to renovate your home, you may need to take out a loan to cover the costs. You could apply for a home improvement loan, which is a personal loan that you use to cover the costs of your home renovations. There is no difference between applying for this type of home improvement loan and applying for a standard personal loan. It would be best to check and compare the features, fees and details of the loan before applying.
Besides taking out a home improvement loan, you could also:
- Use the equity in your house: Equity is the difference between your property’s value and the amount you still owe on your home loan. You may be able to access this equity by refinancing your home loan and then using it to finance your home improvement. Speak with your lender or a mortgage broker about accessing your equity.
- Utilise the redraw facility of your home loan: Check whether the existing home loan has a redraw facility. A redraw facility allows you to access additional funds you’ve repaid into your home loan. Some lenders offer this on variable rate home loans but not on fixed. If this option is available to you, contact your lender to discuss how to access it.
- Apply for a construction loan: A construction loan is typically used when constructing a new property but can also be used as a home renovation loan. You may find that a construction loan is a suitable option as it enables you to draw funds as your renovation project progresses. You can compare construction home loans online or speak to a mortgage broker about taking out such a loan.
- Look into government grants: Check whether there are any government grants offered when you need the funds and whether you qualify. Initiatives like the HomeBuilder Grant were offered by the Federal Government for a limited period until April 2021. They could help fund your renovations either in full or just partially.
What is a home loan?
A home loan is a finance product that allows a home buyer to borrow a large sum of money from a lender for the purchase of a residential property. The home is then put up as "security" or "collateral" on the loan, giving the lender the right to repossess the property in the case that the borrower fails to repay their loan.
Once you take out a home loan, you'll need to repay the amount borrowed, plus interest, in regular instalments over a predetermined period of time.
The interest you're charged on each mortgage repayment is based on your remaining loan amount, also known as your loan principal. The rate at which interest is charged on your home loan principal is expressed as a percentage.
Different home loan products charge different interest rates and fees, and offer a range of different features to suit a variety of buyers’ needs.
Can first home buyers apply for an ING home loan?
First home buyers can apply for an ING home loan, but first, they need to select the most suitable home loan product and calculate the initial deposit on their home loan.
First-time buyers can also use ING’s online tool to estimate the amount they can borrow. ING offers home loan applicants a free property report to look up property value estimates.
First home loan applicants struggling to understand the terms used may consider looking up ING’s first home buyer guide. Once the home buyer is ready to apply for the loan, they can complete an online application or call ING at 1800 100 258 during regular business hours.
How do I apply for Westpac’s first home buyer loan?
If you’re a first home buyer looking to apply for a home loan with Westpac, they offer an online home loan application. They suggest the application can be completed in about 20 minutes. Based on the information you provide, Westpac will advise you the amount you can borrow and the costs associated with any possible home loan.
When applying for a home loan with Westpac, you’re assigned a home finance manager who can address your concerns and provide information. The manager will also offer guidance on any government grants you may be eligible for.
Do you compare mortgages using the comparison or advertised rate?
A lot of Australians compare home loans using the advertised interest rate, which indicates how much interest you’ll be charged on your mortgage repayments. The lower your rate, the cheaper your home loan should be.
However, interest charges aren’t the only cost associated with home loans. Most mortgage lenders also charge fees on their home loans. A mortgage with a low interest rate and high fees can sometimes cost more than a mortgage with a high interest rate and low fees.
A home loan’s comparison rate combines the cost of interest with the cost of standard fees and charges into a single percentage rate. Mortgage lenders are required to display a comparison rate alongside their advertised rate to better indicate the home loan’s overall cost.
Keep in mind that to ensure consistency, all comparison rates are calculated assuming a $150,000 principal and interest mortgage with a 25 year term. As your home loan may be different, the comparison rate may not accurately reflect exactly how much your home loan may cost. Also, the comparison rate doesn’t include every home loan fee and charge, so it’s still important to compare home loans and read the fine print before you apply.
Does the Home Loan Rate Promise apply to discounted interest rate offers, such as honeymoon rates?
No. Temporary discounts to home loan interest rates will expire after a limited time, so they aren’t valid for comparing home loans as part of the Home Loan Rate Promise.
However, if your home loan has been discounted from the lender’s standard rate on a permanent basis, you can check if we can find an even lower rate that could apply to you.
How can I apply for a first home buyers loan with Commonwealth Bank?
Getting a home loan requires planning and research. If you are considering a home loan with the Commonwealth Bank, you can find the information you need in the buying your first home section of the bank’s website.
You can see the steps you should take before applying for the loan and use the calculators to work out how much you can borrow, what your monthly repayments would be and the upfront costs you’d likely pay.
You can also book a time with a Commonwealth first home loan specialist by calling 13 2221.
CommBank publishes a property report that may help you understand the real estate market. The bank has also created a CommBank Property App that you can use to search for property. The link to download this app is available on the same webpage.
If you are eligible for the First Home Loan Deposit Scheme, CommBank will help you process your application. The scheme helps first home buyers to purchase a home with a low deposit. You can read details about this scheme here and speak with a CommBank home lending specialist to understand your options.
How do you find cheap home loans?
With so many interest rate options and repayment types available, finding the cheapest home loan may depend on the type of loan you choose.
Whether you’re looking for an owner-occupier or investor loan, with interest-only or principal and interest repayments, on a fixed or variable interest rate, the cheapest home loan rate available may vary greatly.
One way to find the cheapest option for you is to narrow down your search and compare the options that best suit your individual requirements. RateCity’s home loan comparison tables can help you get started on your search and take the hassle out of shopping around.
How to apply for a pre-approval home loan from Bendigo Bank?
Applying for pre-approval on your home loan gives you confidence in your ability to secure finance while looking at potential new homes. You can get a free and personalised pre-approval home loan from Bendigo Bank in just a few minutes, without any credit checks or paperwork.
Bendigo Bank offers pre-approval for home loans that allow you to understand the home loan size you may be able to get before looking for a new home.
With the pre-approval, Bendigo Bank provides an estimate of your borrowing power. This figure incorporates stamp duty, lenders mortgage insurance (LMI) and any first home buyer incentives you may be eligible for. You may also qualify for the First Home Loan Deposit Scheme initiative, depending on your circumstances.
To apply for a pre-approval on your home loan from Bendigo Bank, all you need to do is fill in a smart form. You could also contact the bank directly on 1300 236 344.
How do you determine which home loan rates/products I’m shown?
When you check your home loan rate, you’ll supply some basic information about your current loan, including the amount owing on your mortgage and your current interest rate.
We’ll compare this information to the home loan options in the RateCity database and show you which home loan products you may be eligible to apply for.
How to apply for a home loan pre-approval from St. George?
By applying for a home loan pre-approval, you can establish how much you can afford to borrow and look for houses within that pre-approved budget. Getting home loan pre-approval from St. George is a fairly simple process that can be completed within 15 minutes.
The first step in this process is completing a home loan application. Once that application is submitted, a home loan expert from St. George will contact you to understand your requirements and your current financial position. You could also directly contact a home loan expert at the bank by calling 13 33 30 or by visiting your nearest branch.
Once the application has been processed, the home loan expert will ask for some basic documentation to confirm your borrowing capacity. After this, you should be issued a home loan pre-approval, subject to certain conditions.
Based on your home loan pre-approval from St. George, you can then find a property and make an offer. Your home loan expert will arrange to have the property valued and may request for more documentation, taking your home loan application to the next step.
Can I take a personal loan after a home loan?
Are you struggling to pay the deposit for your dream home? A personal loan can help you pay the deposit. The question that may arise in your mind is can I take a home loan after a personal loan, or can you take a personal loan at the same time as a home loan, as it is. The answer is that, yes, provided you can meet the general eligibility criteria for both a personal loan and a home loan, your application should be approved. Those eligibility criteria may include:
- Higher-income to show repayment capability for both the loans
- Clear credit history with no delays in bill payments or defaults on debts
- Zero or minimal current outstanding debt
- Some amount of savings
- Proven rent history will be positively perceived by the lenders
A personal loan after or during a home loan may impact serviceability, however, as the numbers can seriously add up. Every loan you avail of increases your monthly installments and the amount you use to repay the personal loan will be considered to lower the money available for the repayment of your home loan.
As to whether you can get a personal loan after your home loan, the answer is a very likely "yes", though it does come with a caveat: as long as you can show sufficient income to repay both the loans on time, you should be able to get that personal loan approved. A personal loan can also help to improve your credit score showing financial discipline and responsibility, which may benefit you with more favorable terms for your home loan.
Can I get a home renovation loan with bad credit?
If you're looking for funds to pay for repairs or renovations to your home, but you have a low credit score, you need to carefully consider your options. If you already have a mortgage, a good starting point is to check whether you can redraw money from that. You could also consider applying for a new home loan.
Before taking out a new loan, it’s good to note that lenders are likely to charge higher interest rates on home repair loans for bad credit customers. Alternatively, they may be willing to lend you a smaller amount than a standard loan. You may also face some challenges with getting your home renovation loan application approved. If you do run into trouble, you can speak to your lender and ask whether they would be willing to approve your application if you have a guarantor or co-signer. You should also explain the reasons behind your bad credit rating and the steps that you’re taking to improve it.
Consulting a financial advisor or mortgage broker can help you understand your options and make the right choice.
Is the lowest home loan rate always the cheapest?
The home loan with the lowest interest rate may not always be the cheapest mortgage option for you. Sometimes a home loan with a low interest rate may charge high fees, which may cost more in total than a mortgage with a higher interest rate and no fees.
Consider checking the comparison rate, which combines interest and standard fees, to get a better idea of the overall cost of different home loan options.