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 am an

With a repayment type

Borrow amount

$

Deposit amount %

Loan term

Your estimated mortgage repayments

at interest rate 5.00%

Total interest payable

$0

Total loan repayments

$0

Pros and cons

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

MOVE Bank home loans rates

Advertised Rate

2.54%

Variable

Total estimated upfront fees
$450
Comparison Rate*

2.58%

Ongoing fee
$0
Go to site
Company
MOVE Bank
More details
Advertised Rate

2.69%

Variable

Total estimated upfront fees
$450
Comparison Rate*

2.73%

Ongoing fee
$0
Go to site
Company
MOVE Bank
More details
Advertised Rate

2.65%

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.08%

Ongoing fee
$395 annually
Go to site
Company
MOVE Bank
More details
Advertised Rate

2.19%

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

3.09%

Ongoing fee
$395 annually
Go to site
Company
MOVE Bank
More details
Advertised Rate

1.99%

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

3.11%

Ongoing fee
$395 annually
Go to site
Company
MOVE Bank
More details
Advertised Rate

2.49%

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

3.12%

Ongoing fee
$395 annually
Go to site
Company
MOVE Bank
More details
Advertised Rate

2.59%

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

3.12%

Ongoing fee
$395 annually
Go to site
Company
MOVE Bank
More details
Advertised Rate

3.50%

Variable

Total estimated upfront fees
$450
Comparison Rate*

3.54%

Ongoing fee
$0
Go to site
Company
MOVE Bank
More details
Advertised Rate

2.89%

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

3.58%

Ongoing fee
$395 annually
Go to site
Company
MOVE Bank
More details
Advertised Rate

2.39%

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

3.59%

Ongoing fee
$395 annually
Go to site
Company
MOVE Bank
More details
Advertised Rate

2.69%

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

3.59%

Ongoing fee
$395 annually
Go to site
Company
MOVE Bank
More details
Advertised Rate

2.19%

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

3.65%

Ongoing fee
$395 annually
Go to site
Company
MOVE Bank
More details
Advertised Rate

3.24%

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.66%

Ongoing fee
$395 annually
Go to site
Company
MOVE Bank
More details
Advertised Rate

4.09%

Variable

Total estimated upfront fees
$450
Comparison Rate*

4.13%

Ongoing fee
$0
Go to site
Company
MOVE Bank
More details
Advertised Rate

4.29%

Variable

Total estimated upfront fees
$450
Comparison Rate*

4.73%

Ongoing fee
$0
Go to site
Company
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

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.

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 ANZ home loan pre-approval?

Shopping for a new home is an exciting experience and getting a pre-approval on the loan may give you the peace of mind that you are looking at properties within your budget. 

At the time of applying for the ANZ Bank home loan pre-approval, you will be required to provide proof of employment and income, along with records of your savings and debts.

An ANZ home loan pre-approval time frame is usually up to three months. However, being pre-approved doesn’t necessarily mean you will get your home loan. Other factors could lead to your home loan application being rejected, even with a prior pre-approval. Some factors include the property evaluation not meeting the bank’s criteria or a change in your financial circumstances.

You can make an application for ANZ home loan pre-approval online or call on 1800100641 Mon-Fri 8.00 am to 8.00 pm (AEST).

Monthly Repayment

Your current monthly home loan repayment. To accurately calculate how much you could save, an accurate payment figure is required. If you are not certain, check your bank statement.

Remaining loan term

The length of time it will take to pay off your current home loan, based on the currently-entered mortgage balance, monthly repayment and interest rate.

Interest Rate

Your current home loan interest rate. To accurately calculate how much you could save, an accurate interest figure is required. If you are not certain, check your bank statement or log into your mortgage account.

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 are the responsibilities of a mortgage broker?

Mortgage brokers act as the go-between for borrowers looking for a home loan and the lenders offering the loan. They offer personalised advice to help borrowers choose the right home loan for their needs.

In Australia, mortgage brokers are required by law to carry an Australian Credit License (ACL) if they offer credit assistance services. Which is the legal term for guidance regarding the different kinds of credit offered by lenders, including home loan mortgages. They may not need this license if they are working for an aggregator, for instance, as a franchisee. In both these situations, they need to comply with the regulations laid down by the Australian Securities and Investments Commission (ASIC).

These regulations, which are stipulated by Australian legislation, require mortgage brokers to comply with what are called “responsible lending” and “best interest” obligations. Responsible lending obligations mean brokers have to suggest “suitable” home loans. This means loans that you can easily qualify for,  actually meet your needs, and don’t prove unnecessarily challenging for you.

Starting 1 January 2021, mortgage brokers must comply with best interest obligations in addition to responsible lending obligations. These require mortgage brokers to act in the best interest of their customers and also requires them to prioritise their customers’ interests over their own. For instance, a mortgage broker may not recommend a lender who gives them a commission if that lender’s home loan offer does not benefit that particular customer.

Can you remove a cosigner from a home loan?

Taking out a home loan is an act of financial responsibility and a cosigner on a home loan shares that responsibility. For this reason, removing a cosigner from a home loan may not be straightforward. Usually, you can add a cosigner, or become a cosigner, when applying for the home loan. In such a circumstance, the lender may ask you to stipulate the conditions for a cosigner release, which are the terms for removing a cosigner from the home loan. For instance, you may agree that you can remove a cosigner once half the loan amount has been repaid.

However, not stipulating such conditions doesn’t mean it’s impossible to remove a cosigner. If the primary home loan applicant has a sufficiently high credit score and has not delayed any repayments, the lender may be willing to remove the cosigner. You should confirm that doing so doesn’t affect the terms of the loan. If the lender doesn’t agree to remove the cosigner, the primary home loan applicant may have to refinance the loan in order to do so. If there were specific reasons for needing a cosigner and those reasons are still valid, then you may have some challenges with refinancing.

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.