MOVE - People Driven Banking

MOVE – People Driven Banking 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:
  • Package and specialised loans available.
  • Suitable for small deposits.
  • Discounted rates offered.
  • Flexible repayment options.
Cons:
  • Limited branch access.
MOVE - People Driven Banking 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

MOVE - People Driven Banking home loans

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.

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