Move is a credit union that was established in 1968 under the name Railways Credit Union, which sought to help railway workers and their families build stable financial futures.
Railways Credit Union became Move Bank in 2016 and broadened its membership to the broader transport and logistics industries.
Move currently serves almost 22,000 members and operates a head office in Brisbane.
Pros and cons
- Additional payments allowed
- Free redraw facility
- Fast approval
- Limited branch access
- Charges an establishment fee
- Limited range of loans
MOVE Bank personal loans rates
Personal Loan Special Offer
Real Time Rating™
based on $30,000 loan amount for 5 years at 8.97%
Fully drawn advance
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Total repayments for a 5-year, $30,000 loan at 9.99% would be $37,339*. Terms from - years
Flexi Personal Loan
Real Time Rating™
based on $30,000 loan amount for 5 years at 12.29%
Fully drawn advance
Go to site
Total repayments for a 5-year, $30,000 loan at 12.84% would be $40,304*. Terms from - years
Personal loan repayment calculator
Thinking about taking out a personal loan with MOVE Bank? Use our personal loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how MOVE Bank personal loans compare with other options.
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at interest rate 8.97 %
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Features of a Move personal loan
As a smaller personal loan lender, Move has a narrower range of personal loan options than you may see with larger banks in Australia. However, Move provides several personal loans suitable for everyday borrowers.
Customers can borrow up to $75,000 for a maximum term of seven years. Many Move personal loans charge no monthly or ongoing fees, but do typically charge a one-off establishment fee.
Move’s personal loan interest rates range from low to moderately high.
Move personal loans – customer service
Move offers customer service via phone, online enquiry or within its head office. Because Move does not operate a network of bank branches, customers outside the Brisbane area are limited to customer service by phone or online.
Who is eligible for a Move personal loan?
- Must be over the age of 18
- Must be an Australian citizen or permanent resident
How to apply for a Move personal loan?
- Click ‘Apply Online’ or download the application form
- Complete the application form either online or on downloaded form
- Submit the application
Move personal loans review
Move is a credit union that provides a small range of loans for everyday borrowers.
Move offers loans of up to $75,000, with a maximum loan term of seven years. Customers can make additional repayments with no penalty, which means they can pay their loan off sooner. There is no fee for early exit. Move also provides free redraw facility.
Move tends to charge below-average fees. While customers are charged a one-off establishment fee, they are not charged ongoing monthly fees.
In terms of personal loan interest rates, Move varies greatly. Move personal loan rates range from low to moderately high, depending on the loan you choose.
Because so many personal loan lenders exist, it’s important to find the best personal loan rates for your specific situation. One of the best ways to do this is to compare personal loan rates from several different lenders that suit your needs.
Learn more about personal loans
What is a bad credit personal loan?
A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.
Can you refinance a $5000 personal loan?
Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.
If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.
How much can you borrow with a bad credit personal loan?
Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.
What is a personal loan?
A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.
Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.
Should I get a fixed or variable personal loan?
Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.
A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.
What is the average interest rate on personal loans for single parents?
Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.
What are the Westpac personal loan eligibility criteria?
The process to apply for a personal loan from Westpac is simple and can be done online. To be eligible for a Westpac Bank personal loan, you must meet the eligibility criteria. These include:
- You should be over 18 years old
- You must be a permanent resident or hold a valid visa with confirmed employment in Australia
- You should earn a regular and permanent income of at least $35,000 before taxes
If you feel you meet these eligibility criteria, you can apply for a personal loan with Westpac. With your application form, you’ll also have to submit the following documents:
- Personal details including name, contact information, and residential address
- Proof of identity such as drivers licence or passport details
- If you’re self-employed, you’ll need a list of assets, savings, investments, and liabilities as well as your most recent tax return information
- If you’re an employee you’ll need to submit information related to your employment and finances like bank statements and payslips
Westpac Australia personal loans are available for amounts from $4,000 up to $50,000 and loan terms of up to seven years.
How long does it take to get a student personal loan?
Completing an online personal loan application can often take anywhere from 10 minutes to 1 hour. Depending on your lender, processing your personal loan application may take anywhere between 1 and 24 hours. If your personal loan application is approved, you may receive the money in your bank account the following business day, or, in some cases, the same day.
Can single mothers get personal loans online?
Many lenders offer online applications for personal loans, which can be convenient for borrowers who have busy lives. If you’re not confident your personal loan application will be approved, you may want to consider contacting the lender by email, live chat, phone, or by visiting a branch, to discuss your situation before applying.
Does refinancing a personal loan hurt your credit score?
Personal loan refinancing means taking out a new loan with more desirable terms in order to access a more competitive interest rate, longer loan term, better features, or even to consolidate debts.
In some situations, refinancing a personal loan can improve your credit score, while in others, it may have a negative impact. If you refinance multiple loans by consolidating these into one loan, it could improve your credit score as you’ll have only one outstanding debt liability. Your credit may also improve if you consistently pay the instalments on time.
However, applying to refinance with multiple lenders could negatively affect your credit if your applications are rejected. Also, if you delay or default the repayment, your credit score reduces.
Do student personal loans require security?
While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.
Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.
Can unemployed single parents get personal loans?
It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments.
If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan options. Consider contacting the lender before applying.
Can I get a no credit check personal loan?
Personal loans with no credit checks are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They often carry higher interest rates and fees than regular personal loans, and individuals risk putting themselves into a worsened cycle of debt.
How can I get a $3000 loan approved?
Responsible lenders don’t have guaranteed approval for personal loans and medium amount loans, as the lender will want to check that you can afford the loan repayments on your current income without ending up in financial hardship.
Having a good credit score can increase the likelihood of your personal loan application being approved. Bad credit borrowers who opt for a medium amount loan with no credit checks may need to prove they can afford the repayments on their current income. Centrelink payments may not count, so you should check with the lender prior to making an application.
What is an unsecured bad credit personal loan?
A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset, such as a car or jewellery, as collateral or security. Lenders generally charge higher interest rates on unsecured loans than secured loans.