Ratings
Fixed term options
Unlike in the US, there are no lenders in Australia that offer 20 or 30 year fixed rates for standard residential home loans. MOVE Bank Offset Home Loan offers fixed loan terms between 1 - 5 years.
Selling the property or refinance during the fixed rate term can trigger hefty fees for breaking a fixed rate contract, and fixed rate loans tend to have restrictions on making extra repayments. Before you lock your rate in, you need to be sure that a fixed rate home loan is suitable for your situation.
LVR options
LVR is an acronym for Loan-To-Value Ratio. The LVR is the amount you are borrowing against the property value being used as security, represented as a percentage.
MOVE Bank Offset Home Loan does not offer tier pricing for lower LVR. With Offset Home Loan, you can borrow upto $90% LVR.
90%
LVR
MOVE Bank
Repayment options
Interest only loans have traditionally been tailored to investors so they can reduce their mortgage repayments and maximise their tax benefits and overall return on investment (ROI). However, getting home loan with interest only (IO) has its place and some lenders are willing to consider your application if you can provide valid reasons.
Tips: To get approved for an interest only home loan you need to have a strong enough income to afford principal and interest (P&I) repayments once your interest only term expires. Sometimes extending your interest only period can be tough and getting approved for a P&I refinance is a lot easier.
Paying pricinpal and interest
MOVE Bank
Paying interest only
MOVE Bank
Q&As
Does MOVE Bank Offset Home Loan comes with an offset account?
Yes, Offset Home Loan comes with a 100% offset account.
A 100% offset account is an account linked to your home loan where you can park your savings and spare cash to reduce the interest you pay. Then, when interest is calculated on your home loan, the balance in your offset account is deducted from the loan amount owing, and interest is only charged on what remains.
What are the costs to apply for MOVE Bank Offset Home Loan?
There is upfront costs of $600 to apply for Offset Home Loan, with no ongoing account keeping fees.
- Application fee: $600
Are there costs when I exit or refinance to another lender?
MOVE Bank charge a discharge fee of $350, which covers the cost for removing the mortgage that has been registered on the title of your property.
MOVE Bank may also charge you a fixed-rate break cost if you refinance out of Offset Home Loan or sell your house before the fixed term ends. It can cost thousands of dollars, and the advantages of breaking the fixed loan won't always outweigh the disadvantages.
IMPORTANT: Lenders change their policy from time to time so this information is current only accurate at the time that it was written. You should always check with MOVE Bank or a mortgage broker just to be sure. This information should be used as a guide only.