MOVE Bank Offset Home Loan - Owner Occupied - Variable

Ratings

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About this rate option

This MOVE Bank Offset Home Loan rate option is aimed at owner-occupiers making principal-and-interest repayments on a variable rate of 6.19%, which can move if the lender adjusts its rates. It is published for any LVR level. The loan includes one offset account per loan with no limit on the offset balance, and a redraw facility is available. A comparison rate is not published for this option, and a Default Notice Fee applies, with the amount available on request.

This summary was generated from MOVE Bank’s published product data for this specific rate option. Always confirm current rates with the lender.

About Offset Home Loan

Key Features

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.

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.

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.

Fees & Costs

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.
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.
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.
There is upfront costs of $600 to apply for Offset Home Loan, with no ongoing account keeping fees.

Borrowing Limits

An LVR of 90% is a high risk, whereas an LVR of 80% or less is considered safe by most lenders. The majority of lenders will require you to pay Lenders Mortgage Insurance (LMI) if you borrow over 80% LVR.
An LVR of 95% is a high risk, whereas an LVR of 80% or less is considered safe by most lenders. The majority of lenders will require you to pay Lenders Mortgage Insurance (LMI) if you borrow over 80% LVR.
MOVE Bank Offset Home Loan does not offer tier pricing for lower LVR. With Offset Home Loan, you can borrow upto $90% LVR.
MOVE Bank Offset Home Loan does not offer tier pricing for lower LVR. With Offset Home Loan, you can borrow upto $95% LVR.

Eligibility

Interest only repayment option is not available with MOVE Bank Offset Home Loan for buying next home.
Interest only repayment option is not available with MOVE Bank Offset Home Loan for refinance.

💡 Tip: 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.

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.

Other rate options for Offset Home Loan

Refinance Fixed · Principal & Interest 1 Year · 95% LVR

6.44%

Refinance Fixed · Principal & Interest 2 Years · 95% LVR

6.34%

Refinance Fixed · Principal & Interest 3 Years · 95% LVR

6.34%

Refinance Fixed · Principal & Interest 5 Years · 95% LVR

6.44%

Refinance Variable · Principal & Interest 0 Years · 80% LVR

6.19%

Refinance Variable · Principal & Interest 0 Years · 90% LVR

6.44%

Refinance Variable · Principal & Interest 0 Years · 95% LVR

6.59%

Investment Fixed · Interest Only 1 Year · Any LVR

6.84%

Investment Fixed · Interest Only 2 Years · Any LVR

6.84%

Investment Fixed · Interest Only 3 Years · Any LVR

6.79%

Investment Fixed · Interest Only 5 Years · Any LVR

6.99%

Investment Fixed · Principal & Interest 1 Year · Any LVR

6.64%

Frequently Asked Questions

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.

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.

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

Fees

Application fee

Important Information

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.