Following the Reserve Bank of Australia’s (RBA) official cash rate announcement last week, we have reviewed our interest rates and will be making a number of changes to ensure we are offering members our best rate possible.
Home Loan Interest Rates
MOVE Bank will be reducing interest rates for our variable owner occupied home loans by up to 0.25% p.a. following the Reserve Bank of Australia’s (RBA) official cash rate change announced last week.
- Standard Variable Home Loan and myHome Loan Package interest rates will be reduced by 0.25% p.a.
- Economy Home Loan, Straightforward Home Loan and First Home Loan will be reduced by 0.10% p.a.
- Additionally, we will be reducing the rate for the Lockit Investment Loan 3 Year by 0.25% p.a. for new loans.
|
Product |
New Variable Rate |
New Comparison Rate** |
|
Economy Home Loan |
3.89% p.a. |
3.98% p.a. |
|
First Home Loan |
3.89% p.a. |
3.92% p.a. |
|
Straightforward Home Loan |
3.49% p.a. |
3.52% p.a. |
|
Standard Variable Home Loan |
4.60% p.a. |
4.63% p.a. |
|
myHome Loan Package |
Rates from 3.55% p.a., visit the product page for more information. |
|
The decision to reduce our home loan rates has been made with the best interests of our members in mind, and we hope it helps existing homeowners pay off their home loans sooner or enjoy some extra breathing room in their monthly budget.
Important information
- Interest rate reductions will be effective 1 July 2019 for existing members, and effective 13 June 2019 for new loans.
- We will be emailing members affected by these changes with further details in relation to their rates and repayments.
Deposit Interest Rates
We have made the difficult decision to reduce interest rates on our online savings account and term deposits. This decision was not made lightly,
“Balancing the interests of our borrowers and depositors is of the utmost importance, and our aim is to make decisions that are as fair as possible for all our members,” said MOVE Bank CEO Therese Turner.
Despite the rate reduction, our savings accounts continue to offer market leading rates and remain one of the few savings account accounts to receive an exclusive 5-Star rating from Canstar in the Flexible Saver category.
Savings Accounts
Effective 1 July 2019
|
Product |
New Rate |
|
Express Saver |
1.95% p.a. |
|
First Home Saver |
1.95% p.a. |
|
Bonus Saver |
Base rate- 1.40% p.a. |
Term Deposits
Effective 13 June 2019
|
Product |
New Rate |
|
3 Months i3 |
2.00% p.a. |
|
4 Months i4 |
2.00% p.a. |
|
5 Months i5 |
2.00% p.a. |
|
6 Months i6 |
2.05% p.a. |
|
7 Months i7 |
2.05% p.a. |
|
8 Months i8 |
2.05% p.a. |
|
9 Months i9 |
2.05% p.a. |
|
10 Months i10 |
2.05% p.a. |
|
11 Months i11 |
2.05% p.a. |
|
12 Months i12 |
2.10% p.a. |
|
13 to 14 Months i13 |
2.10% p.a. |
|
15 to 24 Months i30 |
2.15% p.a. |
|
12 to 24 Months i40 |
2.00% p.a. |
|
15 to 24 Months i50 |
2.05% p.a. |
If you have any questions about these changes please contact our Member Experience Team by email at info@movebank.com.au, or by calling us on 1300 362 216.
Interest rates subject to change. All rates quoted are per annum (p.a.) Fees and charges apply.*
*The comparison rate is based on a secured loan of $150,000 for a term of 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. AFSL/Australian Credit License 234 536.
