Following the Reserve Bank of Australia’s (RBA) decision to reduce the official cash rate for a second time, we have reviewed our interest rates to ensure we are offering members our best rate possible.
Home and Investment Loan Interest Rates
We’re pleased to announce that we’ll be reducing interest rates across a number of our home loans by 0.20-0.30% following the RBA’s official cash rate change announcement last week.
Home Loans
- Standard Variable Home Loan, myHome Package, Economy Home Loan and First Home Loan Variable interest rates will be reduced by 0.20%
- Straightforward Home Loan will be reduced by 0.25%
- First Home Loan- Special 1Y Introductory Fixed Rate will be reduced by 0.30%
Investment Loans
- Wealth Builder Loan, Standard Variable Investment Loan and myWealth Package will be reduced by 0.20%
The decision to reduce the interest rates across many of our home loan products comes in addition to the rate reduction announced last month and represents a significant rate reduction for members. Unlike many financial institutions who have increased their rates out of cycle by up to 0.25%, MOVE Bank has held interest rates steady for members to ensure we are offering members our best possible rates at all times.
Important information
- Interest rate reductions are effective 1 August 2019 for existing members and effective 17 July 2019 for new loans.
- We will be emailing members affected by these changes with further information relating to their rates and repayments.
Deposit Interest Rates
We’ve also made the difficult decision to reduce interest rates on our online savings accounts and term deposits.
As a mutual bank, we’re committed to giving all members a fair deal, while carefully balancing the interests of our borrowers and depositors. The record low interest rate environment and narrowing margin between the interest earned on our loans and interest paid on our deposits has meant that we’ve needed to reduce our deposit rates to ensure that MOVE Bank continues to provide members with great-value banking solutions, now and in the future.
Despite the rate reduction, our savings accounts continue to offer market leading rates and remain one of the few savings accounts to receive an exclusive 5-star rating from Canstar in the Flexible Saver Category.
Savings Accounts
Effective 1 August 2019
|
Product |
New Rate |
|
1.70% |
|
|
1.70% |
|
|
Base rate- 1.10% |
Term Deposits
Effective 17 July 2019
|
Product |
New Rate |
|
3 Months i3 |
1.90% p.a. |
|
4 Months i4 |
1.80% p.a. |
|
5 Months i5 |
1.80% p.a. |
|
6 Months i6 |
1.80% p.a. |
|
7 Months i7 |
1.80% p.a. |
|
8 Months i8 |
1.80% p.a. |
|
9 Months i9 |
1.80% p.a. |
|
10 Months i10 |
1.80% p.a. |
|
11 Months i11 |
1.80% p.a. |
|
12 Months i12 |
1.80% p.a. |
|
13 to 14 Months i13 |
1.80% p.a. |
|
15 to 24 Months i30 |
1.75% p.a. |
|
12 to 14 Months i40 |
1.70% p.a. |
|
15 to 24 Months i50 |
1.65% p.a. |
If you have any questions about these changes, please contact our Member Experience Team on 1300 362 216 or email us at info@movebank.com.au.
Interest rates subject to change. All rates quoted are per annum (p.a.) Fees and charges apply.
