Featured Rate
Owner-occupied (≤80% LVR) New Lending
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How does an offset account work?
When it comes to managing your home loan, an offset account can be a powerful tool if used correctly.
The concept is simple yet powerful. The balance in the offset account is subtracted from the outstanding mortgage balance, reducing the amount on which interest is calculated.
Product Features:
Home Loans |
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| Minimum Loan Amount : | $100,000 |
| Maximum Loan Amount : | $3,000,000 |
| Maximum Loan to Valuation Ratio (LVR) : | 80% for Principal & Interest or 80% for Interest Only |
| Maximum LVR with LMI : | 95% for Owner-Occupier or 90% for Investment |
| Maximum Loan Term : | 30 |
| Interest Type : | Variable |
| Repayment Type : | Principal & Interest or Interest Only |
| Interest Only Available : | Yes, Interest Only available for Owner-Occupier construction loans (max 12 months) or Investment loans (max 5 years) |
| Repayment Frequency : | Weekly, Fortnightly or Monthly |
| Offset Account : | Yes |
| Additional Repayments Accepted : | Yes |
| Redraw Facility : | Yes |
| Establishment Fee : | $600 |
| Discharge Fee : | $350 |
| Available for Bridging : | No |
| Split Fee : | $50 |
| Available for Construction : | Yes |
| Owner-occupied | Interest rate | Comparison rate |
| Offset Variable Home Loan (Maximum LVR 95%) | ||
| ≤80% LVR | 6.19% p.a. | 6.24% p.a. |
| 80.01% - 90% LVR | 6.34% p.a. | 6.39% p.a. |
| 90.01% - 95% LVR | 6.49% p.a. | 6.54% p.a. |
Interest Only available for Owner-Occupier construction loans for a maximum of 12 months2.
| Investment | Interest rate | Comparison rate |
| Offset Variable Home Loan (Maximum LVR 90%) | ||
| ≤80% LVR | 6.34% p.a. | 6.39% p.a. |
| 80.01% - 90% LVR | 6.49% p.a. | 6.54% p.a. |
Interest Only available for Investment loans for a maximum of 5 years2. A premium of 0.20% is added to the applicable rate noted above.
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Important Information:
Loans are issued by Railways Credit Union Limited trading as MOVE Bank ABN 91 087 651 090. AFSL/ Australian credit licence 234536. Available only for new lending to MOVE Bank, excludes internal refinance. Loans Rates current are subject to change. All rates quoted are per annum. Suitability and assessment criteria, fees, charges, terms and conditions apply.
+ For more information about fee-free banking please visit our Fees & Charges page. See Special Services Fees section for overseas ATM withdrawal fees. MOVE Bank does not charge eligible members for ATM transactions, however, individual ATM providers may charge fees for using their service.
*Insurance is issued by Insurance Australia Limited ABN 11 000 016 722 AFSL 227681 trading as CGU Insurance. Consider the relevant PDS available in branch or online to see if a product is right for you.
Footnotes:
- 1 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. Fees and charges apply. Rates quoted are correct as stated and are subject to change without further notice. All rates quoted are per annum. All applications are subject to MOVE’s standard credit assessment and eligibility criteria.
- 2 Alternate interest rate and LVR conditions apply to Interest Only loans. LMI may be required for loans over 80% LVR. Details are available upon application.
- 3 Establishment fee includes one standard valuation up to $205.
- 4 The split fee is charged for each split on the application.
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Railways Credit Union Limited trading as MOVE Bank | ABN 91 087 651 090 | AFSL/Australian credit licence 234 536 | BSB 724 100 | Swift code WPACAU2S