Beware of remote access scams! Hang up on anyone requesting you download software or an app over the phone. Never provide banking information, passwords, or two-factor identification codes over the phone.
Beware of remote access scams! Hang up on anyone requesting you download software or an app over the phone. Never provide banking information, passwords, or two-factor identification codes over the phone.
Your Questions Answered!
724 100
MOVE Bank is an authorised deposit-taking institution (ADI) regulated by APRA so eligible deposits are protected under the Financial Claims Scheme up to $250,000 for each account holder. Please see our Government Guarantee page for further information.
Members aged 12 years and above are eligible to join MOVE Bank as members or customers depending on their eligibility. They can open savings accounts and transaction accounts, and have the option to have a Visa Debit card attached to their transaction account. This account is opened in the child’s name and operated by them.
Deposits (Cheque and Internet Banking) over $2M are subject to acceptance criteria and negotiation.
Interest is calculated on the daily balance and paid monthly
If you have One Time Passwords activated on your account, your external transfer limits are:
Standard transfers - $5,000
Osko transfers - $5,000
BPay payments - $10,000
If you do NOT have One Time Passwords activated, your external transfer limits are:
Standard transfers - $5,000
Osko transfers - $0
BPay payments - $10,000
You can check your account balance using:
Internet banking
MOVE Bank App
Phone banking – call 1300 362 216 and select option 1
Payments that have been transferred to an incorrect BSB and/or account number can be reported by phoning us on 1300 362 216 during business hours.
You can deposit a cheque at our branch, by posting it to us or at a Bank@Post outlet.
If you are depositing a cheque at our branch or by posting it to us, please allow 3 business days for the cheque to clear once received by MOVE Bank. If you are depositing a cheque using Bank@Post, please allow 7 business days for the cheque to clear.
When transferring money from overseas into your MOVE Bank account, you'll need to provide the following details:
Swift code: WPACAU2S
MOVE Bank's BSB: 724 100
Your MOVE Bank external account number
The name on your MOVE Bank account
We have developed policies and processes to assist members who are experiencing hardship. Acting quickly will help you get back on track faster, as well as assist in managing the stress that comes from hardship.
If you are having trouble meeting your financial commitments please contact our Credit Control Team as soon as possible on 1300 362 216.
For more information, visit our Financial Hardship page.
If you need our help to resolve an issue, please visit our Complaints page for information on the various ways you can raise this.
Forms and brochures are available here.
Our Product API enables developers to access our products via the following URL.
Please copy and paste the URL to your browser:
MOVE Bank does not issue traded stock or other securities. MOVE Bank is a customer-owned bank, which means that our customers are also our shareholders and owners. For more information, visit our About Us page.
Standard transfers are processed up to 3:45pm any business day for the funds to be available at the receiving bank before close of business the following business day. Clearance times can vary depending on the receiving bank.
Any funds transferred during weekends or Public Holidays will be processed on the next business day, to enable funds to be received the following day.
NPP transfers are processed in near real time and are available 24/7.
The internal reference number represents your member number and account type. This is used for internal transfers.
Your external reference number begins with 100- and is the account number that should be used when transferring from other financial institutions.
Alternatively, you may set up a PayID and use your contact details instead. For more information on PayID, click here.
Yes, MOVE Bank accepts international transfers. These transfers will incur a SWIFT processing fee. Refer to our Fees and Charges for more information.
To raise your daily account limit, give us a call on 1300 362 216 during business hours.
Depending on the amount being increased, we may require additional ID verification for security purposes.
You can bank with MOVE if you are an Australian citizen or permanent resident currently living in Australia. If you pay taxes internationally, will require your TIIN.
No, MOVE Bank is open to all Australian citizens and permanent residents currently living in Australia!
Update your details by following these simple steps:
Log into Internet Banking
Select ‘Settings’
Click ‘Update Contact Details’
A One Time Password (OTP) will be sent via SMS to the mobile number on file for verification. If you need to update your mobile number, call us on 1300 362 216 for assistance.
If a PayID is registered to the existing details, you will need to close or transfer the PayID prior to updating. Click here to learn more about PayID.
If you’re registered for One Time Password, you can reset your Internet Banking password by following these simple steps:
Go to Internet Banking and select ‘Forgot Password’
Confirm your Member Number and Date of Birth
A verification SMS will be sent to your registered mobile number.
Enter the code and follow the prompts to finalise.
If you’re not registered for One Time Password, you’ll need to contact us during business hours on 1300 362 216 and we can assist in resetting your password.
Yes! The joint account holder must be present to verify their identity when you open the new account.
Open a joint account online in three easy steps:
Login to Internet Banking
Select ‘Products’
Click ‘New Savings Account’ and follow the prompts to finalise.
Login to Internet Banking
Go to ‘Settings’ and select 'Manage One Time Passwords'
Select ‘Request’.
Follow prompts to finalise.
Via Internet Banking:
Login to Internet Banking and navigate to the ‘Payments’ tab in the top menu. From the drop-down menu select ‘Address Book.
Find the Payee you want to delete in the list and click the ‘Change’ button next to their details.
Once you are looking at the details for the Payee, scroll to the bottom of the page and click the grey ‘Delete’ button.
Via the MOVE Bank App:
Login to the MOVE Bank App and tap the ‘Pay’ button at the bottom of the screen.
Select ‘Manage Payees’ and then use the toggle at the top of the page to switch between regular and BPay Payees.
Select the Payee you wish to remove and select ‘Delete’.
Log into Internet Banking.
Go to ‘Settings’ and select ‘Alerts'.
Follow the prompts to create, edit and delete alerts.
Log into Internet Banking.
Go to the 'PAYMENTS' menu option
Select 'FUTURE PAYMENTS'.
Follow the prompts to add/edit or remove a scheduled payment.
If you are registered for Internet Banking, simply download the MOVE Bank App from the Apple App Store or Google Play Store.
Once it is downloaded, register with your member number, password and mobile number.
Now the App is ready to use for your everyday banking!
If you need assistance registering for Internet Banking, contact our friendly team on 1300 362 216.
If you have forgotten your passcode or pin, you can login using your Internet Banking details and reset the pattern or pin.
You can view your MOVE Bank accounts by tapping the 'Accounts' button in the bottom menu. This will take you to a summary of your accounts.
To view more information about a specific account, tap on the account listing. This will open the transaction summary, which shows:
Select the blue coin icon to show the following information:
You can find a specific transaction by navigating to the desired account (Tap the accounts button in the bottom menu, then tap on the specific account you want to view), and then either scroll through the listed transactions or use the search function.
How to filter transactions:
How to search for transactions:
You can change the order your accounts are displayed to suit your preferences.
Navigate to the menu in the top left hand corner and select 'Settings'
Select 'Re-order accounts'
Use the green arrows to move individual accounts up and down in t he list
Within the MOVE Bank App you can view how much interest you earned or paid on each of your accounts for the year.
Navigate to the menu in the top left hand corner and select 'Accounts'
Then select 'Interest details'
Choose the year you wish you view and a list of accounts will open which displays the interest details
The quick balance function allows you to access the available and current balance of a selected account quickly on the App's home screen without having to login.
To set up quick balance:
Tap on the 'Set up' button on the Quick Balance screen when you login
Select the account you want to use for Quick Balance
Now, on the Home Screen you can swipe across to view your Quick Balance
Transfer money between your eligible MOVE Bank Accounts using the following steps:
Tap the 'Pay' button in the bottom menu to open the payments menu
Select 'Transfer' and enter the following details:
Hit the green 'Pay' button to proceed
Review your transfer details on the summary screen, and if they are correct hit the green 'Pay' button to complete the transfer
Transfer money to an external account using BSB/Account Number or PayID with the following steps:
Tap the 'Pay' button in the bottom menu to open the payments menu
Select 'Pay anyone' and enter the following details:
Hit the green 'Pay' button to proceed
Review your transfer details on the summary screen, and if they are correct hit the green 'Pay' button to complete the transfer
Make a payment using BPay with the following steps:
Tap the 'Pay' button in the bottom menu to open the payments menu
Select 'BPay' and enter the following details:
Hit the green 'Pay' button to proceed
Review your transfer details on the summary screen, and if they are correct hit the green 'Pay' button to complete the payment
In order to set up future or recurring payments, simply begin your transfer or payment as you would normally. When entering your transaction details you will see a blue bar with the options 'Pay Now' - 'Pay Later' - 'Recurring Pay'.
Select 'Pay Later' to make a one-off future payment and enter the desired date.
Select 'Recurring Pay' to schedule ongoing future payments and enter start date, frequency, and payment schedule'.
Once complete, tap the green 'Pay' button to proceed.
To view and manage your payees tap the 'Pay' button in the bottom menu to open the payments menu, then select 'Manage Payees'.
By tapping on the icon next to a payee you can make a payment, edit the payees details, or delete the payee.
When editing a payee you can change details including:
You can change which of your accounts is pre-selected as the default 'from' account in transfers and payments.
Navigate to the menu in the top left hand corner, and select 'Settings', then select 'Set default payment account', select the desired account and hit the green 'Save' button.
The MOVE Bank App features a savings tracker where you can create a goal and monitor your progress on the home screen.
Setting up your Savings Tracker is simple. You begin by taping the green 'Set up' button the savings goal screen (swipe across on your home screen).
Enter the name of your goals, assign your $ target and choose the account you wish to link it to.
Once set-up your home screen will show your progress towards the savings goal.
You can change your savings goal by:
Navigate to the menu in the top left hand corner and select 'Settings'
In the Savings Tracker section you can toggle the goal on and off, or edit the details
If you are concerned that your Visa card has been lost or stolen, you are able to restrict it within Internet Banking.
Within Australia
If your Visa card has been lost or stolen in Australia, call us on 1300 362 216 during business hours. (Monday - Friday from 8.30am - 4.30pm AEST).
To report a lost or stolen card outside business hours please call the Visa Lost / Stolen Card hotline on 1800 621 199.
Overseas
If your Visa card has been lost or stolen outside Australia, please contact Visa Global Customer Assistance Services using one of the local toll-free numbers provided on the Visa website.
This service is available 24/7, they can help you:
Block your card to prevent fraudulent activity
Arrange a replacement card
Provide emergency access to cash
You can order your replacement card when you contact us to report your card as lost or stolen. MOVE Bank will provide you with your first replacement card free of charge.
More information about subsequent and overseas card replacements is available on our Fees & Charges page.
There are a number of ways you can activate your card:
1. Via Internet Banking
Log on to internet banking
Select “Accounts”, and then “Card Activation”
Enter the required information and select activate.
2. Via MOVE Bank App
Within the MOVE Bank app, select “Cards” from the bottom menu.
Select “Activate Card”
Enter the required information and submit.
3. Contact Us
Call us on 1300 362 216 during our contact centre trading hours.
Log on to internet banking
Select “Accounts”, and then “Card Pin Change”
Follow the prompts to update.
Within the app, select “Cards” from the bottom menu.
Select “Change PIN”
Follow the prompts to update.
For more information on PIN safety, click here.
Contact us on 1300 362 216 during our contact centre trading hours and speak to a consultant.
Joint account holders are also able to have their own Visa Debit card.
Nothing! If you are actively using your card, a renewal card will be sent to you automatically during the month of expiry.
Yes, you can use your card overseas. Please advise us of overseas travel prior to departure to ensure your international transactions are not blocked.
Your card will be accepted at any ATM displaying the Visa logo. Please be aware that ATM operators may charge a fee for using their facility.
More information about fees and charges for overseas transactions is available in the Special Service Fees section of our Fees & Charges page
You can withdraw up to $2,000 per day, per card.
Stay away from online stores that do not offer secure transactions. Look for the ‘s’ in the URL (https://www) and a closed padlock icon in the URL bar can identify if a store is secure.
Look out for free trials & subscriptions. Some websites will offer a free trial for a product (such as online games, or apps) and then start charging you a subscription.
Learn more about VISA card security here.
Payments are applied after interest, fees and charges are applied. Firstly to the balances attracting the highest interest rate, down to the balances attracting the lowest rate, in descending order.
Up to 45 days on purchases depending on when the purchase is made. There are no interest free days for cash advances and balance transfers.
The interest is calculated daily on outstanding closing balance, and the interest is debited on the 5th day of the month.
If you miss a payment or make a payment late, you'll be charged a late payment fee. If you exceed your approved limit, you may be charged an over limit fee.
Yes, you can make additional payments to your MOVE Bank credit card at any time during the month. You don't need to wait until you receive your monthly statement to pay. Making additional repayments will reduce your balance faster and reduce your interest charges.
You can decrease your credit limit by completing an online form, by emailing or calling us. The limit can only be decreased to the amount of your current balance owing.
Yes, at MOVE Bank we focus on lending responsibly, which means that you may be unable to use your credit card for gambling purposes.
A balance transfer refers to a transfer of an outstanding balance from another credit, charge, or store card to your MOVE Bank credit card. Balance transfers do not refer to transfers of money between any other MOVE Bank accounts.
No, you can only request a balance transfer at the time of applying for your credit card to clear balances held on credit cards held with another lender.
You can request a balance transfer when you apply for your credit card and MOVE Bank will arrange to transfer the balance. If you take advantage of a promotional balance transfer rate offer, the period starts when the balance is transferred. The variable purchase rate will apply to the balance transfer left unpaid at the end of the promotional period.
The maximum balance transfer amount is 80% of the available credit limit. A minimum of $500 applies per balance transfer.
Allow up to 5 business days for MOVE Bank to complete the balance transfer request.
Yes. An additional credit card can be issued on the primary cardholder's credit card account to any nominated person 18 years and over. Additional cards will be issued in the additional cardholder's name. All transactions using the additional credit card are the responsibility of the primary cardholder. You will need to complete an Additional Cardholder Form.
Payments made using OSKO (NPP payment service) will be near real-time, with the funds available almost instantly. NPP payment services are available 24/7.
Types of NPP payments:
For you as a member, the main benefits are…
Faster payments
Payments made using Osko (NPP payment service) will be in near real-time, with the funds available almost instantly. That means no more waiting 1-2 days for funds to clear.
NPP payments are available 24/7
Payments are processed in near real time.
PayID
You’ll be able to use your mobile number or email address as your PayID, which is used to identify your account instead of your bank details. So you won’t need to remember your BSB or account number anymore!
Standard transfers are processed up to 3:45 pm any business day for the funds to be available at the receiving bank before close of business the following business day. Clearance times can vary depending on the receiving bank.
Payments made using Osko (NPP payment service) will be in near real-time, with the funds available almost instantly. NPP payment services are available 24/7, click here to learn more.
Your PayID is information unique to you, like your phone number, email or ABN, that can be securely linked to your nominated bank account.
Once you’re set up, you can simply share your PayID with anyone who needs to send you money.
When you use a PayID to make a payment you’ll automatically be shown the name of the person you are paying within your banking application. Allowing you to confirm it’s the right person before you approve the payment.
Select “Pay” from the bottom menu
Click “Manage PayIDs”
Click “Set Up”
Select your preferred contact detail and bank account.
Review the Conditions of Use.
Request a One Time Password and enter to finalise.
Within “Manage PayIDs”, you can also take the following actions:
Under Settings select "Manage PayID"
Select your preferred contact detail and bank account.
Request a verification code and enter.
Review the Terms & Conditions of Use.
Click “Create” to finalise.
Within “Manage PayIDs”, you are also able to switch your PayID to a different MOVE Bank account, transfer it to an external bank account, and close your PayID.
You can register a PayID for any MOVE Bank savings or transaction account.
You can only link ONE bank account to each individual mobile phone number or email address.
Yes, the “Manage PayID” section within Internet banking and the App will allow you to switch your PayID to a different MOVE Bank account, and request new PayIDs.
Yes. In the “Manage PayID” section you will have an option to “Transfer” your PayID.
Once you’ve done this, you’ll be able to login to your other financial institution’s internet banking portal and set up your new PayID using the same email or mobile phone number.
No, you don’t need a PayID to make an Osko payment. You can still use BSB and Account details as long as the other institution is registered for Osko.
PayID payments have the same level of security that protects your existing bank accounts.
PayTo® is an easy and secure option to manage payments to businesses. A 'PayTo agreement' is set up between the sender and the receiving business outlining the amount, time, and frequency the payment can be debited. Payments are processed using the NPP channel are are received in near real-time.
PayTo allows you to authorise a 'PayTo agreement' with a merchant or business. You agree to how much will be paid, when it will be paid, and whether it will be recurring or an adhoc one-off payment.
To set up an a PayTo agreement, you will need to provide the business or merchant your PayID® or BSB and account number.
You can view, approve and decline pending PayTo agreements within your Internet Banking. Once authorised, the merchant or business will debit your account per the agreement terms.
For you as a member, the main benefits are…
Faster payments
Payments made using PayTo are received by the vendor in near real time.
Visibility and Control
You can view and maintain your PayTo agreements within Internet Banking, giving you more control and oversight of your payments.
PayID
You can keep your BSB, Account number and personal information private by providing your PayID for PayTo agreements.
Members can identify businesses using PayTo by the distinctive logo:
You can view, alter, and cancel PayTo agreements within your Internet Banking.
Please note that pausing or cancelling a PayTo agreement does not change any contractual arrangements you have with that business or merchant.
PayTo is a safe and secure payment method. We take your security seriously, which is why all transactions made using PayTo have the same level of security that protects your existing bank accounts.
Payments will only be debited if the PayTo has been approved by you. It is best to review the PayTo agreement thoroughly before approving to ensure you agree to the terms.
If your question relates to a specific PayTo agreement, discuss with the business first. If you require additional support, get in touch during business hours on 1300 362 216.
Keep your password secret
Never leave your computer unattended
Change your password regularly
Install an antivirus software
Use One Time Passwords
Check privacy settings on social media profiles
Contact us on 1300 362 216
Login to Internet Banking and immediately change your password.
You should never disclose the login details or provide access to another person including a spouse, family member, friend, bank staff, businesses, technical support, law enforcement or government agencies.
Unlike when you make purchases using your card, you have much less protection when making payment via direct transfer of funds.
Ensure you know who you are sending funds to and feel confident that you will receive the goods or services before transferring funds. Should you encounter issues with the purchase you may find it difficult to recoup your funds.
Passwords protect your personal information, so it is important to create strong passwords and change them regularly.
Here are some tips on creating and using passwords:
Never share your passwords
Have a combination of characters e.g. sDke$5!2
Don't allow your computer to save your passwords
Remember, you should always take appropriate steps to protect your password and PIN as you may be responsible for unauthorised transactions as outlined in the ePayments code.
Whenever you browse the internet it's important you take precautions to ensure your computer is protected from viruses and other malicious attacks.
Don’t give anyone remote access to your computer. There are fraudsters claiming to be from reputable companies like Microsoft, Telstra and the NBN who call unsuspecting people offering tech support. If you receive one of these calls, do not allow the person access or give them any personal information and contact us immediately on 1300 362 216.
MOVE Bank will never ask you to disclose your password in an email, over the phone, or by any other means. If you ever receive an email link to our website, or asking for your username or password, do not respond or click any of the links in the email.
Always login to internet banking via our direct website, never from a third party link on another website or email. If you do come across such links or emails please contact us immediately on 1300 362 216.
Members aged 12 years and above are eligible to join MOVE Bank as members or customers depending on their eligibility. They can open savings accounts and transaction accounts, and have the option to have a Visa Debit card attached to their transaction account. This account is opened in the child’s name and operated by them.
Children will need to verify their identity using either their passport or a Medicare Card
Visa transactions with retailers who do not do business with under 18’s will be blocked.
Your child should sign the back of their card when they receive it.
They should report their card as lost as soon as possible by calling MOVE Bank on 1300 362 216. To report a lost or stolen card outside business hours please call the Visa Lost / Stolen Card on 1800 621 199.
They can also lock their card using the MOVE Bank mobile app. This will prevent anyone else from using their card while it is lost.
By completing an enquiry form online or call our Loan Specialists on 1300 362 216
The amount you may be able to borrow is determined by your income, financial commitments, current savings, and your credit history.
How to get started?
Call us on 1300 362 216
You can get an estimate of your potential borrowing power by using our Borrowing Power Calculator
This is an indication of your ability to borrow. You may choose to seek a pre-approval at any time to understand your borrowing capacity, but it is not a guarantee of funding or a loan offer.
Yes, you can get a loan for investment purposes. Please visit our home loans page for our full range of products.
Depending on the loan the deposit could range from 5% to 20% of the value of the property. Lenders Mortgage Insurance (LMI) may be required to be taken out where you have a lower deposit.
Lenders mortgage insurance covers MOVE Bank against a loss in the unlikely event that we have to exercise our right to sell the property due to ongoing default on loan repayments. You will need to have Lenders Mortgage Insurance if your loan amount is more than 80% of the value of the property being used as security for the loan. Subject to a satisfactory evaluation of the property.
Variable rates can change anytime and will affect your regular repayments.
A fixed rate has been fixed at a certain rate, so it stays the same for the entire fixed rate period. This means that your repayments also stay the same for the same 'fixed' period.
A comparison rate is designed to help you identify the true cost of a loan, by taking into consideration certain fees and charges as well as the interest rate. By considering all these factors you can better understand the overall cost, which is helpful when comparing loans offered by different financial institutions.
Generally, the interest cost of your home loan is calculated daily on the outstanding balance of your loan.
An example of how daily interest is calculated on a $400,000 loan with a fixed rate of 4% p.a. is as follows:
($400,000 x 4%) / 365 = $43.83
Some loans will allow you to directly deposit extra money into your loan or offset account to reduce your interest payments. To determine the repayments on your loan, see the home loan repayment calculator.
A property valuation report is completed by a licensed property valuer. They will determine the value of a property through the use of data based on location, amenities, structural condition and recent sales of similar local properties.
Building insurance is required to be taken out and note “Railways Credit Union Limited trading as MOVE Bank” or "MOVE Bank" as an interested party on the Certificate of Currency with your Insurance Company.
Don’t have insurance with MOVE Bank? We have partnered with CGU Insurance to provide you with competitive insurance. Get a quote today!
Yes. You can redraw the advance loan repayments you have made on your loan. This facility is available on all loan products excluding investment loans
Minimum amount available for redraw:
Online via Internet Banking – $1
Manual redraws – $1,000
No fees applicable for redraws are as follows:
Online via Internet Banking – free
Manual redraws - free
Log into Internet Banking
Go to “PAYMENTS” menu option
Select either “BPAY” or “Transfer Money”
Follow prompts to transfer funds
Please note that the amount available for redraw will be the amount your loan is in advance minus the value of one month’s repayments e.g. if repayment is monthly one repayment to be retained as an advance, if fortnightly three repayments will be retained as an advance.
Yes, you can make additional payments to your MOVE Bank loan at any time during the month. Making additional repayments will reduce your loan balance faster and reduce your interest charges. Please note, fixed rate loans have a total cap of $10,000
There are a number of things to look for in a home loan if your primary objective is to save money.
First and foremost, look further than the interest rate. If you compare lenders based on the advertised interest rate, you are not taking into account any fees and charges that the loan may carry. Instead, look at the comparison rate. As the name suggests, a comparison rate is a tool to help you identify the true cost of a loan. It is a rate that includes both the interest rate and the fees and charges relating to a loan, combined into a single percentage figure.
Home loans will typically have an offset account, redraw facility, or both. A mortgage offset is a transactional or savings account which is linked to your home loan. The money that you put in this account will reduce the amount of interest payable on your mortgage.
For example: If you have a $260,000 home loan with $10,000 in your offset account, you will only be charged interest against $250,000. By building up your savings in your offset account, you can cut years and thousands of dollars off your home loan and is an important feature to have if you are looking at saving money on your home loan.
With a redraw facility, you can make additional repayments to your home loan to reduce your principle loan amount, therefore reducing the amount of interest payable on your mortgage. You can access the funds from your redraw balance, however unlike an offset account, the funds must firstly be transferred to a transactional or savings account before you can use them.
When shopping around for a home loan, be sure to check out and compare the features each home loan offers.
Every lender is different, so it’s important to make sure you’re aware of all the features and possible restrictions on each home loan you’re comparing. It is an Australian Government requirement for all financial institutions to make a Home Loan Key Fact Sheet available for every mortgage product that they offer. This is a true ‘non-bias’ look at the facts of the loan product you are considering. This information should be available on the lender’s website which can make comparing products easier for you.
Home equity is money that you can use to build your wealth. In essence, equity is the difference between your home’s value and the amount owing on your mortgage. For example, if your home is worth $550,000 and you have $325,000 owing on your home loan, the equity you can access is $225,000. You can use this equity to invest in other areas such as home renovations, a new car, shares or investment property.
Yes! However, you will need to consider how much you can borrow first. In a nutshell, your borrowing capacity is determined by your income minus your financial commitments. Your financial commitments include items such as your living expenses, credit cards, car loans or any interest-free arrangements. If you would like an estimate on how much you could borrow, check out our Borrowing Power Calculator.
If you’ve been paying off your mortgage consistently over the past few years, you may be able to use the equity in your existing property to secure an investment property. Ideally, you should have 20 per cent of the investment property’s value as a deposit. If this option appeals to you, be sure to check out our range of Investment Home Loans for more information.
The simple answer- yes, yes you can! Credit card and even personal loan debt are notorious for having a high-interest rate. If you’re looking to refinance your home loan, why not use the opportunity to review your total financial situation? It means that you’ve only got one loan to pay and could mean big savings for you.
When considering your options, it is important to look at the potential disadvantages involved. Remember that your mortgage is a long-term debt, whereas a credit card is usually a short-term debt. This could mean that you are paying more interest in the long term. However, by making extra repayments on your home loan you can ensure you’re making the most of your debt consolidation. Use our budget calculator to see where you might be able to free up cash in your budget for extra mortgage repayments.
If you’ve been planning on renovating your property, why not consider adding the cost of the renovation on to the amount of your home loan refinance? Not only will you be acquiring a home loan that better suits your needs, but you’ll get the chance to complete those renovations you’ve been putting off.
A fixed rate home loan means that you lock in an interest rate for a set period of time (usually 1, 3 or 5 years). At the end of the fixed rate term, the loan will usually change to the standard variable rate offered by the lender. While fixed-rate home loans ensure that fluctuating interest rate rises do not affect you, this also means that rate drops won’t apply to you. Fixed rate home loans can also restrict features such as redraw facilities, extra repayments and break fees often apply.
If you decide not to fix your home loan, your interest rate will move with the changes in market interest rates. This means that your interest rate could rise and fall over the life of your loan, which may affect your repayments. Variable rate home loans are generally more flexible with your repayments, redraw facilities and offset options.
If you’re still unsure about which interest option is best for you, we recommend getting in touch with your lending specialist.
In short, yes. However, the long-term rewards often outweigh the initial investment.
Here are the potential costs you’ll need to consider
Let's take a look at each stage of the car loan journey:
1. Submit your application
Complete the online application form , we will then be in contact shortly to book an appointment with one of our dedicated Lending Specialists.
2. Review of information
Once we have spoken with you to understand your requirements, we will review your situation and let you know what supporting documents we will need.
3. Conditional approval
Conditional approval, or pre-approval as it is sometimes called, means your loan is approved subject to some conditions.
Meeting these conditions usually means you'll need to provide some additional documents to support your application. MOVE Bank will be in touch to let you know what is required, discuss your personal situation, and answer any questions you may have about the product or process.
If you're taking out a car loan with MOVE Bank Comprehensive Car Insurance is required, your Lending Specialist can provide you with a quote for insurance with our partner CGU if desired.
4. Full approval
Once you've sent in the required supporting documents, we will be able to approve your loan.
5. Loan offer
At this stage, your loan has been approved! We will start getting your contracts ready and will contact you to discuss how you'd like to make your loan repayments. We will also get your consent to accept your loan contract electronically.
6. Contracts sent
You'll receive an email with your contract attached. Once you've read it and are happy to proceed, we’ll call you so you can accept the contract.
7. Pick up your car
We will call you to let you know once the funds are released to the dealer, and you can drive away in your new wheels!
By completing an application form online or call our Loan Specialists on 1300 362 216 if you have questions.
At MOVE Bank we offer a New Car Loan for vehicles up to 3 years old, as well as a Used Car Loan for vehicles up to 10 years old.
Below is a list of suitable vehicles:
Motor vehicles - new or used up to an age of 10 years
Motorcycles - new or used up to an age of 10 years
Pleasure craft - new or used up to an age of 10 years
Caravans - new or used up to an age of 10 years
If you're looking to take out a loan for a vehicle not listed above, please give us a call on 1300 362 216 to talk to a Lending Specialist about whether we can help.
At MOVE Bank we understand that looking after our planet is important. We want to support our members in making sustainable choices, which we why we have tailored ‘Green’ products designed exactly for this purpose.
Our Green Car Loan offers a discounted rate for low emissions vehicles. Learn more about our planet friendly products here.
The amount you may be able to borrow is determined by your income, financial commitments, current savings and your credit history. You can get an estimate of your potential borrowing power by using our Borrowing Power Calculator.
This is an indication of your ability to borrow. You may choose to seek a pre-approval at any time to understand your borrowing capacity, but it is not a guarantee of funding or a loan offer.
The deposit required will vary based on the type of loan you choose, explore our range of Car Loans and Personal Loans or speak to a Lending Specialist on 1300 362 216 to learn more.
If you are a homeowner, you may be able to use your home as security for a loan to buy a car. The benefit is you will generally enjoy a lower interest rate. This option will require you to already have your home loan with MOVE Bank or be willing to refinance your home loan to MOVE Bank. For more information, please call us on 1300 362 216 to speak with a lending consultant.
Variable rates can change anytime and will affect your regular repayments.
A fixed rate has been fixed at a certain rate, so it stays the same for the entire fixed rate period. This means that your repayments also stay the same for the same 'fixed' period.
Please note all our Car and Personal Loans are a fixed rate for the life of the loan, giving you the peace of mind that your repayments won't change.
A comparison rate is a rate that factors all the fees and charges for the loan, to help you compare loans between banks. Please note, the comparison rate is affected by the loan amount and term. You will need to read the fine print to see what amount and term each bank has used to calculate its comparison rate.
Generally, the interest cost of your loan is calculated daily on the outstanding balance of your loan. Interest is calculated daily and charged monthly.
An example of how daily interest is calculated on a $30,000 loan with a fixed rate of 4% p.a. is as follows:
($30,000 x 4%) / 365 = $3.28
There are no penalties for additional repayments or repaying you loan early. You can find a summary of our Fees & Charges here.
Comprehensive Car insurance is required to be taken out and note “MOVE Bank” as an interested party on the Certificate of Currency with your Insurance Company.
Don’t have insurance with MOVE Bank? We have partnered with CGU Insurance to provide you with competitive insurance. Get a quote today!
CAR & PERSONAL LOANS
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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