Home Loan FAQs

Download a PDF version of the Home Loan Journey here.

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 mortgage 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

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.

Have a home loan with MOVE Bank? Building insurance is required to be taken out and note “Railways Credit Union Limited trading as 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

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.