MOVE home loan packages can help you buy a property with minimal extra costs
MOVE provides flexible and competitive banking solutions for people in the Australian rail, transport and logistic industries.
First established in 1968 as the Railway Credit Union to service railway workers and their families and rebranded in 2016 to MOVE People Driven Banking in order to open their services to those in the greater rail, transport and logistics industries and their families. MOVE is a customer-owned financial institution providing its products and services to workers and family members of the rail, transport and logistics industry. These include savings accounts, insurance, and loans.
As part of their product line, MOVE has included home loan choices designed for specific purposes. Whether you are a first time home buyer or a property investor, there is a loan that can meet those needs.
Compare MOVE Home Loans
Home loans provided by MOVE
First Home Loan
For first time homebuyers, the First Home Loan offers up to 95% of the loan to value ratio (LVR) for the property with insurance or 80% LVR without. The minimum amount to borrow is $50,000 for terms of up to 25 years and there will never be any monthly fees charged.
Economy Home Loan
The Economy Home Loan allows up to 80% LVR and was designed as an option for those homeowners who want to refinance a home loan from another financial institution. There is an option to add an offset account and no penalties for an early repayment.
Standard Variable Rate Loan
A variable rate home loan where you can borrow up to 95% LVR starting at $20,000. An offset account is available along with a redraw facility if you need to access any extra repayments made.
Lockit Home Loan
The Lockit Home Loan allows you to lock in at a fixed rate for the initial one or three years of your loan. Additional repayments are allowed but at no more than $10,000 annually. At the end of the fixed rate term, the loan reverts to the variable rate.
Flexi Home Credit
This is a revolving line of credit that allows you to borrow up to 90% LVR of an owner occupied home. For an investment property you may access 85% LVR. With a balance you are not required to make repayments, but once the limit is reached you can make interest-only payments.
Package your home loan with a MOVE transaction account and get a discount off the standard variable interest rate as well as selected fee-free transactions with your transactional account. Also enjoy no establishment or ongoing fees as well as the ability to offset your interest with an offset account.
MOVE offer multiple options for people looking for a loan for their next investment property purchase including the myWealth Package, Wealth Builder Loan and investment-specific options of the Standard Variable Rate Loan, Lockit Loan and Flexi Investment Credit.
How to apply for a MOVE home loan
MOVE has facilities in place that allow you to apply for a home loan online:
- Online application. Fill out and submit your home loan application online.
- Fast response. A home loan expert from MOVE will contact you with either a response or request for more information in 24 hours.
- Required documents. Check the list of documents needed to ensure that you have everything in place before moving forward.
Documents needed to apply for a MOVE home loan
The first step in the application is going to ask for some personal details to ensure that you qualify:
- Membership number. If you are not yet a member of MOVE you will have to call a representative to get started.
- Credit history. There are questions asked regarding previous credit history related to bankruptcies and judgments.
Information about the property you are trying to buy will also be needed:
- Contract of sale. This is the agreement signed by you and the seller.
- Certificate of title. A title is a legal document showing the current home owner.
- Transfer of land. The credit union needs to see that the land has been transferred into your name.
MOVE is going to ask for the following paperwork to support your financial claims:
- Income. Copies of payslips, either the most current two fortnightly or four weekly.
- Debts. Information about your other financial commitments.
- Current contracts. Proof of your savings, insurance and a recent rates notice for your current home loan.