MOVE home loan packages can help you buy a property with minimal extra costs
MOVE works with workers from the Australian transport and logistics sectors to bring them alternatives in banking choices.
Railways Credit Union Rebranded
In March 2016, Railways Credit Union re-branded itself to MOVE People Driven Banking. The company has maintained it's product suite and it continues to service members of the Australian transport and logistics industry.
Established in 1968 as the Railway Credit Union, MOVE is a member only financial institution providing its products and services to workers and family members of the 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.
This package loan offers a discount of the standard variable interest rate along with the option to have an offset account and no establishment or ongoing account keeping fees and charges.
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.
Pros and cons of MOVE home loans
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.