In this work, we report the magnetic properties of sputtered Permalloy (Py: Ni80Fe20)/molybdenum (Mo) multilayer thin films. We show that it is possible to maintain a low coercivity and a high permeability in thick sputtered Py films when reducing the out-of-plane component of the anisotropy by inserting thin film spacers of a non-magnetic material like Mo. For these kind of multilayers, we have found coercivities which are close to those for single layer films with no out-of-plane anisotropy. The coercivity is also dependent on the number of layers exhibiting a minimum value when each single Py layer has a thickness close to the transition thickness between Neel and Bloch domain walls.