Wobble on the NS/Passenger rear Wheel Hub

[kungfuyou]

As part of my ongoing effort to get my Beat back on the road, I finished servicing a replacement set of second-hand callipers and began the process of swapping them out for the rusted lumps on the car. It all went pretty well until I got to the final wheel on the near-side rear. When I was removing the brake disk i noticed a fair bit of play on the hub. Initially i figured that it was most likely the wheel bearings as there is movement both up/down and left/right on the hub itself.

However, investigated further last night - If i hold the drive axle behind the knuckle the hub seems solid suggesting the bearing is not the culprit? I noticed that axle has a fait bit of lateral play in/out of the transmission. The arms are solid on the knuckle and the only play is from the axle itself.

I was wondering if this could be as simple as the hub nut being loose? Possibly the wheel bearings? Or is it more likely to be the a CV joint issue? Has anyone had a similar issue who can help shed some light on this? I'll try and post a pic tonight to better illustrate the issue.