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MyRate.com.au - 6.63% No Fee Home Loans + $400 CASH

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MyRate is offering OzBargain customers a $400 cash bonus on settlement of their loan. To be eligible for this offer, ozbargain customers must lodge their original enquiry online via this link.

NOTE: MyRate is a direct lender, this means we deal direct with the customers and not through middlemen such as brokers. This means we can offer one of the lowest interest rates in Australia with no fees on standard applications.

Please note: The $400 bonus is a special offer for new customers only, i.e, none of the borrowers listed on the new loan can be an existing borrower on any other MyRate loan. In addition, to claim the $400 bonus, the customer’s original enquiry must be lodged from the link above.

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  •  

    What rate are you offering?

  •  

    What does everyone think of this? I've heard good things about myrate previously and am looking to get a first home loan in the next month.

    I was going to go with BankWest's Rate Tracker home loan but they just got rid of it!

    •  

      apparently it is rumored that they are gonna come out with a similar product in november

    •  

      These guys seem on the ball. Look out for the potential of adding in the rate rise as Mick suggests below. It would be worth chatting with a mortgage broker to see what options they think may be appropriate first and then comparing to myrate. They may point out a few things you didn't think of.

      I'd recommend Refund Home Loans who offer a refund of commission when you take out a loan with them. Roslyn Atkins in our area (Belgrave, Pakenham, Drouin, Narre Warren etc.) is just delightful to deal with.

  •  

    looks good. heard about this company many times and they seem good.
    However, I am sure they will raise this by at least 0.25% very soon as I believe this rate has not changed since recent increase by RBA.
    Looks like no start-up fees too if want to re-finance.

  •  

    I have my loan through myrate, no complaints & easy enough application. The 5.03% is yet to be adjusted for the recent rate rise but with no fee's its still a cheap loan.

  •  

    They do offer really good deals. As a previous poster mentioned, they haven't yet increased their rate so this may go up by 0.25% shortly.

    The only possible catch are the delayed establishment fees which kick in if you discharge the loan within 5 years. This won't affect most people.

  • +1 vote

    Hmmmmm, they seem to be comparing their rate prior to the RBA increase with rates of others AFTER the RBA move (their rate is dated 2 October whereas the quoted CBA rate is dated 13 October, i.e. after the rate rise) which is a little bit dodgy to say the least.

    Also they are quoting standard variable rates with the other lenders. I'm with Aussie Home Loans and am paying nowhere near the rate they quote for Aussie Home Loans on their site. Most lenders will have a basic rate or professional package that will be pretty close to the myrate interest rate.

    The no upfront fee aspect is attractive as I don't know of other lenders that do this. I'm out of the exit fee period on my home loan and am always on the lookout for a significantly better deal, one which makes moving and probably signing up for another 5 years of exit fees worthwhile. I'm yet to find one. Best rates I've seen are State Custodians but they have a hefty upfront fee that I've worked out would take a couple of years to recoup. Who knows where their rate might be then?

  •  

    Anyone had any bad experiences from Myrate?

  •  

    Just thought I'd let you guys know I settled with myrate mid december and have today received confirmation that my $400 bonus from this deal will be in my account within 7days :)

    Overall myrate have been great to deal with. I put 10 days to organise finance on the contract and they rushed through my application and had me formally approved within 3 business days of me submitting all the paperwork. Am a very happy first home buyer :)

  •  

    hi myrate, i am comparing your rate with homeside loan. homeside has the rate 5.72% with comparison rate 5.88% which is same as yours.

    but when i do loan calculation. it come up different amount for loan amount $375k

    with home side they charge valuation fees $195, so if devided by (30 years loan * 12 month)
    195/ 360 = $0.54 / month

    myrate monthly repayment is $2220
    homeside loan monthly repayment is $2182 + $10 monthly service fees + 54 cent for loan valuation = $2192.54

    Different = $27.46/month, which is homeside is cheaper than myrate repayment.

  • +1 vote

    ***** WARNING *****

    I HAVE RECENTLY RECIEVED A 'MY RATE' HOMELOAN, AND NOW REALISE THE INTEREST RATE ON THIER WEB SITE IS NOT THE RATE YOU WILL BE CHARGED.

    I HAVE HAD THE LOAN JUST 4 WEEKS AND THEY ARE NOW CHARGING A HIGHER INTEREST RATE THAN IS ADVERTISED ON THEIR WEB SITE, THUS YOU DO NOT GET THE RATE ADVERTISED ON THEIR WEB SITE!!!!!!

    • I AM CONSIDERING LEGAL ACTION AS THEY DO NOT ADVERTISE THE RATE AT WHICH YOU ARE ACTUALLY CHARGED

    **** DO NOT USE MYRATE !!!!! ******

  • +1 vote

    Unfortunately rt07 is correct. :-( Myrate increased their introductory rate (shown on the website) in line with the RBA's 25 basis points, but on my loan, the rate went up 30 basis points.

  •  

    As everybody knows, funding costs have varied dramatically over the past few years with the Global Financial Crisis (GFC).

    As a result, many lenders such as RAMS, Wizard, etc. have not been able to maintain a stable rate for their borrowers.
    Some of their borrowers may be paying a few hundred points more than others.
    Other lenders have simply disappeared all together whilst their borrowers remain trapped in highly uncompetitive home loans.

    The major banks also have borrowers on different rates.
    This is why all credible lenders can advertise rates for new borrowers only.

    MyRate is extremely proud of the fact that throughout the turmoil of the GFC, we have been able to maintain an extremely stable and competitive rate for all our borrowers.
    Whilst our rate did most recently diverge by 5 points for new and existing borrowers, we are confident that all borrowers across our entire loan book still have one of the most competitive home loans on the market.

    MyRate has a comprehensive education centre with video that can help to understand cost of funds and how they relate to borrowers and anyone wanting to understand more about this should certainly check them out.

  •  

    I find these unofficial rate rises to be very sneaky as there is no hint when signing up that they will raise rates above what is advertised. MyRate state on their website that the advertised interest rate isn't a honeymoon rate, when the rate for new customers clearly is an introductory rate. The FAQ also has a question "Why is MyRate's interest rate less than ING's?", this is incorrect. My current interest rate is higher that the interest rate I would have been on with ING's mortgage simplifier.

    After reading comments on productreview.com.au last week it seems that existing customers are on a number of different rates higher than what is advertised on the website. One guy claimed to be 0.4% above and another 0.15%. Note that all negative reviews from product review have now been deleted, it went from 41 -> 34 overnight. I'm not sure if this is at MyRate's request or if productreview delete negative reviews to keep the rating high so people click their sponsored links and advertisements. Maybe the MyRate rep could enlighten us?

  •  

    Thanks for that post jacknlime. I was researching on the lenders and came across all the 5 star reviews in productreview.com.au for MyRate. Was wondering whether all of them are real reviews, as everyone had given 5*. A little bit of further research reveals that none of the review posters had anyother review than the one posted for MyRate. On Top of it, the so called editor of the site openly promoting MyRate. Talk of vested interest..