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

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MyRate.com.au - 6.63% No Fee Home Loans + $400 CASH
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Store RepMyRate on 21/06/2010 - 16:30 myrate.com.au (203 clicks)
Last edited 03/11/2010 - 10:17

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.

MyRate is a direct lender, which means we deal direct with 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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closed Comments

  • djones145 on 21/06/2010 - 16:34

    The Compulsory Comparison Rate (CCR) applies only to the example or examples given. The CCR is based on a $150,000 loan over 25 years or where applicable, a $600,000 loan over 25 years. Different amounts and terms will result in different Comparison Rates. Costs such as redraw fees or early repayment fees, and costs savings such as fee waivers, are not included in the Comparison Rate but may influence the cost of the loan. The information presented was sourced from InfoChoice. A Comparison Rate Schedule of MyRate loans is available here.

  • mick123 on 21/06/2010 - 16:37

    is this a redraw or offset account?
    most of it reads as redraw but the details say 100% offset facility built into the account.

    Also, the site says unlimited redraw. Just want to confirm thats unlimited FREE redraw

  • Pigey on 21/06/2010 - 17:46

    Nice of you to leave out NAB.

    Not that I'm advertising, but if anyone in WA wants a 6.44%-6.49% NAB loan for loans over $500k I can point you in the right direction of a good broker who will look after you. Without any special deal, the NAB rate is 6.54% after package discount. NAB will reimburse most of the exit fees of a variable loan too if you are refinancing.

    The small bonuses are meaningless when dealing with an amount >$500k.

    • nulled on 21/06/2010 - 18:55

      Any idea on how much these exit fees are (e.g., Commonwealth Bank)?

      • Pigey on 21/06/2010 - 19:03

        Around $700-$1100

        I had NAB pay these almost all these fees for me.

        However I had to pay the $400 package fee to start my new loan, but moving from Westpac -> NAB was a 0.37% difference. It's a bit of a no brainer to move.

    • dragonrabit on 22/06/2010 - 00:33

      u mean homeside products right? you don't need join any package with this homeside, but this product only sell via broker only. this is nab product as well.

      https://www.nabbroker.com.au/HSL/PUBLIC/channel_04/Mortgages…

      you just need to have loan above 250k, higher deposit that you have, lower interest rate that you need to pay. did u ask your broker with the rate 6.44%-6.49%, what is the comparison rate? i only interested with the comparison rate. this is based on my experience working on this industry, so many trick that the lender do to makes their product look like cheap, but the customer doesn't realize so many hidden cost attach on their product.

      • Tiger on 22/06/2010 - 15:24

        Comparison Rates are on their way out at the end of this month. Comparison rates can be very misleading as they do not include many fees and charges like Early Repayment Fees, Deferred Establishment Fees and mortgage insurance.

        Also, the advertised Comparison Rate is for a $150,000 loan - if you live in Sydney, Perth or Melbourne and need a loan now, you are most likely borrowing at least twice that much (if not more), usually meaning the actual Comparison Rate is even less.

        • dragonrabit on 22/06/2010 - 15:42

          the comparison rate doesn't include Early Repayment Fees, Deferred Establishment Fees and mortgage insurance because not every customer will pay these types of fees. And all these fees can be waived as long as you follow the rule.

          LMI = Lending Mortgage Insurance, only for people that doesn't have enough deposit. Now the bank start increasing the minimum deposit before they can give you a mortgage. so, it will be less people take this LMI.

          In the comparison rate disclaimer it said "Different amounts and terms will result in different Comparison Rates. "

          comparison rate similar like budget airlines selling their ticket. in the past, they can just sell the ticket for $1 only, plus tax & plus fuel surcharge.

          now, the airlines sell ticket that included tax and fuel surcharge minus luggage and minus some extra features such as:
          if you need luggage, you need pay extra.
          if you need some drink in the airplane, you need pay extra
          if you need some food in the airplane, you need pay extra
          if you need entertainment in the airplane, you need pay extra
          if you need extra space, you need pay extra
          this is similar extra fees that you mentioned earlier.

          this comparison rate help the customer to know what is the true rate without additional extra features.

          simple words is comparison rate = naked body. when your body doesn't wear any accessories.

    • Tiger on 22/06/2010 - 15:38

      This is not a very attractive deal. Nor is the comparison they make on their website valid as virtually no one takes a Standard Variable Rate loan with a major Bank these days, yet that is the rate they are comparing their product against.

      Anyone (ie no membership/association requirements) can also get a variable rate loan funded by NAB from 6.45%p.a. (Comparison Rate 6.51%p.a.) with no monthly/annual fees (ie no Package fee). Minimum loan size is only $30k.

      • dragonrabit on 22/06/2010 - 15:51

        standard variable rate similar like full service airlines.
        my rate similar like no frill home loan = budget airlines.

        i guess you need to work in the mortgage industry, then you can tell the major big bank ceo how you find the source of fund to support your business (selling svr loan with the rate 6.45% without any fees and minimum loan only 30k)

        "Anyone (ie no membership/association requirements) can also get a variable rate loan funded by NAB from 6.45%p.a. (Comparison Rate 6.51%p.a.) with no monthly/annual fees (ie no Package fee). Minimum loan size is only $30k."

  • ChaseTheSun on 21/06/2010 - 20:44

    MyRate has been very disappointing lately.

    I would be refinancing if i could. They tend to be dodgy about their interest rate. The rate they advertised, will increase more than the RBA increases, over the life of ur loan, even if they claim the contrary.

    so beware!

  • asa79 on 22/06/2010 - 08:13

    Still not as good as the RAMS, and using cash bonus sounds a little dodgy as if they have something hiding in there to trap you in.

    • dragonrabit on 22/06/2010 - 15:30

      if you are rams home loan customer during 2008-2009. you might regret at that time to choose rams home loan.

      their products is good when money market is stable, but when the money market become unstable, thats when their customer got nightmare every night.

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