This was posted 14 years 1 month 20 days ago, and might be an out-dated deal.

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[Expired/Rate Changed] MyRate.com.au - 6.63% p.a. No Fee Home Loans + $400 CASH

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[Expired/Rate Changed] MyRate.com.au - 6.63% p.a. No Fee Home Loans + $400 CASH
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Store RepMyRate on 03/11/2010 - 10:15 myrate.com.au (442 clicks)
Last edited 04/11/2010 - 17:46

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

  • Pigey on 03/11/2010 - 10:43

    Is 6.63% before or after yesterday's hike?

    • No on 03/11/2010 - 10:48

      before

      • neil on 03/11/2010 - 11:10

        Seems to be their ongoing rate for the past 12 months, http://www.ozbargain.com.au/deals/myrate.com.au

        • No on 03/11/2010 - 11:34

          They have edited those deals to the current rate.

        • ShortyX on 03/11/2010 - 11:43
          +1

          Wow…dodgy. Why would they do that?

        • neil on 03/11/2010 - 11:55
          +2

          Hmm.. that is dodgy and they shouldn't be able to do that.

        • Store RepMyRate @ MyRate on 03/11/2010 - 15:51
          -1

          We edit the rate on current deals only, not expired deals to ensure that the rate displayed is current and that visitors to OzBargain are not being misled by out of date rates being shown.

        • neil on 03/11/2010 - 16:10

          You shouldn't change the deals otherwise when people look at it in historical context it makes no sense when people in the discussion are comparing rates. Your last deal expired September 29, yet was changed Nov. 2. The first deal had a discussion about comparing your 5.88% rate with others yet the title says 6.63%.

        • ShortyX on 03/11/2010 - 16:14

          Your other deals did expire ages ago though?

        • Tiger on 03/11/2010 - 18:21

          On another matter, you are advertising a rate of "6.63%". Is this a flat rate, monthly rate, annual rate or something else? I think you mean "6.63%p.a.". Please amend your advertising so as not to mislead people and follow the advertising guidelines you are legally bound to under the Consumer Credit Code/National Consumer Credit Protection Act.

          You are also legally required to advertise a Comparison Rate alongside your interest rate, together with Comparison Rate disclaimer/explanation.

          If your advertising is illegal and misleading, I am wondering whether your organisation is as unprofessional as your advertising.

        • Store RepMyRate @ MyRate on 04/11/2010 - 17:24
          -2

          We have taken on board your valuable comments. No changes were actually made to the previous expired deal, including the rate. The expiry period was extended and then reverted back in preference for creating a new deal to avoid confusion. Unfortunately, this displays as being edited. Moving forward we will expire any deal when rates change so as not to cause confusion.

      • No on 03/11/2010 - 19:27

        They have no fee's so the interest rate = comparison rate. The rate is pretty good for a full featured / no fee loan.

        I have been with them for a few years and I'm happy enough but Ill wait and see how much they increase rates by before voting positive.

        They aren't dodgy bro's, I think they may be owned by ING.

        • Tiger on 03/11/2010 - 20:41

          Yes, the Comparison Rate may be equal to the interest rate, but that does not mean the Comparison Rate does not need to be advertised along with the standard disclaimer.

          I wouldn't say it is a fully featured loan as t is missing the following:
          - 100% Offset account with full transaction capability;
          - no ATM access to the loan
          - no Branch access;
          - Salary crediting unavailable on Interest Only loans
          - No Fixed rates available
          - No credit card available
          - can't meet anyone face-to-face (only online/phone) for application and/or ongoing maintenance/problems

          They are funded by ING, but not owned by them. This is also one of their disclaimers "Currently ING does not charge any transaction fees or for
          additional repayments and redraws but there is provision to do so in the future should they decide to."

          Also, their Deferred Establishment Fees are relaively high:
          Year 1: 1% of the original loan amount
          Year 2: 0.8%
          Year 3: 0.6%
          Year 4: 0.4%
          Year 5: 0.2%

        • Wiser on 03/11/2010 - 22:51
          -1

          Tiger Fixed rate loans and split loans are available.And with 100 % offset accounts it is good rate.

        • TtiGeR on 04/11/2010 - 15:58
          +1

          No sachy, they don't have 100% offset facility. They do have redraw facility but it has different tax implication.

  • Zoop on 03/11/2010 - 10:55

    Missed it by a week!

  • Quick Ink on 03/11/2010 - 11:53

    Looking for another lender now that CBA are screwing me. Perhaps I will wait until everyone has changed the rates. But from my reasearch State custodians and ratebusters seem to be the best deal for me. But that is prior to them raising their rates.

    • ozblogger on 03/11/2010 - 11:54

      check out your local credit union, they seem to have the best rates atm

  • Click_It on 03/11/2010 - 12:01

    Pretty good rate, I'm on one of the lowest rates in Australia (and that's with a major bank too!) paying 0.08% more than this. That said, 0.08% is not nearly enough of a saving to bother changing. I think I'll remain put until my house is paid off. But that only works because I have a lot of equity in my house already so this deal is realistically about 0.8% lower than the majors.

    • user27 on 03/11/2010 - 12:58

      which bank are you with?

      • SSJX on 03/11/2010 - 13:43

        mostly likely with Westpac or ANZ

        you can sort of negotiate your interest rate with banks provided you borrow more.
        Eg. have loans totalling more than $850 000 enables you to have an interest rate of 6.5%

  • mick123 on 03/11/2010 - 15:39

    any banks that anyone else recommends for home loans.
    mine is with ING, and so far I think they are okay.
    Others I have heard good things about are Heritage bldg Soc and Newcastle Permanent.

  • No on 03/11/2010 - 16:54

    Will you be passing on more than the 0.25 increase from the RBA?

  • nulled on 03/11/2010 - 16:54

    CBA rate hike is going to be a big problem.
    How complex and costly is the changing process (do they re-evaluate your home price when you changeover) ?

    • Quick Ink on 03/11/2010 - 18:13

      I am currently paying 6.44 from CBA but that is all about to change. I will be switching away from the big 4 if I can find a deal from someone else around 7% after the rba increase. I will be taking all my other business with me. Not that they care…it is just a protest vote against their move. Hopefully others will do the same, but I doubt it.

      • nulled on 03/11/2010 - 19:48

        Hey, I thought about the same as well.
        As a protest, I am going to take everything away from CBA. Besides they charge an awful more for home insurance as well.

  • 17833 on 03/11/2010 - 20:52

    I seem to remember on whirlpool forums that current customers of Myrate have found their interest rate increased slightly over the advertised rate for new customers. This amount seemed to vary between customers as well. Perhaps the Rep would comment on this because this would be a little concerning for me and something you would need to be aware of before jumping in. Also, while this is a good interest rate, very interesting timing for the Rep to post this now >> just prior to a likely increase shortly due to the recent rate rise. Their funding is from ING, so one would expect if they move on interest rates Myrate would follow. Goes to show that there are a lot of deals out there so it pays to do your research.

  • scotty on 23/11/2010 - 10:58

    Received email from MyRate:

    This deal should be expired as that interest rate no longer applies.

    Thus marking it as expired.

  • No on 26/11/2010 - 13:36

    Myrate, can you please comment regarding the different rates for new and existing customers.

    I have only noticed this difference when I got a letter saying my rate is now changing to 7.08% and the advertised rate is 7.03%. I managed to speak to customer service who have told me that this is due to different funding streams.

    I have always recommended you to others but Im now not sure if I can if your practice is to get new customers with a decent rate then increase it a year in.

    • 17833 on 27/11/2010 - 01:49

      I noticed other people commenting on this as well in various threads (such as whirlpool forum). I consider this behaviour by myrate to be sneaky at best. I am not aware of any other banking institution that would do this, i.e lift their advertised variable rate to existing customers over their advertised rate. Myrate should put a warning that they do this on the product to be totally honest. The amount, and who gets a rate raise seems to be very random as well. I would go to consumer affairs and query this, at the very least to get myrate to come clean and put a clear disclaimer on their site that this is what they do.

  • Store RepMyRate @ MyRate on 29/11/2010 - 10:42

    Hi Daveus, The MyRate product is in no way a honeymoon rate type product - the rate remains the rate for the duration of the loan term with no planned increase to a different rate after a set period of time (which is how a honeymoon type product operates). As the rate is variable, it can and does still change in line with market related interest rate moves but these are not planned as a feature of the product. From time to time, the rate for new borrowers may be slightly lower (or sometimes it may actually be higher) than the rate for existing borrowers - this is not uncommon in the industry and is purely driven by market and funding conditions (most of the banks at the moment have special rate and fee deals on for new borrowers only). That said, for MyRate borrowers, this difference is mostly very small - 5 points as you point out. Many of the banks will vary by much more than that. At all times MyRate will do everything it can to ensure all our borrowers receive one of the most competitive rates on the market - something we have managed to do throughout the GFC when many other lenders failed or increased rates for existing borrowers by 100 points or even more. Further, I note reference in this thread to Whirlpool, so will also address the query with regard to timing - to clarify, the rate moves have all been timed in line with the RBA rate moves. Your actual repayments will usually only change about 3 weeks after any announced rate move - which is in line with APRA guidelines and has been regulated this way in order to give borrowers some kind of reasonable notice period to plan and adjust for any rate move. I hope this clarifies things for you. Please don't hesitate to contact us directly at [email protected] should you wish to discuss further.

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