MyRate.com.au home loan reviews

How are MyRate.com.au home loans rated by the Mozo community?

52%

Overall Mozo Community rating: 5.2 out of 10

MyRate.com.au home loans

Overall rating: 5.2 (13 reviews)*

Last reviewed: 29 December 2012


  11. Overall customer rating
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* based on reviews in the past 12 months

Reviews: 62

Thumbs up: 55 | Thumbs down: 7

Featured home loan from MyRate.com.au

  • Advantage Loan
  • rate

    5.42%

  • comparison rate*

    5.42%

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Recent MyRate.com.au home loan reviews

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  • All that glitters is not always gold!!!!

      11. Overall customer rating
      12. (Reviewed 30 days ago)

    Been with my rate for 5 yrs now. The set up was ridiculous with lots of running around and a paper/phone/email trail a mile long. Our loan service officer tried to tell us we needed lenders mortgage insurance and it took way too long to convince h...       Full review 

    Been with my rate for 5 yrs now. The set up was ridiculous with lots of running around and a paper/phone/email trail a mile long. Our loan service officer tried to tell us we needed lenders mortgage insurance and it took way too long to convince him my maths was telling us otherwise! Deceitful with their claim of "no set up fees", they actually outsource to an external law firm to facilitate the loan and you get billed directly from said law firm. Interest rates move very slowly to go down after the Reserve Bank downs interest rates (they wait for ING to move first) and have on occasion not moved at all or not as much as ING (despite ING being their funder). They have also started to set dates for their rates to drop up to a month after their decision, yet raises happen instantly. They have muted a rival product review site by buying advertising on said site and deleting the long list of unflattering reviews. STAY STRONG MOZO and may the force be with you!!


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    MyRate.com.au home loan reviewed by Mel from South Australia

    1 person found this review helpful – do you?

    Yes

  • Not trustworthy

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      12. (Reviewed about 1 year ago)

    I switched to myRate a few years ago as their interest rate was less than what I had. For some reason my interest rate on my loan is higher than they advertised. When I queried it they said that money became cheap to fund new loans? doesn't s...       Full review 

    I switched to myRate a few years ago as their interest rate was less than what I had. For some reason my interest rate on my loan is higher than they advertised. When I queried it they said that money became cheap to fund new loans? doesn't sound right given the reason full rate cuts from RBA decision haven't been passe don as Banks say money is more expensive for them to get to fund loans. I am on the look out for a new loan - just mindful of the exit fees on the myrate loan.


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    MyRate.com.au home loan reviewed by Dissatisfied from Northern Territory

    2 people found this review helpful – do you?

    Yes

      11. Overall customer rating
      12. (Reviewed about 1 year ago)

    I have recently settled a refinance of my home loan as part of a property settlement. It was a mammoth task that stretched out over a very long time, the team at MyRate showed me so much support and patience during the long process and it was grea...       Full review 

    I have recently settled a refinance of my home loan as part of a property settlement. It was a mammoth task that stretched out over a very long time, the team at MyRate showed me so much support and patience during the long process and it was great to feel this level of support and trust in a bank. My loan officer Griffin was a total legend and I cant thank him enough for helping me settle my new loan.


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    MyRate.com.au home loan reviewed by Tahnee from New South Wales

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  • No hassles

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      12. (Reviewed about 1 year ago)

    It was easy to apply, no hassles, very friendly and supportive, with each step made simple and informative. There was always customer support,either online or by phone, and dealing with the same person (which is important). Information was upfr...       Full review 

    It was easy to apply, no hassles, very friendly and supportive, with each step made simple and informative. There was always customer support,either online or by phone, and dealing with the same person (which is important). Information was upfront,with no hidden details. It would be an asset to this product if an insurance was offered or available. This is the only thing that let it down. Overall, well done MYWAY. Kudos to you.


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    MyRate.com.au home loan reviewed by Dawn from Queensland

    1 person found this review helpful – do you?

    Yes

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      12. (Reviewed over 1 year ago)

    Interest rate is good when you just open a new loan, but then it will increase the rate whenever they want. No fees which is good, but somehow the rate will be higher later on so that they can cover the "fees" that other banks have. No branch,...       Full review 

    Interest rate is good when you just open a new loan, but then it will increase the rate whenever they want. No fees which is good, but somehow the rate will be higher later on so that they can cover the "fees" that other banks have. No branch, only phone support. When opening a new loan, this will be a challenge especially for those who don't understand banking and loan. Lots of documents to fax in and out, and it is very time consuming. Overall, once the loan is setup, it's no different from the big 4. However, if you want to increase your limit (re-finance), you can't do this online, and you have to go through a very complicated and expensive process. Only recommend to those who had loan before and just want to setup a loan and not to change anything until the end of the term.


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    MyRate.com.au home loan reviewed by Kwok wai from Victoria

    4 people found this review helpful – do you?

    Yes

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      12. (Reviewed over 1 year ago)

    We wanted the best rate, no application fees and all the online facilities that are on offer and that's what we got. We had been looking for a home for 4 years and I was in contact with Myrate the whole time. He was always happy to assist. I hav...       Full review 

    We wanted the best rate, no application fees and all the online facilities that are on offer and that's what we got. We had been looking for a home for 4 years and I was in contact with Myrate the whole time. He was always happy to assist. I have and will continue to recommend Myrate to others.


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    MyRate.com.au home loan reviewed by John from New South Wales

    2 people found this review helpful – do you?

    Yes

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      12. (Reviewed over 1 year ago)

    The consultant assisting me was exceptionally responsive, supportive and easy to communicate with. He was with me every step of the way and ensured that the process was completed within my very short 30 day settlement period. A pleasure to deal wi...       Full review 

    The consultant assisting me was exceptionally responsive, supportive and easy to communicate with. He was with me every step of the way and ensured that the process was completed within my very short 30 day settlement period. A pleasure to deal with. Great rate and easy to use online banking. I will be recommending My Rate to anyone I know who is thinking of taking out a loan or changing lenders.


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    MyRate.com.au home loan reviewed by Tiffany from Victoria

    1 person found this review helpful – do you?

    Yes

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      12. (Reviewed over 1 year ago)

    This is the second time I am dealing with Myrate.com.au. Just one phone call, rest the loan consultants took care of it themselves. both the times I was dealing with 2 differnt people, both of them were brilliant, very helpful. I have two loans wi...       Full review 

    This is the second time I am dealing with Myrate.com.au. Just one phone call, rest the loan consultants took care of it themselves. both the times I was dealing with 2 differnt people, both of them were brilliant, very helpful. I have two loans with Myrate now. I have been customer of CBA for the past 17yrs, couple of years ago, I was fed up and refinanced the CBA loan to Myrate. Now I bought another investment property with Myrate. I am very happy. well done Myrate, Keep it going!!!


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    MyRate.com.au home loan reviewed by Venkat from New South Wales

    1 person found this review helpful – do you?

    Yes

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      12. (Reviewed over 1 year ago)

    for every question I had their great customer service was only a phone call away without any hassle. We only had 1 week before going overseas and they fully understood our situation and everything was settled and they emailed us and let us know ev...       Full review 

    for every question I had their great customer service was only a phone call away without any hassle. We only had 1 week before going overseas and they fully understood our situation and everything was settled and they emailed us and let us know everything is OK, so we had peace of mind on our holiday.


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    MyRate.com.au home loan reviewed by Ali from Queensland

    Was this review helpful?

    Yes

      11. Overall customer rating
      12. (Reviewed over 1 year ago)

    This was a very easy process in changing from one lender to the other. It was all done over the internet with very little fuss. I would have no problem recommending this bank and product.       Full review 

    This was a very easy process in changing from one lender to the other. It was all done over the internet with very little fuss. I would have no problem recommending this bank and product.


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    MyRate.com.au home loan reviewed by Ryan from Victoria

    1 person found this review helpful – do you?

    Yes

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      12. (Reviewed over 1 year ago)

    Simply the best services overall       Full review 

    Simply the best services overall


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    MyRate.com.au home loan reviewed by Mesbah from New South Wales

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    Yes

      11. Overall customer rating
      12. (Reviewed over 1 year ago)

    Easy to use their online site with next to no fees and a great interest rate. Definitely recommend them to anyone looking for a home loan, great to deal with!!!       Full review 

    Easy to use their online site with next to no fees and a great interest rate. Definitely recommend them to anyone looking for a home loan, great to deal with!!!


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    MyRate.com.au home loan reviewed by Tom from Victoria

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    Yes

      11. Overall customer rating
      12. (Reviewed over 1 year ago)

    I have been with My Rate for about 4 years now and I have been very happy with the service they provide. I have had the opportunity to refinance with other banks but for some reason I just keep going back to My Rate. I think its the fact that they...       Full review 

    I have been with My Rate for about 4 years now and I have been very happy with the service they provide. I have had the opportunity to refinance with other banks but for some reason I just keep going back to My Rate. I think its the fact that they make the process so easy and hassle free and the fact that there are no hidden fees or charges in their loan products. Also the easy to use online banking site is fantastic!


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    MyRate.com.au home loan reviewed by Maria from New South Wales

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    Yes

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      12. (Reviewed almost 2 years ago)

    Second loan with MyRate and once again the experience was fantastic. Great low rate, quick and friendly service. Booking in the settlement was fast, easy and without hurdles of the big banks. I cannot speak highly enough of the staff. New for s...       Full review 

    Second loan with MyRate and once again the experience was fantastic. Great low rate, quick and friendly service. Booking in the settlement was fast, easy and without hurdles of the big banks. I cannot speak highly enough of the staff. New for second loan, but have had first loan for 3 years.


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    MyRate.com.au home loan reviewed by Richard from New South Wales

    2 people found this review helpful – do you?

    Yes

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      12. (Reviewed about 2 years ago)

    My consultant was most helpful and professional in every aspect. A real "credit" to myrate!       Full review 

    My consultant was most helpful and professional in every aspect. A real "credit" to myrate!


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    MyRate.com.au home loan reviewed by John from New South Wales

    1 person found this review helpful – do you?

    Yes

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      12. (Reviewed about 2 years ago)

    I have the Advantage loan, initially because they were offering the best balance of features and the lowest interest rates. BUT, be careful. They dropped their rate after we signed on for NEW customers only and the lower interest rates were not p...       Full review 

    I have the Advantage loan, initially because they were offering the best balance of features and the lowest interest rates. BUT, be careful. They dropped their rate after we signed on for NEW customers only and the lower interest rates were not passed on to existing customers. I bet that won't be the case when increasing rates. So they are obviously looking for more business/customers, but being a bit sneaky about it at the same time. Still, overall, a great loan option with easy to use online banking, a quick easy set-up, no fees, and all the useful features of most other loans from the big players. I just wish they would support their current customers as much as trying to gain new business.


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    MyRate.com.au home loan reviewed by Stuart from Victoria

    3 people found this review helpful – do you?

    Yes

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      12. (Reviewed about 2 years ago)

    Myrate upped our interest rate by .10% higher than their current advertised rate three months into our mortgage. Later (within 18 months) they hiked it again (over and above current rate/increases) by 0.5%. MyRate currently advertise at a variable...       Full review 

    Myrate upped our interest rate by .10% higher than their current advertised rate three months into our mortgage. Later (within 18 months) they hiked it again (over and above current rate/increases) by 0.5%. MyRate currently advertise at a variable loan interest rate of 7.03% and yet we are paying 7.18% only two years into repayments?!?! Dodgy enough for me to want to refinance. Beware.


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    MyRate.com.au home loan reviewed by Frank from Victoria

    6 people found this review helpful – do you?

    Yes

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      12. (Reviewed about 2 years ago)

    Be very careful about giving these crooks your credit card details. I was charged for a service that wasn't provided. They have been promising a refund for over a year now. No amount of calls/emails seems to help. As they are a non bank, they do n...       Full review 

    Be very careful about giving these crooks your credit card details. I was charged for a service that wasn't provided. They have been promising a refund for over a year now. No amount of calls/emails seems to help. As they are a non bank, they do not fall under the banking ombudsman.


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    MyRate.com.au home loan reviewed by Jeremy from Tasmania

    2 people found this review helpful – do you?

    Yes

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      12. (Reviewed over 2 years ago)

    A great no frills, extremely low cost alternative to those who want a basic product without unnecessary features (which inevitably add to costs). You do need an everyday transactional account or credit card (pick a low fee option from a well servi...       Full review 

    A great no frills, extremely low cost alternative to those who want a basic product without unnecessary features (which inevitably add to costs). You do need an everyday transactional account or credit card (pick a low fee option from a well serviced bank or credit union) but repaying and accessing additional funds in your MyRate loan is simple through the ING online interface. After years with major banks and their gouging on fees for features I don't use, I won't be going back!


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    MyRate.com.au home loan reviewed by Adam from Tasmania

    3 people found this review helpful – do you?

    Yes

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      12. (Reviewed over 2 years ago)

    I like this product due to lower rates than most institutions and customer service is excellent and redraw facility is very flexible. Would rather go with these guys than the big banks due to their contempt for their customers see CBA re: interest...       Full review 

    I like this product due to lower rates than most institutions and customer service is excellent and redraw facility is very flexible. Would rather go with these guys than the big banks due to their contempt for their customers see CBA re: interest rate increase Melbourne Cup Day.


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    MyRate.com.au home loan reviewed by Steven from Victoria

    1 person found this review helpful – do you?

    Yes

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