Been with them for over ten years. Only competitive for new customers. And you can’t refinance without paying LMI again. Something they are well aware of and don’t drop their interest rates like everyone else because they know you are trapped
When I first signed up a few years ago they were quite competitive. As time went by they didn't pass as much as other lenders when the reserve bank dropped interest rates. When it was time to renew a loan, there was no loyalty to existing customer as new customers were offered better rates. Very happy to leave them and refinance with another lender .5% less than their best offer. Recommend to stay clear of them.
MyRate.com.au has consistently provided quick, convenient service, great rates and a great product and all via the internet and telephone.
I like to vary my loan repayments and sometimes pay lump sums off the loan. I thought this would be the usual complicated and tedious process. This was not the case. A call and the deed was done. I was able to get the amount of time the new amount would pay the loan off. Also the interest is very competitive. Taking out the loan was also quick and simple. The down side is not having a physical branch to go to and not credit card available from them. However the flexibility, the exceptional customer service, great interest rate, far outweighs the negatives.
My Rate.com.au have very competitive interest rates and no fees. They are very quick and thorough. The people are very helpful, patient and trusting. I have now used them for 3 loans but prior to getting each loan I shopped around but kept coming back to them as being the best. The only con that does not worry me but may be a concern for others is that everything is done over the phone or internet. This was actually my preference because it meant I could do everything without leaving my house and in a time that was most convenient to me.
Just to let know everyone who was searching for a review - stay away from My Rate they've provided the worst customer service I've ever experienced, dealing for over 20 years with banks and financial institutions never come across one with such as ignoring attitude towards a long term customer. Also the amount of errors they made, in any other banking institution would be unacceptable!
Interest rates are very low, they always pass on the cuts straight away and are so quick and easy to use on line, customer service is excellent via phone, no queues. Best home loan I have ever had.
It's interesting to read all of the 9/10 and 10/10 reviews which are so obviously written by the company itself, please ignore them and concentrate on the more honest reviews, like mine. My major beef is their rates change by an arbitrary rate after the loan has been taken out, and it is ALWAYS more than the advertised rate. As others have pointed out, they blame their lender. In my opinion, if you can't go to the bank's website and calculate what your rate should be, they're doing something dodgy. It's like a honeymoon rate that isn't advertised. No other bank or non-bank lender does this, as far as I know. Other than that I have no problems with them. Setup was a complex process as it is all done online, but I expected that. The service representatives do their best. I will be moving my considerable mortgage as soon as the six year delayed establishment fee expires (or exit fee, as most others know it)... only two years to go...
In the beginning, when they requested documentation, my wife came to me and said: she's so rude, I'm not an idiot you know, so I don't know why she is treating me like one...I dont know why we have to go through them....if you want to go through them, then you can deal with them....well I should have taken that as a sign.... the amount of the loan approved by them wasn't enough for us to buy the house that we had sent them the contracts on......they could not understand and certainly wouldn't apologise, as they have been in this business for many years you know, so they could not possibly have made that mistake.....despite me providing the emails which certainly indicated that they had indeed made the mistake.....so we couldn't get to exchange contracts.......oh, and then when I expressed my dissatisfaction with their level of service I was told that no other financier would even look st us...........hmm.......dead wrong....I thought doing it all on line would be sooo much easier, but I was proven wrong, as it was sooooo much harder.......face to face for me from now on.....
Obviously MyRate has had their own people on here trying to counter the reviews of real customers. Just don't use them - they suck you in with a low rate and six months later you're paying 2% higher than anywhere else. It's disgusting and borderline criminal.
I had an advantage home loan with Myrate for four years and have just refinanced with another lender. Why? Because I was paying almost three-quarters of a percent more than their currently advertised rate for the same type of loan. They never passed on RBA cuts in full to existing customers and often increased them beyond RBA increases when interest rates went the other way. Within 12 months I was paying significantly higher rates than what they were "enticing" new customers with on their website and by the end most of my friends with the big four banks had far better rates than I did! So much for the low overhead online lender garbage. I went to them no less than three times to try and negotiate a better deal, the final time a month before I switched. The first two times I got plain refusal, while the third time it took so long for them to get back to me (over three weeks) that I had already started the refinancing process. Even then the rate with my new lender was more 0.6% better than what they came back to me with. Anyone considering MyRate as a lender should be aware. I was sucked in by the promise of an ongoing relatively low interest rate which never eventuated. Their customer service deteriorated markedly once the application process was completed and at no stage did they seem at all interested in retaining the business of a long-term customer. I can't even say they offer a good interest rate anymore as for an online lender they are well off the pace. My advice? Look elsewhere.
We wanted a no-frills, low cost loan and I have to say that MyRate delivers. I thought I'd have refinanced by now but they've been pretty good at passing on interest rate cuts (better than the big 4 banks anyway), and if they don't then they'll sometimes pass it down if you chase them up or say you're considering moving elsewhere. They charge no fees and are helpful on the phone. Drawbacks are that their exit fees were substantial when we signed (though I think laws have changed around this now) and there are no physical branches so it's all online or over the phone. A mortgage offset account would be a bonus but at this price you won't find many lenders who'll offer one. I'd recommend them if you want a cheap, no-frills loan.
I've dealt with a few home loan providers in the past and I have to say MyRate is the worst. Their advertised interest rate is excellent at first galance but do not fall for it. They seem very eager to help during your application process but once you become their customer, they couldn't care less. I was naive enough to go with them for my first home loan because their process was simple. What a mistake! It took me a few months to get out of the contract and I wasted so much time and energy talking to them on the phone. They don't have a proper filing system which means you have to re-introduce yourself and the issues you're having every single time because they don't seem to have a record of previous phone conversations. The worst thing is, they are not flexible enough. For example, if you want to have a custom loan package to suit your investment portfolio, they are not flexible enough to adjust features or their pricing for you.
I have recommended MyRate to all of our friends who are looking for a loan provider. After very extensive research, I found MyRate to be consistently among the best lenders, in terms of their low rates and low-to-no fees (due to their low overheads, as they are online). MyRate so far have always passed on the RBA's reduction very quickly, always respond to my calls or emails promptly, and were very patient with all of my questions when we were applying for our homeloan. We've been with them for two years now and I have no complaints. Recently, I rang them to discuss a deal-match offer from a competitor, and they talked me through this option honestly and truthfully. I would definitely recommend them. They do not have 'physical' stores or branches, however if you don't mind internet banking, emailing or over the phone service, then I'd recommend giving them a go! Marita and Kevin were very helpful.
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WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
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