MyRate.com.au home loan reviews

MyRate.com.au
MyRate.com.au's overall rating for home loans

(as rated by the Mozo community)

7.4 / 10

based on 82 reviews

Price

Features

Customer service

Convenience

Trust

Recent MyRate.com.au home loan reviews

MyRate.com.au

MyRate.com.au Home Loan review

Overall rating   10 / 10

Excellent rates, product and service

MyRate.com.au has consistently provided quick, convenient service, great rates and a great product and all via the internet and telephone.

Full review

MyRate.com.au has consistently provided quick, convenient service, great rates and a great product and all via the internet and telephone.

    Price   10 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Veronica, Victoria, reviewed over 3 years ago

MyRate.com.au

MyRate.com.au Home Loan review

Overall rating   8 / 10

Incredible flexibility and customer focus.

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...

Full review

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.

    Price   9 / 10

    Features   6 / 10

    Customer service   10 / 10

    Convenience   3 / 10

    Trust   8 / 10

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Marian, New South Wales, reviewed about 4 years ago

MyRate.com.au

MyRate.com.au Home Loan review

Overall rating   10 / 10

Very cost competitive and great reliability

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...

Full review

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.

    Price   10 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

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Andrew, New South Wales, reviewed over 4 years ago

MyRate.com.au

MyRate.com.au Home Loan review

Overall rating   1 / 10

Terrible customer service

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...

Full review

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!

    Price   4 / 10

    Features   2 / 10

    Customer service   0 / 10

    Convenience   0 / 10

    Trust   0 / 10

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Customer, New South Wales, reviewed over 4 years ago

MyRate.com.au

MyRate.com.au Home Loan review

Overall rating   10 / 10

Excellent, easy, stress free home loan

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.

Full review

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.

    Price   10 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

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Janet, Queensland, reviewed over 4 years ago

MyRate.com.au

MyRate.com.au Home Loan review

Overall rating   6 / 10

Once good, but gone off-the-boil

The broker network could do with a lesson in manners. The rate although initially good simply does not compare in the current market.

Full review

The broker network could do with a lesson in manners. The rate although initially good simply does not compare in the current market.

    Price   6 / 10

    Features   6 / 10

    Customer service   4 / 10

    Convenience   7 / 10

    Trust   6 / 10

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Angus, New South Wales, reviewed over 4 years ago

MyRate.com.au

MyRate.com.au Home Loan review

Overall rating   2 / 10

Everything is great except their dodgy loan rates.

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...

Full review

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...

    Price   2 / 10

    Features   8 / 10

    Customer service   6 / 10

    Convenience   3 / 10

    Trust   0 / 10

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Kevin, Tasmania, reviewed over 5 years ago

MyRate.com.au

MyRate.com.au Home Loan review

Overall rating   1 / 10

Sworn off online loans FOREVER

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...

Full review

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.....

    Price   3 / 10

    Features   8 / 10

    Customer service   1 / 10

    Convenience   1 / 10

    Trust   0 / 10

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Steve, New South Wales, reviewed over 5 years ago

MyRate.com.au

MyRate.com.au Home Loan review

Overall rating   0 / 10

Disgusting and borderline criminal

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...

Full review

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.

    Price   0 / 10

    Features   0 / 10

    Customer service   0 / 10

    Convenience   0 / 10

    Trust   0 / 10

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Simon, Tasmania, reviewed over 5 years ago

MyRate.com.au

MyRate.com.au Home Loan review

Overall rating   2 / 10

A customer for nearly five yrs and not one positiv

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...

Full review

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.

    Price   5 / 10

    Features   1 / 10

    Customer service   1 / 10

    Convenience   4 / 10

    Trust   0 / 10

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Kris, Queensland, reviewed over 5 years ago

MyRate.com.au

MyRate.com.au Home Loan review

Overall rating   9 / 10

Good no-frills option

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...

Full review

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.

    Price   10 / 10

    Features   5 / 10

    Customer service   9 / 10

    Convenience   5 / 10

    Trust   8 / 10

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Name not supplied, New South Wales, reviewed over 5 years ago

MyRate.com.au

MyRate.com.au Home Loan review

Overall rating   3 / 10

Bad customer service and no flexibility

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...

Full review

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.

    Price   6 / 10

    Features   3 / 10

    Customer service   0 / 10

    Convenience   0 / 10

    Trust   0 / 10

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Isabel, New South Wales, reviewed almost 6 years ago

MyRate.com.au

MyRate.com.au Home Loan review

Overall rating   9 / 10

Competitive low rates and fees, highly recommend!

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...

Full review

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.

    Price   9 / 10

    Features   9 / 10

    Customer service   9 / 10

    Convenience   9 / 10

    Trust   9 / 10

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Sam, Victoria, reviewed almost 6 years ago

MyRate.com.au

MyRate.com.au Home Loan review

Overall rating   4 / 10

All that glitters is not always gold!!!!

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...

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!!

    Price   4 / 10

    Features   4 / 10

    Customer service   3 / 10

    Convenience   1 / 10

    Trust   2 / 10

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Mel, South Australia, reviewed about 6 years ago

MyRate.com.au

MyRate.com.au Home Loan review

Overall rating   1 / 10

Information flow is extremely poor

Interest rate adjustments have been tardy and customer service is poor.

Full review

Interest rate adjustments have been tardy and customer service is poor.

    Price   5 / 10

    Features   5 / 10

    Customer service   1 / 10

    Convenience   1 / 10

    Trust   3 / 10

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Andrea, Australian Capital Territory, reviewed over 6 years ago

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

Home loan comparisons on Mozo - rates updated daily

  • loans.com.au Smart Home Loan (Owner Occupier, Principal & Interest)

    loans.com.au Smart Home Loan (Owner Occupier, Principal & Interest)

    • For purchase and refinance, min 20% deposit
    • No application or ongoing fees
    • Unlimited redraws and additional repayments

    interest rate

    3.28% p.a. variable

    comparison rate*

    3.30% p.a.

    upfront fees

    $520

    Go to site

    More info

    • For purchase and refinance, min 20% deposit
    • No application or ongoing fees
    • Unlimited redraws and additional repayments
    • Interest rate: 3.28% p.a. variable
    • Comparison rate*: 3.30% p.a.
    • Upfront fees: $520
    • Ongoing fees: $0.00
    • Discharge fee: $0.00
    • Extra repayments: yes - free
    • Redraw facility: yes - free
    • Offset account: no
    • Maximum loan to value ratio: 80.00%
    • Minimum loan amount: $50,000
    • Maximum loan amount: $1,000,000
    • Type of loan: Variable
    • Repayment types: Principal & Interest
    • Availability: Owner Occupier
    • Repayment options: Weekly, Fortnightly, Monthly
    Overall rating

    8.2

    Based on 636 loans.com.au home loan reviews

    Need more information?
    Go to site

    More info

  • MOZO EXPERTS CHOICE AWARDS 2019

    UBank UHomeLoan (Owner Occupier, Principal & Interest) (1 Yr Fixed)

    UBank UHomeLoan (Owner Occupier, Principal & Interest) (1 Yr Fixed)

    • Fast, easy apply
    • No ongoing fees
    • Repayments will not change during fixed period

    interest rate

    2.99% p.a.
    fixed 1 year

    comparison rate*

    4.09% p.a.

    upfront fees

    $395

    Go to site

    More info

    • Fast, easy apply
    • No ongoing fees
    • Repayments will not change during fixed period
    • Interest rate: 2.99% p.a.
      fixed 1 year
    • Comparison rate*: 4.09% p.a.
    • Upfront fees: $395
    • Ongoing fees: $0.00
    • Discharge fee: $0.00
    • Extra repayments: yes - free up to $20,000 p.a.
    • Redraw facility: no
    • Offset account: no
    • Maximum loan to value ratio: 80.00%
    • Minimum loan amount: $100,000
    • Maximum loan amount: $2,000,000
    • Type of loan: Fixed
    • Repayment types: Principal & Interest
    • Availability: Owner Occupier
    • Repayment options: Weekly, Fortnightly, Monthly
    Overall rating

    5.2

    Based on 111 UBank home loan reviews

    Need more information?
    Go to site

    More info

  • MOZO EXPERTS CHOICE AWARDS 2019

    HSBC Discounted Home Value Loan (Owner Occupier, Principal & Interest)

    HSBC Discounted Home Value Loan (Owner Occupier, Principal & Interest)

    • Owner occupier only
    • Available on new borrowings from $50,000
    • Your own Personal Relationship Manager

    interest rate

    3.47% p.a. variable

    comparison rate*

    3.48% p.a.

    upfront fees

    $150

    Go to site

    More info

    • Owner occupier only
    • Available on new borrowings from $50,000
    • Your own Personal Relationship Manager
    • Interest rate: 3.47% p.a. variable
    • Comparison rate*: 3.48% p.a.
    • Upfront fees: $150
    • Ongoing fees: $0.00
    • Discharge fee: $300.00
    • Extra repayments: yes - free
    • Redraw facility: yes - free online
    • Offset account: no
    • Maximum loan to value ratio: 90.00%
    • Minimum loan amount: $50,000
    • Maximum loan amount: $7,500,000
    • Type of loan: Variable
    • Repayment types: Principal & Interest
    • Availability: Owner Occupier
    • Repayment options: Weekly, Fortnightly, Monthly
    Overall rating

    7.0

    Based on 109 HSBC home loan reviews

    Need more information?
    Go to site

    More info

  • Featured product

     

    Athena Variable Home Loan (Owner Occupier, Principal & Interest)

    Athena Variable Home Loan (Owner Occupier, Principal & Interest)

    • No application fees
    • No monthly fees
    • No annual fees

    interest rate

    3.34% p.a. variable

    comparison rate*

    3.30% p.a.

    upfront fees

    $0

    Go to site

    More info

    • No application fees
    • No monthly fees
    • No annual fees
    • Interest rate: 3.34% p.a. variable
    • Comparison rate*: 3.30% p.a.
    • Upfront fees: $0
    • Ongoing fees: $0.00
    • Discharge fee: $0.00
    • Extra repayments: yes - free
    • Redraw facility: yes - free
    • Offset account: no
    • Maximum loan to value ratio: 80.00%
    • Minimum loan amount: $100,000
    • Maximum loan amount: $2,000,000
    • Type of loan: Variable
    • Repayment types: Principal & Interest
    • Availability: Owner Occupier
    • Repayment options: Weekly, Fortnightly, Monthly
    Need more information?
    Go to site

    More info

  • Bank of Queensland Discount Fixed Rate (Owner Occupier, Principal & Interest)

    Bank of Queensland Discount Fixed Rate (Owner Occupier, Principal & Interest)

    • Borrow with as little as 5% deposit (owner occupiers)
    • Ability to make extra repayments
    • 1-5 year fixed term rates

    interest rate

    3.39% p.a.
    fixed 3 years

    comparison rate*

    4.41% p.a.

    upfront fees

    $450

    Go to site

    More info

    • Borrow with as little as 5% deposit (owner occupiers)
    • Ability to make extra repayments
    • 1-5 year fixed term rates
    • Interest rate: 3.39% p.a.
      fixed 3 years
    • Comparison rate*: 4.41% p.a.
    • Upfront fees: $450
    • Ongoing fees: $10.00 monthly
    • Discharge fee: $320.00
    • Extra repayments: yes - free up to $5,000 p.a
    • Redraw facility: no
    • Offset account: no
    • Maximum loan to value ratio: 80.00%
    • Minimum loan amount: $150,000
    • Maximum loan amount:
    • Type of loan: Fixed
    • Repayment types: Principal & Interest
    • Availability: Owner Occupier
    • Repayment options: Weekly, Fortnightly, Monthly
    Overall rating

    7.6

    Based on 510 Bank of Queensland home loan reviews

    Need more information?
    Go to site

    More info

*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.

Want more? Compare all 533 home loans in the Mozo comparison engine.

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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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