I would not recommend Ratebusters to anyone. It has been the worst experience ever dealing with them, you think I would have stopped in the early stages of applying for the loan, but no. And now that we have sold our house, and just received out final payout of funds from them it has cost us thousands on top of what you actually owed at settlement. So please I would like to advise you not to use this company ever. Yes I know Ratebusters made a lot of extra money for doing nothing.
Ratebusters are deceitful. I'm sorry if that seems like strong language, but there is no other phrase to describe the way in which they lure you in with a competitive rate, then gradually increase it well above what they advertise on their website. When challenged about this, their response is "the advertised rate is for new customers only." And because of the outrageous break fess, you are locked in for 5 years. Avoid them like the plague. I wish I had.
Ratebusters had won lender of the year for 3 years running and their rate was about 0.2% lower than the "professional pack" offered by the big 4. However, 3 years on, I still have hefty exit fees and they are now charging 0.1% higher than the professional pack of the big 4. They do however have "another product" which is at a lower rate! I feel like I've been sucked in, locked in and ripped off.
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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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