www.MyRate.com.au Review -- MyRate Home Loan Review

IT'S DEFINITELY worth shopping around when it comes to your home loan. After all, this 1 decision could be your future for the next 30 years. Its amazing that we shop around for the best deal when it comes to ordinary things like as laptops, computers, mobile phone deals but, with a mortgage, we tend to stick with something we know. And trust...

...trust! The banks? Surely not...

But why then do over a quarter of us not bother to shop around?

www.myrate.com.au general manager Kevin Sherman says some borrowers recognise that they might not have the best product but a combination of confusion, lack of financial awareness and apathy takes over and we just stick with our existing lenders.

"People hear this word refinance all the time but then they start to look and get confused. 'Is it going to cost me to leave?', 'What kind of product should I get?', 'It's just too much hassle and paperwork'... and then a lot of times they just decide to stick with what they have," he said.

A lack of knowledge, information, what ever it may be, the simple fact is this:

With the options available now, especially online - we can EASILY get this one most important decision WRONG, choose a more costly loan and end up losing $100,000+ in the process!

There are a lot websites out there that do loan by loan comparisons. And they can make us feel pretty smart and confident that we can suss out the best rates.

However, making loan-by-loan comparisons across lenders is often tricky because the way rates and fees are disclosed varies.

Take the case of NAB. According to Infochoice it's rate is 9.46% but the comparison rate of interest is 9.61%, 0.15% more.

This comes about because most lenders, and especially banks, add on extra costs such as valuation, application and legal fees. The comparison rate includes these costs and is the more accurate cost of a loan.

Online you can get 8.63% at MyRate. That's almost 1% less...and guess what? NO Fees!

MyRate has eliminated most of the nasty fees out there especially upfront and ongoing fees. If you are a standard applicant (PAYG borrower buying 1 property in most metropolitan areas), you will pay:

==> No application fees;
==> No valuation fee;
==> No legal fee;
==> No settlement fee;
==> No redraw fee;
==> No additional repayment fee and
==> No ongoing fees...

...and you can get an interest rate that's almost 1% lower than the banks are offering.

===> Compare MyRate Interest Rates vs The Rest

Being an online business, MyRate's operating costs are low - there is no need for branches for example... You typically do the loan yourself over the phone or over the internet with MyRate call centre staff.

As a result, it's cost structure is much more efficient and they can deliver one of the lowest rates in the country. Furthermore, by cutting out brokerage costs (middle men), MyRate is able to pass the savings on to you.

Being funded by ING also helps.

"We are funded by ING, one of the largest financial institutions in the world and as such, we operate a very different funding model than a lot of other non-bank lenders that have exposure to the current capital market funding pressures.

"With this in mind, we do not anticipate any movements in our interest rates outside the official Reserve Bank cash movements", says MD Kevin Shermann.

Finding the right mortgage at the right price can be a daunting task. Meeting different bank managers, getting your head around all those fees and charges in the fineprint can literally do your head in!

It doesn't have to be that hard. In fact, it's EASY and hassle-free over the internet.

You can do the whole application online and over the phone. 3 steps is all it takes:

STEP #1: Get online pre-approval which will take a couple of minutes.

STEP#2: Fill out a MyRate application which takes 15-30 min depending on your circumstances. A My Rate consultant will be on there on the phone to talk you through the process if you need assistance.

STEP #3: MyRate will email you all the relevant paperwork to fill out. Once you send that you New low interest loan will be approved in 5 days Guranteed!

===> Get Pre-Approved in Minutes & Start Saving $$$ Today!

Alternatively, you can refinance your home loan at up to 1% lower interest than the banks. With no fees, you could save up to $150,000 in interest over the life of your loan! See how.

Now you can use the money you save to renovate and add value to your home - without denting your bank balance. Or, put a deposit on that investment property you've always wanted.

Or simply treat yourself to a nice new car or holiday! IMAGINE what you could do with the money you save!

A Mortgage & Finance Association of Australia report showed 80% of borrowers who switched their home loan were better off.

Given the great online deals at My Rate, now is a good time as any to treat yourself to that interest rate discount and shave $$ and years off that mortgage.

MyRate is a member of the Mortgage & Finance Association of Australia.

MyRate holds West Australian licence number 4303 - issued by DOCEP

MyRate have been certified NoCO2 by the Carbon Reduction Institute

All home loans sold by MyRate have had their climate change impact offset

MyRate is a member of the Credit Ombudsman Service Limited.

2008: MyRate was a Money Magazine Finalist for Non-Bank Lender of the Year

2008: Awarded Business of the Year 2007 by www.LendingCentral.com.au

2007: MyRate is an Australian Financial Review Winner for our Lo-Doc Loan product

2007: MyRate was a Money Magazine Finalist for Online Lender of the Year

2007: Awarded a Gold Product Award as voted by consumers on ProductReview.com.au

"The experience was fantastic! Without the support of my consultant this would not have run so smoothly. It was a pleasure learning about the process, and having the support every step of the way. I consider myself an investor and will definately be using MyRate again. In a nutshell - they REALLY care and help you. In this industry I recognise that the product, service and execution of the service are important components - MyRate has all of these, especially with help from consultants. From my perspective it really is an added bonus when my consultant is able to provide guidance and support. Keep up the great work. "I'll be back" :)" Kristine T. Chatswood NSW

"I am a person who likes to deal with things over email. MyRate worked well for me as I could raise whatever queries I had via email, and my consultant wrote back with the answers. The rates MyRate offered were the best in town. I do my research and I can guarantee their rates. Well done MyRate, good on you." Ganesh, S. Ormond VIC

"Having used MyRate for the first time, I admit having initial reservations, however I was not disappointed. I found MyRate to be very professional and provided me with exceptional and prompt service. I would not hesitate to recommend them to other potential customers. MyRate not only provided me with a highly competitive interest rate but also great customer service through their approachable staff; unlike the larger banks that I have dealt with in the past. Keep up the great service!!" Raptor Management Solutions Pty. Ltd. Tingalpa QLD