My Rate Home Loans

[Brett IP]

Hi All

Has anyone got any good/bad experiences with My Rate home loans that they would like to share with me? Im considering refinancing with them on variable & would appreciate any fedback.

Sorry if this has been covered before and sorry if we are not allowed to directly talk about the goods and bads of specific banks.

Cheers

 

[Peter_Tersteeg]

From a glance at their website:

They're certainly competitive on interest rates & fees for their basic product, although there are a few other lenders that might be cheaper for you.

All of their other products appear to be quite expensive.

The comparisons they're quoting with other lenders are not fair comparisons. They've picked the worst product of their competitors and compared it to their best product.

 

[Brett IP]

I found their rate to be quite competitive as its an ongoing rate. I found cheaper, but they were just honeymoon periods for 1 or 2 years then it reverted to much higher & I dont want to stuff around chopping and changing all the time.

Anyone have investment loans through them?

 

[Rolf Latham]

I dont broker for them, because we would be regarded as an overhead.

As Pete has pointed out their headline rate is lowish, but their comparison is misleading and incomplete, and I suspect thats not an oversight.

Because we dont use them my comments have a BIAS, but perhaps no less no less than their claim of

Our business model means we will always be significantly cheaper than the banks!

That alone should send a mixed signal, because one lender cant be all things to all people...........indeed if you need to go from their variable to 5 year fixed today I dont think u will get the class leading 7.79.

In real life there are a few funders that come to mind that are lower cost with at least as good and perhaps a better product mix at CARDED rates.

The comparison rate model has never really worked the way it was intended, and cant really be used because while carrots and oranges are the same colour, they arent the same.

Finally, please note well the deferred establishment fees. at a peak of 1 % of the loan amount they can be pretty nasty on a large loan........these are nt factored into the Comparison rate.

ta
rof