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My Rate

Ha anyone had experiences with My Rate Home Loans?

They say they are cheaper due to no overheads? Is this true? Are there pitfalls?

They are a good 1.25% cheaper than big 4 banks. This would save me about $580 per month!

Is it too good to be true?

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Permalink Reply by Keith Musgrave on September 9, 2011 at 4:32pm

Hi Nikky,

I just had a quick look on the My Rate Home Loans website and would suggest that they are comparing their rate of 6.95% rate to the major lender's standard variable rates. Many lenders are offering interest rates well below what this web site displays. I am a mortgage broker in Brisbane and can assure you that you can do even better than 6.95% variable. Fixed rates are now around the 6.5%. Some fees may apply but not always.

Have a good weekend

Keith

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Permalink Reply by Nikky Simpson on September 9, 2011 at 10:45pm

Hi Keith

We want variable as we have two investment homes on interest only. Want to refianance as we are currently paying 7.42% after negotiating a rater drop from 7.82% from our lender of 8 years. I think we should be able to get a better deal

Thanks again

Nikky

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Permalink Reply by Keith Musgrave on October 20, 2011 at 5:04pm

Hi Nikky,

Apologies for the delay, I have been away on hols and a little time off due to illness. All better now. Has your' lender dropped their rates any further since we last communicated? Depending on your' total debt amount, you should be able to get around the 6.80% on variable rates (under a package) and around the 6.30% for 2 & 3 years fixed. You can also have fixed interest rates on interest only loans, not a problem, only question would be if you plan to sell 1 or all of your' investment properties during the fixed rate period.

If you would like to communicate directly, please email me at keith@fasttrackhomeloans.com.au and I will respond quickly.

Regards

Keith