MyRate Home Loans
MyRate is a multi-award winning non-bank lender offering great mortgage products and one of the lowest interest rates in the country with NO fees on standard applications . All MyRate loans are securely funded by one the world’s largest banking institutions, ING Bank, so you can feel assured that your home loan is in secure hands. Applying for a MyRate home loan is an easy 5 step process and pre-approval can be obtained online instantly.
Even though MyRate was only founded in Australia in 2005, they have won a number of industry awards in that time. MyRate has also always kept its interest rates significantly lower than those offered by the big four of Australian banking. There are no hidden fees or charges with a MyRate home loan, and transparency has become one of the lender’s hallmarks. This has also meant that the MyRate comparison rate is the same as its advertised interest rate, because there are no upfront or ongoing fees for the life of their loans on standard applications.
MyRate Advantage Rate Home Loan
Apply for MyRate Advantage Rate Home Loan and enjoy low interest rates across a wide range of competitive feature-packed home loans and zero fees on standard applications.
- Interest Rate of 6.15%
- Comparison Rate of 6.15%
- Application Fee of $0
- Maximum LVR With LMI: 95%
- Minimum Borrowing: $100,000
- Maximum Borrowing: $2,000,000
Comparison of MyRate Home Loans
| Home Loan | Details | Interest Rate (p.a.) | Comp Rate^ (p.a.) | App Fee / Ongoing Fee | Max LVR | Min & Max Borrowing | |
|---|---|---|---|---|---|---|---|
 MyRate Advantage Rate Loan |
Enjoy one of the lowest interest rates on the market! | 6.15% | 6.15% | $0 / $0 | 95% | $100,000 / $2,000,000 |
 
|
MyRate Construction Loan |
Draw out your repayments with a Construction Loan from MyRate. | 6.15% | 6.15% | $0 / $0 | 95% | $100,000 / $1,000,000 |
|
MyRate Fixed Rate Home Loan – 1 Year Fixed Rate |
Manage your budget with a fixed rate loan. | 5.95% | 6.13% | $0 / $0 | 95% | $100,000 / $2,000,000 |
|
MyRate Fixed Rate Home Loan – 2 Year Fixed Rate |
Avoid interest rate hikes with this competitive rate. | 5.95% | 6.12% | $0 / $0 | 95% | $100,000 / $2,000,000 |
|
MyRate Fixed Rate Home Loan – 3 Year Fixed Rate |
A secure loan offering a great rate. | 6.15% | 6.16% | $0 / $0 | 95% | $100,000 / $2,000,000 |
|
MyRate Fixed Rate Home Loan – 4 Year Fixed Rate |
Enjoy certainty in your mortgage repayments with this fixed loan. | 6.95% | 6.46% | $0 / $0 | 95% | $100,000 / $2,000,000 |
|
MyRate Fixed Rate Home Loan – 5 Year Fixed Rate |
Ensure your repayments remain constant with this fixed loan from MyRate. | 7.15% | 6.61% | $0 / $0 | 95% | $100,000 / $2,000,000 |
|
MyRate Low Doc Loan |
A loan tailored for the self employed. | 7.30% | 7.20% | $0 / $0 | 60% | $100,000 / $1,500,000 |
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Even though MyRate was only founded in Australia in 2005, they have won a number of industry awards in that time. MyRate has also always kept its interest rates to at least one percent below those offered by the big four of Australian banking. There are no hidden fees or charges with a MyRate home loan, and transparency has become one of the lender’s hallmarks. This has also meant that the MyRate comparison rate is the same as its advertised interest rate, because there are no upfront or ongoing fees for the life of their loans. The comparison rate is designed to give a true indication of the cost of a home loan, including all fees and charges, so that borrowers can more easily compare different loans from different lenders on a level playing field. However, when there are no other costs associated with the MyRate home loans, that puts them way out in front of the field from the beginning.
Home Loan Offers from MyRate
If you want to get in on home loans which are more affordable, from a lender with fewer overheads, then find out more about the range of MyRate loans of offer:
- Standard variable home loan. The MyRate standard variable loan allows you to take advantage of movements in the official interest rates and make savings when they go down, rather than being locked into a higher ongoing rate. MyRate also includes additional repayments and free redraw facilities so you can reduce the principal amount of your loan, and in turn the term.
- Line of credit loan. The MyRate line of credit loan is an all in one loan account where you can deposit all of your savings and everyday funds into your loan where they offset the interest charged until you need them. you have full transactional access to your loan account, as well as a line of preapproved finance which can mean you can do away with your credit cards and increase your borrowing power.
- Low doc home loan. MyRate allows a maximum LVR of 60% for low doc borrowers, but you are able to self certify your income if you are self employed and cannot provide the traditional documentation.
- Construction loan. If you are buying a block of land or building with a builder then you can use the MyRate construction loan, but this loan is not available if you are doing the work yourself as an owner builder.
- Fixed interest rate loan. With a MyRate fixed rate loan you can fix your loan for between 1 and 5 years. Plus, during that time you can still make additional repayments for free, up to the value of $10,000.
Benefits of MyRate Home Loans
The MyRate home loan products are unique for a number of reasons and to help in your home loan decisions, consider these features and whether you could benefit from a home loan with:
- Up to 95% LVR. All MyRate home loans – bedsides the low doc loan – require just a 10% deposit to help you reach your savings goal sooner.
- No fees. The MyRate range of home loans do not charge you any application fees, settlement fees, legal fees, ongoing fees, no redraw fees or valuation fees.
- You will only be charged a valuation fee on a low doc loan at the time construction is completed. The unlimited additional repayments and redraw facility also mean there is no need for a separate offset account.
- Free additional repayments. All MyRate loans allow you to make additional repayments to your loan, either as an ongoing regular higher repayment, or in lump sums when you have spare cash.
- Interest only repayments. Whether you are an investor or simply want to reduce your repayments you can make interest only repayments for up to 5 years.
- Split the loan to minimise the interest. For example, if you have a line of credit loan, the interest rate on this loan is one of the highest offered on a MyRate product. However, you can still access the preapproved funds, by splitting your line of credit with a lower interest loan.
Types of Borrowers
You can speed up the application process with MyRate home loans by having all your documentation on hand when discussing your needs with your personal loan specialist. You can then fax, email or post these documents to MyRate, which should include the following:
If you are a PAYG applicant:
- Two payslips from each applicant. At least one pay slip must be no more than one month old.
- Your latest group certificate, your latest taxation return or your latest taxation assessment.
- A 100 point identity check.
- A letter from your employer confirming your superannuation payments and any fully maintained work vehicle or other benefits that are applicable.
Self employed, company or trust applicant:
- Profit and loss statement as well as your balance sheet.
- Taxation returns for your business for the last two years. The latest of which cannot be more than 18 months old.
- Personal taxation returns for the last two years.
- A 100 point identity check.
- You may also have to produce your interim financials as well as your BAS and the last three month’s bank statements of your business’ working accounts.
- If you are a trust applicant you will have to show copies of your trust deed.
- If you are a company applicant you will need to provide copies of your company constitution.
If your mortgage is to be used for refinancing you will need:
- Six months of bank statements showing that you have made prompt and regular repayments on your existing loan.
- The last three month’s worth of statements for each credit card you intend paying out with the refinance.
- The last six months of statements for any personal loans or unsecured loans you intend to include in the refinancing.
- Your latest council rates notice.
- A 100 point identity check.
If you are a next home buyer you will also have to produce the following:
- The first two pages of the contract of sale.
- A statutory declaration stating that any gift you may have received to assist you with the purchase is not repayable.
- Proof that you currently hold sufficient funds for the deposit, which you can prove with a bank statement.
- Proof that you have personally saved at least 5 percent of the purchase price in the three months before the application.
Related Resources
- MyRate Advantage Loan
Want a great loan with no added fees or extra hidden costs. The MyRate Advantage Loan offers a competitive package while saving you money on fees. Read this article to find out more. - MyRate All In One Line of Credit
Line of Credit loans are usually limited with the additional features they offer. If you are looking for a line of credit loan, have a look at the MyRate All-In-One Line of Credit loan and its additional features that may help you pay your loan faster. - MyRate Construction Loan
If you want to build your dream home and need additional funds to make this happen the MyRate Construction Loan may be suited to you. Make your dreams a reality now. - MyRate Fixed Loan
The MyRate Fixed loan offers you a competitive loan rate and gives you a variety of features to assist you in paying off your loan. If you are looking for stability in your payments read more about the MyRate Fixed loan. - MyRate Low Doc Loan
If you are self employed and have trouble being accepted for home loans because you cannot prove your income the MyRate Low Doc home may be suited to you. Read more and finally reach your dream of owning your own house.
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