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MyRate Advantage Loan
Posted July 22nd, 2010
and last modified January 30th, 2012
What happens when I click Enquire Now?
- Clicking Enquire Now will take you to the lender's website
- After completing the contact form, a mortgage expert will contact you
- The mortgage expert will ensure you find the right loan, calculate your repayments, and explains all the associated fees
- After going through the enquiry process you will be able to know how much you can borrow, begin your application when you are ready to apply and be approved for a home loan
The MyRate Advantage Loan was designed to be one of the best all-round home loans available in Australia. It has one of the lowest variable interest rates on the market and is also very flexible and feature-packed (including no fees and free unlimited redraws).
Features of the MyRate Advantage Loan
In addition to the low interest rates the MyRate Advantage Loan offers many great features to help you pay off your loan quicker. These features are:
- No fees. The MyRate Advantage loan offers an outstanding package without any of the fees you would usually have to pay. There are no application fees, valuation fees, legal fees, settlement fees, ongoing monthly fees and no redraw fees. The no fees package offered by MyRate Advantage loan can reduce the yearly cost of the loan significantly, thereby making your home loan repayments as cheap as possible.
- Low deferred establishment fees. You won’t be charged any establishment fees if you pay down your loan and don’t discharge your property. However if you don’t do this the deferred establishment fees will be charged at a rate of:1% of the original loan amount for the first year;0.80% of the original loan amount for the second year; 0.60% of the original loan amount for the third year; 0.40% of the original loan amount for the fourth year;0.20% of the original loan amount for the fifth year; and 0% of the original loan amount for the rest of the loan.
- Flexibility in payment options. The MyRate Advantage loan allows you to choose between fortnightly or monthly repayments.
- Borrowing limits. The MyRate Advantage loan allows you to borrow anywhere from $100,000 to $2,000,000. You may be able to borrow more upon special request however the loan amounts must not exceed the 95% of the property value. The term of the MyRate Advantage loan can be anywhere from 10 – 30 years.
- Interest only payments. For up to 5 years over the duration of the loan you can opt to pay only the interest that accumulates on the loan. This is a handy feature if you would like to invest elsewhere or save money for any unexpected purchases that may arise.
- Split payment option. The MyRate Advantage loan allows you to split your loan and assign either fixed or variable interest rates to each of the portions. By doing so, you are taking advantage of times when interest rates may fall but still protecting yourself from the full effect of interest rate rises.
- Unlimited redraw facility. You can make as many additional payments as you like while paying off the MyRate Advantage loan. By making additional payments you can reduce the amount of interest charged on the loan. In addition to the above, you are also able to redraw these extra payments whenever you want for no extra charge. There are no limits to the amount of redraws you can do while using the MyRate Advantage loan.
The MyRate Advantage Loan is full of added features. It offers a great no fees package which can help you save money as soon as you start to pay your loan. Coupling this with the low interest rates and other features makes the MyRate Advantage Loan a great competitive product which can help you buy a home.
Read the MyRate Advantage Rate Loan terms and conditions.
| Minimum Loan Amount | $100,000 | |
|---|---|---|
| Maximum Loan Amount | $2,000,000 | |
| Maximum LVR | 95% | |
| Mortgage Offset Account | No | |
| Loan Redraw Facility | No | |
| Split Loan Facility | No | |
| Fixed Interest Option | No |
| Interest Rate Type | Fixed | |
|---|---|---|
| Interest Rate | 6.15% | |
| Comparison Rate | 6.15% | |
| Repayment Type | Interest Only | |
| Repayment Frequency | Weekly | |
| Extra Repayments | Yes |
| Application Fee | $0 | |
|---|---|---|
| Legal Fee | $0 | |
| Valuation Fee | $0 | |
| Service Fee | $0 | |
| Settlement Fee | $0 | |
| Exit Fee | $250 |
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|---|---|---|---|---|---|---|---|
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 Bankwest Online Home Loan | A low interest rate home loan with a $0 application fee and ongoing maintenance fees. This offer is exclusively available by applying online. | 5.97% | 5.97% | $0 / $0 | 80% | $100,000 / $1,000,000 |
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 Illawarra Home Loans Bank Beater Home Loan | A low variable rate, beaten down even further by 0.05% p.a. after 5 years. | 6.07% | 6.35% | $0 / $345 | 90% | $250,000 / $1,000,000 |
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 State Custodians Mortgage Company Standard Variable Offset Loan | Awarded Mortgage of the Year 2012 – this multi-award winner features 100% offset and a loyalty 0.25% rate drop after 5 years. | 6.02% | 6.23% | $0 / $345 | 95% | $150,000 / $1,000,000 |
|
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