New Internet Mortgage Provider Hits $100M in 3 Months

(PRWEB) October 19, 2006

Innovative internet-based mortgage provider MyRate.com.au, has passed a significant milestone by taking over $100M in applications in just three short months.

The combination of simple online processes coupled with real people to talk to who manage the application is resonating with consumers eager to make significant savings while using feature rich products. http://www.MyRate.com.au is fast becoming the internet lender of choice by offering some of the lowest interest rates in Australia, NO FEES on standard applications* as well as pre-approvals online in as little as two minutes.

To celebrate this milestone, MyRate.com.au will continue to delay passing on the August RBA rate rise on all Advantage Rate Loan applications– the Advantage Rate Loan currently sits at 6.70%*** (variable interest rate) with absolutely no fees on standard applications*. MyRate.com.au’s ‘Advantage’ home loan has the ability to save home buyers more than $80,000 over the life of their loan when compared to the current offering from many of Australia’s leading banks**.

“It’s encouraging such a young company can make such an enormous impact on Australia’s financial landscape so quickly,” says MyRate General Manager Kevin Sherman. “This proves Australians are sick and tired of the greedy tactics and fees imposed on them by many traditional home-loan lenders. Establishment and administrative fees can add an extra $1400 at the beginning of the home loan. As far as we’re concerned, these fees are unnecessary and just a grab for more money.”

While MyRate’s low running costs mean low rates and no fees on standard applications*; it does not forsake quality of service. Expert consultants are always available to assist with the application process and the online management of mortgage accounts.

MyRate.com.au provides loans for refinancing, purchase and investment, and welcomes first home buyers and self-employed borrowers. The web-site includes a comparison table and education centre so all borrowers can make the most informed decision possible.

“With no need for meetings with brokers or banks, Australians can make important decisions in a relaxed environment. MyRate.com.au aims to assist people in enjoying the limited amount of free time they have.”

MyRate is a full member of Mortgage Industry Association of Australia. For further details: http://www.myrate.com.au or 1300 663 558

*For loans to individual applicants with a single property valued at less than $500,000 used as security. Terms and conditions apply. See website for full details

**Comparing a $300,000 loan with minimum repayments over 30 years at the current standard variable rate.

*** MyRate will do its best to delay passing on the August RBA rate rise indefinitely however the rate may change to a still incredibly low 6.94% some time in 2007.

To interview Kevin Sherman, please call Drew Lambert on (02) 9775 7080.

About MYRATE.COM.AU:

MyRate.com.au is a Sydney-based service provider, funded by one of the largest financial institutions in the world, which has operations in over 60 countries.

MyRate.com.au’s founders are specialists in the internet space, having previously pioneered services for the online management of business finance, personal loans, car finance and insurance, travel insurance, life insurance, income protection and home and contents insurance.

Using innovative technology, the company provides a source of information for all consumer related home loan service enquiries, and provides unconditional loan approvals in as little as five days.

Visitors to the website gain free access to an extensive rate comparison feature, as well as news, guides, and forums.

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