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5-Day Formal Approval Guarantee

Our loan process is fast, simple and convenient. Unlike other lenders, once you submit all your paperwork, we guarantee to provide you with a Formal Approval decision within just 5 business days. If it takes more than 5 business days we will deposit $100 into your loan at settlement. Some terms and conditions apply and your loan consultant can explain more.

Loan Process

1. Pre-approval

Visit our mortgage enquiry page.

2. Full Application

Call us or we'll call you to complete a full application over the phone and run a credit check and valuation if required.

3. Verification and Title Search

Send your relevant documents to MyRate - we will then verify your details and conduct a title search.

4. Formal Approval

When your loan is fully approved, MyRate will send a Letter of Offer to you or your representative. Read the Letter of Offer, sign it and return it to MyRate.

5. Settlement

MyRate will provide you with a clear, concise document confirming all your loan details, and complete instructions on how to access your funds and make transactions. Congratulations and welcome to your new loan!

Step Status Time since start
1. Pre-approval Pre approved 1 day
2. Full Application Credit approved
Valuation ordered		 1 day
3. Verification and Title Search Documents verified
Title search		 3 days
4. Formal Approval Full approval 5 days
5. Settlement Settlement  
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What's the catch Fixed vs. Variable Compare MyRate
     Rate 
(p.a.)		 CCR#
(p.a.)		    
Loan Fees
myrate 8.53% 8.53% $0*
Aussie 9.30% 9.35% $600
Westpac 9.36% 9.74% $600
St. George 9.37% 9.53% $700
 
 
All information on this website is of a general nature and does not take into account your individual circumstances. MyRate is not a bank or other Authorised Deposit Taking institution. MyRate does not give financial advice – for advice that takes your circumstances into account please consult a qualified financial advisor. Rates advertised on the site are valid for all new applications only.
# The Compulsory Comparison Rate (CCR) applies only to the example or examples given. The CCR is based on a $150,000 loan over 25 years or where applicable, a $600,000 loan over 25 years. Different amounts and terms will result in different Comparison Rates. Costs such as redraw fees or early repayment fees, and costs savings such as fee waivers, are not included in the Comparison Rate but may influence the cost of the loan. The information presented was sourced from InfoChoice. A Comparison Rate Schedule of MyRate loans is available here.
* No fees on standard applications! Learn more
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