Australian families are hurting with almost half (44%) of 1,384 people surveyed^ stating the recent interest rate hikes have affected them so greatly that their children are suffering The survey found one in four family units (25%) said they will be denying their children certain foods and clothing because they could not afford them like they used to; while one in five complained they were now working much harder to earn the additional cash needed to fund their mortgage and as a result were spending much less time with their children. In addition, 63% of Australian home owners admit that their mortgage is affecting their total well-being, with almost 30% claiming high repayments were affecting their relationship.

“This survey has highlighted a very sad predicament,” stated MyRate.com.au General Manager Kevin Sherman. “The recent rate rises, along with the heightened costs of living have forced families to tighten their belts and work a lot harder. That’s why, there is no better time to review your financial situation and in particular, your largest liability- the home mortgage.”

MyRate.com.au is reaching out to struggling Australian families with one of the best mortgage deals in the land. The Advantage Rate Loan has yet to pass on the two most recent RBA rate rises and currently sits at 7.34%* (variable interest rate) with no fees on standard applications**. MyRate.com.au’s ‘Advantage’ home loan has the ability to save home buyers more than $60,000 over the life of their loan when compared to the current offering from many of Australia’s leading banks***. And when you consider unnecessary establishment and administrative fees can add an extra $1400 at the beginning of a home loan, it’s easy to see why many families view the big banks as the modern day equivalent of Mr Scrooge.

“The combination of simple online processes coupled with real people to talk to who manage the application right through to settlement is resonating with consumers eager to make significant savings while using feature rich products,” continued Kevin Sherman. “And because MyRate.com.au offers pre-approvals online in as little as two minutes, you can make a positive move for the future straight away.”

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.

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

^ Online survey of 1,384 Australians of all ages conducted by ARTOG.com.au during November 2006.

**For loans to individual applicants with a single property valued at less than $500,000 used as security. See site for important information ***Comparing a $300,000 loan with minimum repayments over 30 years at the current standard variable rate.