I don't have a problem with MyRate changing the rates – they are variable after all. I just find it dishonest that once you sign up for  a loan at a low rate, they raise your rate but still advertise the low rate to get more others to sign up.

I queried this and here's their response:

"From time to time you may notice differences in the rate you are paying against the rate being advertised for new customers. There are a number of factors which influence rates including funding conditions and market conditions at the time. At present, your rate is slightly higher than the advertised rate for new customers. There maybe occasions where the situation is reversed, again depending on general market and economic factors at the time. Our website clearly indicates that the advertised rate is for new applicants only."

This means their advertised rate is meaningless as they can and do change it once you have taken a loan out with them.