You might want to check the datasheet, I too also just bought an HC-05 from ebay (from the seller NYplatform), and the data sheet provided by the seller says that while the preferred voltage is 3.3 volts, it will work at 3.3 to 6 volts, so it should be usable by an Arduino without a voltage converter. That being said, I just got it haven't yet hooked it up to the Arduino (or the Teensy 3.0 which is 3.3 volts). Here the ebay listing for the unit I bought:
http://www.ebay.com/itm/221158958927?ssPageName=STRK:MEWNX:IT&_trksid=p3984.m1439.l2649.