Home loan provider Rate Money hits $4B in loan settlements in three years

Ryan Gair, Chief Executive Officer at Rate Money

In just three years since its launch, Australian award-winning mortgage franchise Rate Money has achieved a milestone $4 billion in settlements, helping over 4,000 self-employed and migrant Australians secure a home loan and get into the property investing market.

How has Rate Money revolutionised the mortgage sector?

Combining over 50 years’ experience in mortgages Ryan Gair, Luke Sheales, and Glenn Maynard launched Rate Money in 2019 to address a gap in the market where business owners and sole traders were being penalised for having alternative banking documentation. 

Rate Money bucks the trends that would see self-employed Aussies suffer. This month alone, while lenders tighten their guidelines and raise their rates, Rate Money absorbed the 0.25% increase, passing on just 0.15% to their low-doc customers, and keeping their rates below 6%. This is on top of their regular offerings, of no risk fees or complex application hoops.

Amin is a personal trainer and father of two. He is originally from Iran and then moved to Budapest before he came to Australia. He has now been in Australia for 8 years and is a citizen. But during covid and lockdown no banks or lenders would help him out with a loan.

But after approaching Rate Money for a loan, they were able to offer him products that suited his specific needs through his personal training business. He and his wife were able to buy a unit in Lane Cove and they’re now looking to buy their second property. In 2022, Rate Money won the Mortgage Manager category in the Mortgage and Finance Association of Australia Awards and was named 5-star Mortgage Innovator by Australian Broker Magazine.

What does the milestone mean for Rate Money?

Ryan Gair, CEO and co-founder of Rate Money, said: “We’re thrilled to have hit $4 billion in loan settlements in just three years, a milestone that gives us confidence our products are helping thousands of self-employed Australians to achieve their dream of home ownership.”

“At Rate Money we believe self-employed people are the most reliable borrowers in the country, they’re hard workers who know how to make money, how to save, and how to scrimp in those tough times. They shouldn’t face tougher criteria because their financials are more complex and sometimes more unpredictable than a PAYG borrower,” Ryan said.

“We trust them and our default rate of 0.5% for over 60 days is proof of their ability to service a home loan. We will continue to provide a solution for self-employed Australians who will be facing even tougher criteria in the years to come,” Ryan Gair further commented.