Rate Money Credit Guide
Rate Money is a licensed Mortgage Manager under the National Consumer Credit Protection Act 2009. This document provides you with information about us and the services we provide. No fees are payable by you for credit assistance services rendered by your Mortgage Manger.
Australian Credit Licence Name Rate Money Pty Ltd
Australian Credit Licence Number 519912
AFCA Membership 72448
ABN 92 632 468 056
Address Level 4, Suite 402, 54 Miller Street North Sydney, NSW 2060
Phone Number 1300 936 668
Our commitment to service
We are obliged to ensure that any loan, or principal increase to a loan, we help you to obtain, is not unsuitable for you. To decide this, we may need to ask you some questions to assess whether the loan is not unsuitable. The law requires us to:
• make reasonable enquiries about your requirements and objectives.
• make reasonable enquiries about your financial situation; and
• take reasonable steps to verify that financial situation.
Credit will be unsuitable for you if, at the time of the preliminary credit assessment, it is likely that:
• you could not pay or could only pay with substantial hardship; or
• the credit will not meet your requirements or objectives.
For example, if you can only repay by selling your principal place of residence, it is presumed that the loan will cause substantial hardship unless the contrary is proved. For this reason, we must ask you to provide a significant amount of information. It is important that the information you provide is accurate, complete and up to date.
At any time within seven years of us providing you with credit assistance, you may request a copy of the preliminary credit assessment. We will provide you with this documentation within seven business days of receiving your request. However, if your request is more than two years after the date of our assessment, we may take up to 21 business days after receiving your request..
Services we provide
We are authorised to arrange loans under the National Consumer Credit Protection Act 2009 (NCCP Act). The NCCP Act regulates the activity of lending, leasing, and finance broking.
Our Credit Services
Rate Money exercises the rights of credit providers under most credit contracts into which it provides credit assistance (otherwise known as ‘Mortgage Managers’). The lenders named below are the six lenders with whom the Credit Licensee conducted the most business in the previous financial year (based on the $ amount settled with each lender)
Rate Money’s Top Lenders are Think Tank Group Pty Ltd, Mortgage House, Brighten Homes Loans Pty Ltd, Pepper Homeloans Pty Limited, Macquarie Bank Limited, Westpac Banking Corporation.
Fees payable by you to us
You will need to pay other fees and charges in relation to the product which may include, application fees, valuation fees and other fees including government fees and charges. An estimate of these fees will be provided to you.
Fees payable by you to third parties
When the application for your loan is submitted, you may be required to pay fees to third parties associated with the application, such as the credit provider’s application fee, valuation fee or other fees. These will be detailed in the Credit Proposal document and provided to you before you apply for finance. You can ask us how they are calculated.
Commissions received by us
We may receive fees, commissions or other remuneration or rewards from the lenders who fund the finance we arrange for you. These are not fees payable by you.
Remuneration or rewards may include training, professional development, entertainment, gifts, conference attendance, sponsorship or entry into a competition run by a lender or an aggregator. These types of rewards are not generally permanent, and the remuneration received is not readily ascertainable.
Commissions payable by us
Rate Money source referrals from a broad range of partners. For example, we may pay fees to real estate agents or accountants for referring you to us. These are not fees payable by you. Any specific referral fee paid will be disclosed in the Credit Proposal Disclosure Document.
Our Internal Dispute Resolution
We always strive to provide the best possible service and provide you with the finance that suits your needs. However, we appreciate that from time to time, applicants may not be satisfied with the process or the solution. If this occurs, and you have a complaint about the service we provide, we have a resolution process in place to address your concerns.
You can lodge your complaint through several channels. You may do this verbally or in writing. If you choose to lodge the complaint by email or mail, please make sure you include as much information as you can. You should explain the details of your complaint as clearly as you can.
Step 1: Please contact your Rate Money Mortgage Manager in the first instance as many disputes can be resolved relatively quickly. Your Relationship Manager will have five business days in which to try and resolve the dispute.
Step 2: If you are not satisfied with the outcome or the way in which your complaint has been handled then you can escalate the complaint. Please contact our complaints officer on 1300 936 668 or email email@example.com. Please provide us with as much detail as possible so we can address promptly and hopefully resolve it to your satisfaction.
Our External Dispute Resolution (EDR)
If you are not satisfied with our response, you may refer the matter to Australian Financial Complaints Authority (AFCA). The Rate Money AFCA Membership number is 72448.
Phone Number: 1800 931 678
Address: GPO Box 3 Melbourne VIC 3001
AFCA is a no-charge external independent resolution service.
If you have any questions about this credit guide or any other aspects of our services, please do not hesitate to ask..
Rate Money Pty Ltd ABN 92 632 468 056 | Australian Credit Licence 519912 | Feedback and Complaints