FAQ

If you can’t find your answers here, feel free to just pick up the phone and ask us. Or drop into your nearest Rate Money branch.

The Answers to Some of our Most Frequently Asked Questions

Don’t forget, were always happy to answer any question you may may in relation to your property loans. So feel free to call, email or use our online chat.

I am self-employed, can I still borrow funds?
Yes you can. At Rate Money, you’ll be greeted with open arms as we specialise in helping the Self-Employed get the funds they need to acheive their dreams. Just call us.
What are your fees and charges?

Well, for a start, all our loans have no risk fees and no lenders mortgage insurance. Plus we will always do our very best to help you find the best possible loan with the lowest interest rate, fees and charges. 

What are your interest rates?

Put simply, Rate Money will find you the very best deal we can based on your circumstances. With access to a wide range of specialised lenders, our team will work tirelessly on your behalf to source and secure the best possible rates and products that are available on the market for your unique circumstances. Please contact us to find out more.

How much can I borrow

Up to 98% of the purchase price. But this really depends on your circumstances, what property you want to buy and how much documentation you can provide. So it really helps to have a confidential chat with us first, where you can outline your plans and your circumstances, and we’ll work from there to find you the best deal. 

How much deposit will I need?

We do have loans that start with deposits from as little as just 5%. BUT – it all depends on what property you want to buy AND your circumstances and documentation. Generally, the greater your deposit – the better the deal.

Who can take out a low doc loan?

Low doc loans are available to all our Self-Employed customers. As long as you have an ABN and are operating a viable business, you’ll be fine. We’ll work with you to get the very best loan that your circumstances allow.

What is a low doc loan?

It’s just shorthand for a ‘Low Documentation Loan.’ A low doc loan is a mortgage often used by Self-Employed people who may find it difficult to provide conventional proof of income such as payslips or tax returns. At Rate Money, we have a number of funders with different appetites for low doc loans, full doc loans and everything in between. So rest assured, we have you covered.

Do I need clear credit history?

A clear credit history always helps. But if you’ve had a few little hiccups in your past – as many Self-Employed people have – we can usually work our way around the ‘blips’ and still find you a great home loan deal. It all depends on your circumstances and your business. So don’t be put off. Just call us for a confidential chat and we’ll always do our best for you.

For how long do I need to have been Self-Employed in order to get a loan?

Usually for at least 24 months. Although with Rate Money, we can always work around the ‘usual’ if your circumstances allow us. So it’s well worth a chat. Always.

Can I refinance my current home loan?

Yes. Many people are doing just that with us. So if you’re Self-Employed we’d love to hear about your current situation and see how we can help you refinance your existing home loan or existing investment loan. So get in touch with us today.

What income verification do I need to provide?

The more documentation the better, of course.
So to get an outstandingly low rate, you’ll usually need to provide income evidence (via your BAS statements for example) and your last two tax returns.
However, most of our Self-Employed people still get a great rate and home loan deal by simply stating their income, then providing income evidence in the form of a BAS, business account statements or even an accountant’s declaration.
So don’t panic, we’ll wok through the options with you to get you the very best deal we can.

Can I use the funds to payout my tax debt?

Yes you can.  We’ll work closely with you to do this as best as possible for your exact circumstances.

What is a risk fee?

It’s an unnecessary and outrageously expensive fee that many other lenders charge borrowers (particularly, Self-Employed borrowers). 
But not us.
At Rate Money we provide the loans you need with no risk fees and no lenders mortgage insurance (LMI) either. All with a competitive interest rate and great service.

What happens if I can’t pay my loan?

You’re best to call us on 1300 936 668 or email us at

customerservice@ratemoney.com.au as soon as you know you could be experiencing financial difficulty making one or more of your loan repayments.
Do you charge Lenders Mortgage Insurance (LMI) or a Risk Fee?
No we don’t. We think they’re unfair. Rate Money provides the Self-Employed with the home loans they need (full doc, low doc and all in between) without any LMI or risk fees. But always with very competitive interest rates.
Do you have offset account?
Yes. Most of our loans (but not all) do feature an offset account. Just ask us.
How do I apply for a loan?
It’s easy. Start by either speaking with your trusted mortgage broker or pop into one of our branches and chat with the Brand Partner or just call us directly on 1300 936 668.
Do I need an approval before I pay a deposit or even bid at an auction?
Yes. It’s dangerous not to. Because if you pay your deposit without a formal approval, you run the risk of losing the entire deposit if the finance falls through. Much like the deposit scenario, bidding at auction requires you to have your finances already in order, you should not bid at auction until you have an assessed pre-approval in place.
Can I obtain a pre-approval before I start looking for a property?
Of course you can. Actually, it’s the smart thing to do. Knowing you have all your finances in order prior to searching for a property, ensures you don’t miss out on your dream purchase. Our pre-approvals last up to 90 days to give you the time you need to search for the right place. But, if need be, this can also be extended by providing us with updated documents and information.
Do you have any loan purpose restrictions?
Funds cannot be used for any reason that may be deemed unlawful. We do, however, proudly support the Self-Employed by provide loans for the following purposes: Payment of a Tax Debt, Refinance (Commercial refinance), Property Purchase (Owner occupied, investment and commercial purchase), share investment, construction with progressive draw downs and equity release.
How can I pay off my loan quicker?

There are 3 simple things you can do to pay off your loan faster.

  1. Pay more than your minimum payments. Even the smallest amount helps enormously. For example, if your minimum required payment is $1,265 by upping this to $1,300 could shave years off your loan term.
  2. Pay more frequently. Unlike some lenders, our monthly repayments can instead be changed to fortnightly or even weekly. This means you could pay an extra month’s worth or repayments each year. Thus reducing your interest and also giving you an available redraw to use if and when required.
  3. Move your savings and/or salary across into a linked offset account. This will reduce the interest charged to your loan. Meaning the repayments you make will go toward reducing your principle balance sooner.
What if I have not yet lodged my recent tax returns?
No problem. We can still offer you a low documentation loan (our low doc option). This allows you to provide evidence of your income in the form of BAS, business account statements or even an accountant’s declaration.
Do I need to have a deposit? If so, how much?
Yes. Usually, the bigger your deposit, the better the rate. Borrowing against residential security you could be required to provide a 20% deposit. However, we do have loans which start with just 5% deposit. We always have many options available – even to low doc home loan borrowers. So talk to us and we’ll talk you through all your options.
What if I don’t have a clear credit history?

We have many loan options available to people who may have a ‘less-than-impressive’ credit history. So if you do have some credit issues. Don’t be put off. You can still apply for a low doc home loan (however we will need to review the reasons behind the history).