Rate Money’s Loan Book hits $1bn

21 September 2021
Rate Money’s Loan Book hits $1bn | Rate Money News
2:35

Specialist mortgage lender for self-employed borrowers Rate Money has surpassed $1 billion in settled loans 18 months after launching.

It announced that Rate Money exceeded $1 billion in settled loans in May and settled $120 million in loans in June.

The specialist lender—which writes home loans for different types of properties, such as new family homes, off-the-plan commercial property, house and land packages, apartments, and property via a self-managed superannuation fund (SMSF) for self-employed borrowers—settled over $900 million in loans in the 2020-21 financial year.

Rate Money founder and CEO Ryan Gair – who established the lender 18 months ago along with the two other directors of the company, Glenn Maynard (founder and non-executive director of the Think Tank Group and director of mortgage brokerage Artisan Finance) and Luke Sheales (previously a RAMS franchisee) – said that more than half of the lender’s business is originated through the mortgage broker channel.

He told Mortgage Business: “Rate Money supports and understands mortgage brokers and their businesses as the directors of Rate Money were once brokers themselves.

“The broking channel values our knowledge and commitment. Our branches are independently owned, so we are self-employed, like them. We are, therefore, more responsive and remunerated on success—like they are.”

Mr Gair said his next short-term target is to surpass the $ 150 million mark within a month, while his longer-term goal is to settle $2 billion in loans this financial year.

Commenting on the milestones, Mr Gair said that Mr Maynard and Mr Sheales aimed to make the playing field “fairer” for self-employed borrowers struggling to secure finance elsewhere.

He said, “We also wanted to make mortgage management cool again. It wasn’t sexy at all—it was vanilla.

“We want to be the home for all self-employed Australians. Our recent investment in the Rate Money brand, marketing, and communications is helping us connect with them more profoundly.”

The lender has nearly 100 team members and 17 owner-operated branches in NSW, Victoria, and Tasmania. It said it was currently close to opening new branches in Queensland.

Mr Gair said, “We are always on the lookout for talented people who can help us take the company further and faster.

“Especially those ‘super brokers’ who want to run their own show and love helping the self-employed as much as we all do.”