Quick Summary
Founded
2020
Owned by:
Rate Money
Funded by:
Thinktank, Mortgage House & Pepper
LMI Provider:
Self-Insured
Lender type:
Specialist Lender
Led by a team of experienced mortgage professionals, Rate Money’s aim is to help self-employed borrowers.
They have identified that self-employed borrowers require a higher degree of expertise and flexibility compared to other borrowers.
They accept alternative documents to verify income for self-employed borrowers like Accountant’s Declaration and Business Activity Statement (BAS).
They can work with clients who want to purchase via self-managed super fund or other financings.
How do Rate Money’s home loans compare?
Pros
- Self-employed home loans
- Low doc loans
- Accepts rental income for servicing
- Accepts bonus and commission for servicing
- Unlimited debt consolidation
- SMSF loans with 100% offset
- Accepts up to 6 months of casual employment
- Offers competitive interest rates compared to other specialist lenders.
- Multiple units on one title
- Hobby farms
- Serviced apartments
- No risk fees for low doc loans
- Large loans over $2 million
- Regional areas are accepted
- Unlimited cash out
- Up to 95% considered for off-the-plan properties
- Accepts small apartments with size less than 50m2.
- High-density areas are considered
- Can borrow up to 98% of property value for a family home.
- Can do ATO debt
Cons
- They cannot do high LVR loans
- They only accept minor defaults or late payments.
- They cannot help if you have a low deposit.
- Their offices are only located in New South Wales and Victoria.
- There is an amount limit for vacant land loan.
What type of home loans do they have?
Rate Money home loan products are centred around helping self-employed borrowers.
- Hot Money: It allows greater credit flexibility where there have been late payments or credit issues including defaults.
- Think Money: Income can be verified using either Accountant’s Declaration or Business Activity Statements (BAS). The maximum LVR depends on the location of the property.
- House Money: House Money Extra allows self-employed borrowers to provide tax returns from the last financial year as proof of income. Company debts can be excluded from servicing. House Money Easy is for those with large deposit or equity.
What makes them different?
If you’re self-employed looking for an investment loan or home loan, Rate Money’s team of specialist advisors will provide their expertise.
As most of them are self-employed, they understand and can navigate the lending process and mitigate the challenges faced by business owners. Rate Money can get your home loan approved if you do not have full financials or tax returns as they accept alternative documentation.
They can even verify your income with current supporting information, which provides a clearer assessment of your borrowing ability.
Compare Rate Money to other lenders
Not sure which lender is right for you? Our Home Loan Experts can help!
Talk to one of our mortgage brokers by calling us on 1300 889 743 or complete our free assessment form.