Rate Money reaches $7bn settlement milestone

Rate Money has announced that, since opening its doors in 2019, it has settled $7 billion in loans – having grown by $2 billion in settlements in less than a year.

According to the brand, the growth came following strong performance from its franchisees and the mortgage manager’s expansion of its service offering to franchisees, including training, compliance and ‘customer designed’ systems for more efficient and effective operations.

Rate Money chief executive Ryan Gair commented: “Our aim is to consistently develop new and exciting products that are exclusive to Rate Money, ensuring our franchisees are armed with the tools they need to succeed.”

He added that the group would continue to work on achieving growth and efficiencies through innovation, stating: “We have a range of new and exclusive product enhancements launching soon that we believe will take our offering to the next level.

“With our recent improvements to both the front end and the back end of the business, all signs are pointing to another great year.”

The mortgage manager has been updating its broker offering and expanding its white label partnerships in recent months.

Last year, it removed application and valuation fees and reduced clawbacks for its brokers on its Think Money product line for loans up to $2.5 million.

This product line no longer has clawbacks on loans held for 12 months or longer when a property is sold.

These enhancements followed Rate Money removing clawbacks and fees for its House Money product line back in July 2023.

[Related: Rate Money hits $5bn in settlements]