Lender exceeds $ 1 billion in settled loans
Specialized Mortgage Lender for Independent Borrowers Rate Money exceeded $ 1 billion in settled loans 18 months after its launch.
Rate Money exceeded $ 1 billion in loans settled in May, while settling $ 120 million in loans in June, he said.
The Specialized Lender – who takes out home loans for different types of properties such as new family home, off plan, commercial property, sets of houses and land, apartments and properties through a self-directed pension fund (SMSF) for self-employed borrowers – settled more than $ 900 million in loans during the 2020-2021 fiscal year.
Rate Money founder and CEO Ryan Gair – who started the lender 18 months ago along with the company’s two other directors, Glenn Maynard (founder and non-executive director of Think Tank Group and director of mortgage brokerage Artisan Finance) and Luke Sheales (formerly RAMS franchisee) – said more than half of the lender’s business comes from the mortgage broker channel.
He told Mortgage Business: “Rate Money supports and understands mortgage brokers and their businesses because the administrators of Rate Money were once brokers themselves.
“The brokerage channel enhances our knowledge and our commitment. Our branches are independent, so we are self-employed, like them. And are therefore more responsive and paid for success – as they are.
Mr Gair said his next short-term goal is to surpass the $ 150 million mark within a month, while his longer-term goal is to settle $ 2 billion in loans this fiscal year.
Commenting on the milestones, Mr Gair said he, Mr Maynard and Mr Sheales aimed to make the playing field “fairer” for independent borrowers who were struggling to secure financing elsewhere.
He said: “We also wanted to make mortgage management cool again. Mortgage management wasn’t sexy at all – it was vanilla.
“We want to be the home of all independent Australians. And our recent investment in the Rate Money brand, marketing and communications is helping us connect with it more deeply. “
The lender has nearly 100 team members and 17 owner-operated branches in NSW, Victoria and now Tasmania. He said he is currently on the verge of opening new branches in Queensland.
Mr. Gair said, “We are always on the lookout for talented people who can help us move the business forward, faster.
“Especially those ‘super brokers’ who want to run their own show and love helping freelancers as much as all of us.”
[Related: New banks must have money-maker: APRA]
Malavika Santhebennur is the Mortgage Securities Editor at Momentum Media.
Prior to joining the team in 2019, Malavika held positions at Money Management and Benchmark Media. She has been writing about financial services for six years.