Ryan Gair, co-founder and CEO of Rate Money, emphasised the company's commitment to supporting its customers: "There's still a lot of self-employed people out there who are needing every single dollar that they can save. If we can help contribute to them saving $50, $60, $100 a month in interest, that will hopefully go a long way for a lot of households."
In addition to the modest rate increases, Rate Money has launched the 'Easy Dollar for Dollar Refinance' loan. This full-documentation loan, with an interest rate starting at 5.81% per annum, is tailored for self-employed individuals who may find it challenging to secure loans from traditional banks due to their unique financial circumstances. To qualify, borrowers must demonstrate a consistent repayment history over the past 12 months without any missed payments.
Gair highlighted the challenges self-employed individuals face when seeking loans from traditional banks: "If you go to a bank, and you're looking for a cheaper interest rate, you've got to give them your tax returns. And if your tax return only shows $50,000 worth of income, and you want to borrow a million dollars, the bank is not going to service the loan, even if the borrower has made every single repayment every single month."
By focusing on repayment history rather than taxable income, Rate Money aims to provide more accessible refinancing options for self-employed borrowers. This approach not only offers potential savings but also acknowledges the diverse financial profiles of self-employed Australians.
Since its inception in 2019, Rate Money has experienced significant growth, surpassing $10 billion in loans by February 2025. The company continues to expand its offerings and leadership team, reflecting its commitment to meeting the evolving needs of its clientele.
For self-employed Australians seeking competitive loan options and refinancing solutions, Rate Money's recent initiatives present a noteworthy alternative in the current lending environment.
