Terms and Conditions

These terms apply when you use the RateMyLoan website and mobile app. By creating an account or using the service, you agree to them. If you do not agree, please do not use RateMyLoan.

What RateMyLoan does

RateMyLoan is a marketplace that connects home loan borrowers with mortgage brokers. We are not a lender or a mortgage broker, and we do not provide financial or credit advice. Any loan arrangement is between you, your broker and the lender. Consider your own circumstances and get independent advice if you need it.

Your account

• You must be at least 18 and able to enter into a binding agreement.
• Your information must be accurate, and you must keep it up to date.
• Keep your sign-in details secure. You are responsible for activity on your account.
• You choose a borrower or broker role when you sign up, and it cannot be changed by you.

How auctions work

• A published loan request stays open to quotes until its closing time or until it is cancelled.
• Each broker can submit one quote per request, and can edit or withdraw it while the auction is open.
• Brokers cannot see each other's quotes, but may see the current best rate and the number of quotes.
• Borrowers can accept a quote while the auction is open or after bidding closes. Accepting a quote rejects the others.

Quotes are indicative

Quotes come from brokers, not from us. They are indicative and subject to lender approval, credit assessment and the lender's terms. The final rate and fees may differ, and we do not guarantee that a loan will be approved or that any quote is the best available.

Borrowers

• Posting a loan request is free.
• You are never obliged to accept a quote.
• Give accurate loan details, and only upload documents you are entitled to share.
• Do not put your name or contact details in loan request notes, because brokers can read them before you accept a quote.

Brokers

• You must hold, and keep current, an Australian credit licence or be an authorised credit representative, and comply with all laws that apply to you, including the National Consumer Credit Protection Act 2009 (Cth) and the best interests duty.
• Quotes must be genuine, accurate and not misleading, and you must be able to honour them subject to lender approval.
• Use borrower information and documents only to assess and arrange that borrower's loan, and handle them according to privacy law.
• Do not contact a borrower unless they have accepted your quote, or try to identify a borrower from their loan details.

We may check broker details, but we do not guarantee any broker's licence, conduct or services. Borrowers should confirm a broker's credentials before proceeding.

Acceptable use

You must not post false or unlawful content, interfere with the service, access data you are not authorised to access, or scrape or copy the service.

Intellectual property

We or our licensors own the RateMyLoan service and branding. You keep ownership of the content you submit, and you let us use it as needed to run the service.

Privacy

Our Privacy Policy explains how we handle personal information.

Your consumer rights and our liability

Nothing in these terms excludes rights you have under the Australian Consumer Law that cannot lawfully be excluded. Subject to those rights, the service is provided as is, and we are not liable for the acts or omissions of brokers or lenders, or for any indirect or consequential loss. Where our liability for a failure to meet a consumer guarantee can be limited, it is limited to supplying the service again or paying the cost of having it supplied again.

Suspension and closing your account

We may suspend or close an account that breaches these terms or puts others at risk. You can ask us to close your account at any time by emailing us.

Changes

We may change the service or these terms. We will post updated terms on this page, and by continuing to use RateMyLoan after that you accept them.

Governing law

These terms are governed by the laws in force in Australia, and its courts have jurisdiction.

Contact us

Email info@ratemyloan.com.au.