Self-employed lending specialist Rate Money has announced it won’t be passing on the full 0.25% rate rise to their low-doc customers, instead giving a 0.10% increase.
The lender says this move will protect self-employed Australians by keeping its low-doc loan rates below 6%.
Rate Money specialises in loans for self-employed customers and says the move to only pass on a fraction of the Reserve Bank increase was a way of protecting their hard working, self-employed customers and stay competitive in the market.
“During this period of rising rates and inflation, we have witnessed some of our hardest working Australians struggle to keep up and it’s time we start alleviating some of that pressure,” said Rate Money CEO and cofounder Ryan Gair (pictured above).
“At Rate Money, we believe that self-employed people are an important and reliable part of the economy and as we see rate rises begin to cool off, we want to help this segment as much as possible.”
Rate Money’s Think Money Low Doc Product Offering will increase from 5.89% to 5.99%.
Rate Money has branches across Australia in 33 locations, made up of a network of 170 employees and have fulfilled over $3.5bn in loans for over 4,000 customers.
