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Self-employed home loan specialist Rate Money will expand its franchisee learning programs in 2025 to include a new credit training program and additional specialist training in self-employed lending.
Rate Money has recently recruited a new credit capability coach into its learning and development team and plans to launch a newly created Credit Capability Development Program in 2025.
The initiative will involve new starters in the businesses being offered personalised one-on-one credit coaching, to help guide them through their crucial early days as part of the business.
National training manager Kerryn Millar (pictured above left) said Rate Money would also focus on delivering additional ongoing quarterly workshops and specialised self-employed lending masterclasses for its network.
“These sessions will be tailored to support our network of franchisees and lending managers,” Millar said. “They aim to deepen their understanding of credit and strengthen their skills in self-employed lending.”
The new training offerings add to Rate Money’s existing Sales Evolution Program, launched in 2024, which is designed to elevate the skills, confidence, and performance of franchisees and their staff.
“We view this as a valuable addition following the success of the Sales Evolution Program in 2024, further empowering our network to enhance their skills,” Millar told Australian Broker.
Rate Money, which won the Keystone Capital Mortgage Manager of the Year at the 2024 Australian Mortgage Awards, has been impressed with the results of its Sales Evolution Program.
“The program has really proven to be a transformative initiative for our network,” Millar said.
“By focusing on targeted training, mentorship, and practical strategies, the program has given our network the skills they need and has made a real difference in our results; we have seen a 30% uplift in settlement growth since the introduction of the program.”
Rate Money’s metrics also show a 155% increase in the number of referral partners that are being onboarded, with the network now adding an average of 21 new referrers per month.
The program is structured as a series of 12 interactive master classes run over a period of nine months.
“Participants gain in-depth knowledge in building, motivating, and maintaining referral partners, maximising client engagement, and settling with success,” Millar said.
Rishi Prabhakar (pictured above right), branch principal with Rate Money in Truganina, Melbourne, said attending the master classes throughout 2024 had been “highly transformative” and yielded tangible results.
“This learning model helped our team adopt and internalise new skills, leading to noticeable improvements in morale and confidence,” Prabhakar said.
“As a direct outcome of the master classes, we have seen growth in new business, increased client engagement, and positive client feedback.
“This has translated into new accounts and expanded opportunities with existing clients.”
Millar said Rate Money viewed learning and development as a vital part of its franchise model.
“We believe that well-trained franchisees and their staff can better serve clients and lead to higher client satisfaction and loyalty,” she said.
“Programs like our new Credit Capability Coaching and the Sales Evolution master classes enable our network of franchisees and lending managers to enhance their skills in building referral partnerships, converting applications to settlements and retaining clients.
“By reducing the likelihood of clients refinancing elsewhere, franchisees can secure long-term relationships and stable revenue streams.”
Training also ensured members of its network had an up-to-date knowledge of market trends, compliance requirements, and best practices.
“At Rate Money we believe this is invaluable for those operating in the financial and broking industry, where regulations, client needs, and lending criteria and products are frequently evolving,” Millar said.
Millar said the Sales Evolution Program had also helped to enrich culture at Rate Money.
“It's not just about skills,” she said. “The program has fostered a collaborative culture where our network works together and supports each other; for us it is about creating a positive environment where everyone can succeed together.”
