Finance and Coffee sat down with Ryan Gair, CEO from Rate Money, discussing the lender's rapid growth and unique business model since its founding in 2019.
Rate Money has experienced exponential growth, escalating from approximately 15 franchises to 41 across the Eastern seaboard (Queensland, New South Wales, and Victoria). Their current goal is to reach 55 "high-performing" franchisees, with expansion planned for South Australia and other key locations. The company reports over $11 billion in total settlements since inception, with $9.7 billion settled on their own product, and $4.3 billion of funds under management.
The core of Rate Money's strategy is specialisation. They exclusively focus on AltDoc (Low Doc) and self-employed lending, differentiating themselves from competitors who offer a wider, less specialised product range. This niche focus helps streamline their marketing, messaging, and target clientele.
Rate Money operates as a mortgage manager, allowing them to offer bespoke products not available through third-party channels. Key examples include:
Alt Doc Loans for self-employed Australians
Construction Low Doc Product: They were one of the first to market with this highly sought-after product.
One-Year Tax Return Product: Designed to compete with major lenders while catering specifically to the self-employed customer.
Customer-Centric Fees: Their prime Low Doc products typically feature no application fee, no valuation fee, and no risk fee, providing a streamlined and predictable process for the customer.
Significant Growth and FocusExclusive Products and Unique Value
📢 Immediate Opportunity: Rate Money is Actively Seeking Brokers
A major takeaway from the interview is Rate Money's current recruitment drive. They are looking for experienced brokers (typically 2-5 years in the industry) who are ready to take the next step and grow their business into a high-performing franchise.
Rate Money Head Office is positioned purely to support its franchisees, offering comprehensive assistance in:
Infrastructure: Setting up the necessary systems and processes.
Compliance: Providing full training and support to ensure all deals are processed correctly.
Team Building: Assistance in building out sales and credit/admin support teams.
Business Development: Extensive sales, marketing, and local area marketing training, including access to B2C leads from an upcoming major media push.
The company views its relationship with franchisees as a true business partnership, providing the tools and products needed for brokers to stand out and build a sustainable business within the profitable AltDoc space. They even noted that several brokers who previously referred business to Rate Money have converted to become successful franchisees themselves.
In this episode we Unpack LMI, the podcast that helps you navigate the world of Lenders Mortgage Insurance and its power to help your clients enter the property market sooner with a smaller deposit.
Today, we dive into an industry-shaping campaign from Helia. For the first time on the show, you'll hear from the minds behind this innovative marketing campaign.
We'll speak with Strachan and Dimi about the evolution from "LMI Lets Me In" to "LMI Lets Me Invest”. We'll explore how they've shifted the conversation around LMI from a cost to a powerful tool for achieving home ownership and building equity.
You'll also hear from Tram, a broker featured in the national campaign about how it's changed their client conversations, the real-world stories behind the campaign's success, and how you can use LMI to help your clients stop renting and start investing for their future.
Helia’s helpful resources:
- Home Deposit Estimator: insights into the potential deposit gap pathways available
- LMI Lets Me Invest: help your clients enter the property market sooner and get ahead
- Investor case studies: LMI success stories.
Finance Talk with Peter White (FBAA), Julian Wills (F&C Compliance Guy) and Ray Regmi from Ryker CapitalTopics:
view from Ryker for someone setting up a business today
*US Tarrif War doing funky things to the Sharemarket and people's Super
*If cost of living is going up, will people cut their Insurance?
Your hostsSadish Visvalingam andBeth Comino
Joining them for this episode isAndrew Tan from Masters Broker Group in VIC.
Andrew has been in the mortgage game for a long time. He has been a Banker, a Broker, Co-Owner of a Sub Aggregator (which he sold), and then about 12 years ago he started Masters Broker Group with Mario Borg. Initially as a broker mentoring business that has since grown out to also be a Sub Aggregator under Connective.
This week's wrap will focus on one subject. Making the news this week, David McQueen, CEO of Loan Market spoke to the audience at the LMG top 100 summit that Broker Market Share is expected to hit 80% by the end of the year.
Source: https://www.mpamag.com/au/specialty/education/loan-market-boss-warns-on-complacency-as-broker-dominance-nears-80/523572
We speak to Andrew and asking him how does a broker make it in an environment that will see the banks clawing back their market share with more determination than ever.
We also Segway into his wisdom / experience with new brokers entering the industry, and his tips for those going into their 3rd year as business owners.
So you made it into your 3rd year running your broker business, now what? You are, in theory, exiting the "Survival Mode" and now entering the "Growth Mode" of your business.
Do you pivot? Do you get a mentor? Do you bring on more staff? What roles should the new staff members do? Does more staff equate to more revenue / profit?
We ask Justin to impart on the experience that he had, the highs and the lows of someone running a business. Whilst Lending 4 U is based in Tasmania, we are sure that the experiences are pretty common for any brokerage.
Your hosts Sadish Visvalingam and Beth Comino are back in the first Friday Wrap for 2025!
Joining them this episode is Justin Delanty from Finance 4 U in TAS. Justin also happens to be the State President for the FBAA in TAS. The final half of the podcast is where we ask Justin what advice he would give someone in their 3rd year as a business owner.
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But first up.. the news. Items in the news this week:
1:Most commonly asked Questions in 2024 - what will make the list in 2025?
Source: https://online.fliphtml5.com/wcyhl/tzit/#p=1
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2:KYC - New Year means new referrals. But care needs to be taken incase you lose your accreditation
Source: https://www.facebook.com/groups/471487283058255/posts/2824819344391692
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3:Interest Rates - will they or wont they
Source:
https://www.abc.net.au/.../inflation-q4.../104870480
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4:DONT bag other brokers in Ads / Socials / ANYWHERE! - Dien will find you and remove you from the group. lol
Todays hosts are Sadish Visvalingam and stepping in for Beth CominoBeth Comino is the lovely Chelsea Deacon. As always we will chat about the happenings in the group and news in the wider industry that may be interesting to brokers.
In the hotseat this week we have David Browne, Mortgage broker with 16+ years experience in finance. Prior o being a broker, David worked for Westpac for almost 20 years. Manager Legal & Compliance and establishing loan processing centres! David is also Co Founder and Director of Remote Broker Solutions.
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News Topics this past week:
(1) Fair Work Australia case where a business directly employing someone outside of Australia is still subject to FWA rules and regulations.
Source: https://www.fwc.gov.au/.../decisionss.../pdf/2024fwc2669.pdf
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(2) AMP announces commission changes last Friday (after the wrap had gone to air. Will others follow?
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(3) VIC State Government implements changes to reduce investment properties? New Victorian Short Stay Tax & Vacant residential land tax. Good or Bad?Source:https://www.sro.vic.gov.au/short-stay-levyhttps://www.sro.vic.gov.au/vacant-residential-land-tax--
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(4) Australian Gov takes steps to ban under 16 from Social media.What does this mean for you? Will F&C need a new home????
Source: https://www.abc.net.au/.../how-the-age-minimum.../104571790
Today's hosts are Sadish Visvalingam, and back from her well deserved holiday, Beth Comino.
As always we will chat about the happenings in the group and news in the wider industry that may be interesting to brokers.
In the hotseat this week we have Rachael Bland. Currently streaming from the Philippines on a work trip with 2 other broker buddies.Topics this week:
(1) Recent discussion based on a FWA case regarding wrongful dismissal brought forward by an offshore worker against an Australian employer being heard at all is unprecedented and presents a potential issue regarding how those employees may be compensated according to Australian Law.
Source: https://www.facebook.com/share/p/1EmGMpEw4w/Question:
Question for Rachael: Given one of her business is about helping employers directly hire OS workers (rather than through a BPO), has the case been misunderstood?
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(2) Customer verification / KYC Dien had a recent conversation with a broker who placed (and settled) a personal loan with lender (a) and home loan with lender (b). The issue is that supporting docs provided have been found to be fraudulent. The broker is now being audited and may lose his accreditation.
Question: How much supporting docs do you collect? or should you collect? Do you call the employer as well?
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(3) RBA Holds .... again
Source: https://www.abc.net.au/.../rba-boss-opens-door.../104710274
Question: Previous indicators are rates wont move till mid to late next year. So why even suggest it may move in Feb? Also do you send content about RBA movements to your clients? Does it work for you?
I recently had the opportunity to sit down with Wendy Brown, Head of Broker Sales at Macquarie Bank, at their new headquarters in Sydney.
In this candid conversation, Wendy covers:
Grab a cuppa and listen to the full interview.
Todays hosts are Sadish VisvalingamSadish Visvalingam and stepping in for Beth Comino, is the lovely Chelsea Deacon. As always we will chat about the happenings in the group and news in the wider industry that may be interesting to brokers.
In the hotseat this week we have Paul Ballinger, Director at Real Estate Home Loans in Ballarat VIC. Paul has been in the game for 24 years. So it's easy to assume he has seen plenty of things.
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Topics this week:
(1) How important is your Brand? Can someone take it?
Source: https://www.smh.com.au/.../why-paul-spent-two-years...
Question: What should businesses do to protect themselves from others who will try to take their brand?
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(2) Broker Market Share at 74.6%
Source: https://www.linkedin.com/.../mortgage-finance.../...
Question: Why has it continue to increase given all the head winds? Will we see a drop in 2025?
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(3) CBA introduces 15 year IO loans
Source: https://www.brokerdaily.au/.../19741-what-cba-s-interest...
Question: Is this a good thing? Will it put more fuel on the price of property? Will other lenders follow?
News and views relating to the F&C Community and the wider broker industry. This week, while Sadish Visvalingam is away, Dien Le stepped in to Co Host with Beth Comino. Our Guests this week are Paul Wright and Ali Dunphy-Foden. In addition to chatting about the news, The topic for discussion this week was based on an Anon Post asking members "when is it the right time to hire staff?" - in this case, it would be hiring their first employee. In the NEWS: *The FED cuts rates by 0.25 percentage points on Thursday (US time). The Aussie Dollar dropped and of course TRUMP wins the election. So what does that have to do with Australia?
News and views relating to the F&C Community and the wider broker industry. This week, Beth Comino goes solo on a different style of the usual weekly wrap.
In the news this week: it is a new month so rate movement will be a topic of discussion again. Whilst the RBA has yet to make any announcements, lenders have begun to drop their own rates.
This week, Macquarie Bank dropped Fixed Rates to 5.39% p.a. for owner occupied P&I 2-year fixed term at ≤70% LVR. We ask our guests what they thought about this and if they think others will follow.
In this episode, we are joined by Kerri Buurman from WA and Tracy Trang Le from VIC. Its not often we have an all women panel to discuss things finance and of course being a business owner. Each of these ladies run very successful brokerages. So we asked them advice on what they would give others about:
*Being an Owner of a business
*Growing a business
*If they would do anything differently.
News and views relating to the F&C Community and the wider broker industry. Hosted by Sadish Visvalingam and Beth CominoThis week we have Rob Flynn in WA, Malcolm Withers in NSW on as guests.
TOPICS THIS WEEK:
(1)LMG Announces Tech Fee Increases
Does it seem fair? but lets be realistic, F&C hosts our website on Amazon Web Services and the fees have increased over 23% in last year alone. Best to contact your LMG BD Team rather than speculate.
(2)Cashback Offers are back - for existing clients only
Complaints from brokers will grow due to lots of hard work by brokers only to be undone by lenders who should have backed brokers on the first try with repricing.
(3)REA Group buys 19.9% of Athena
The giant in terms of online property listings. Already owns 2 aggregators (Smartline and Mortgage Choice). Add to that REA branded brokers. And now they have their own product to distribute.
And of course we ask both Rob and Malcolm “what advice he would give to a broker who has just completed their second year in business”
News and views relating to the F&C Community and the wider broker industry.
Hosted by Sadish Visvalingam and Beth Comino
This week we have Michael Russell (MD MoneyQuest Group) on as guest.
TOPICS:
(1) Right to disconnect
A "right to disconnect" rule has come into effect in Australia, offering relief to people who feel forced to take calls or read messages from employers after they finish their day’s work.
Discuss: How will this affect a broker’s business?
Source article: click here
(2) NAB Announces new Commission changes
Effective from 1st September 2024, NAB has introduced a stepped clawback commission rate for new residential loans, easing the burden on brokers when clients refinance.
Discuss: Is this really a win for brokers? Source article: click here
(3) US Fed cut rates by 50bps. Will the RBA follow?
A few things to consider.: We also see some lenders with sharp fixed rate drops (e.g Macquarie 5.59% 2 yr Fixed). However - the unemployment rate is still low (their target is 5%. Currently 4.2% in July) and inflation is still too high (currently tracking around 3.8% Year in Year).
Discuss: will the RBA follow next month? Australia is the only Western Country not to drop rates.
Source article: click here
(3) US Fed as moved rates: what does this mean for RBA?
And of course we ask Michael “what advice he would give to a broker who has just completed their send year in business”
Todays hosts are Sadish Visvalingam and stepping in for Beth Comino is the lovely Chelsea Deacon.
As always we will chat about the happenings in the group and news in the wider industry that may be interesting to brokers.
In the hotseat this week we have Blake Buchanan (GM at Specialist Finance Group). We ask Blake what advice he give to someone who has a brokerage that is 2 years old. How will they future proof their business.
Topics this past week:
(1) The recent e-petition published in the Advisor.https://www.theadviser.com.au/.../46124-broker-lodges...
(2) Uber won their case with Rev NSW: How does this outcome affect what is happening in our own industry?:https://www.kwm.com/.../ubers-victory-in-court-puts...
(3) Compared to 8 years ago, there number of One Person Brokerages have decreased by 30%. Will this fall further?
News and Opinions on the happenings in the F&C Community and the wider industry.
Hosted by Sadish Visvalingam and Beth Comino
This week we have two guests Chris Slater from Zettle and Rachael Bland from Get Smart Financial Services. We ask them what they would advise someone who has a Brokerage that is 2 years old in today's market.
Todays topics:
*Diversification into non consumer lending - W/C, A/F etc etc and brokers need to look into it. Clients are stickier, and the banks know this. Are you on the diversification train yet?
*ING to be 6th by end of 2024 - commentary that will be well received. A stark contrast to the majors negativity towards brokers.
*Macquarie the BIG 5 -> Boringly consistent - Consistently Good! Macquarie grew its home loan business five times faster than its major bank rivals in July, And they dont compete on price!
News and Opinions on the happenings in the F&C Community and the wider industry.
Hosted by Sadish Visvalingam and Beth CominoTopics:1: CBA CEO calling for cap on broker commissions2: Bendigo & Adelaide Bank Announce approvals sub 6 mins3: Bank TD rates are moving down - what does this mean?4: Spring Buying Season - busy period is about to start for brokers
Guest: Steve Matsoukas -Founder of Loan GalleryIf you have been in Metricon showroom, there is a good chance you would have seen "Loan Gallery's" Logo in them.
We ask Steve what he would tell a broker in their 2 year old business given he has been around since 2002.
This week, the lovely Victoria Coster stands in place of Beth as Co-host with Sadish to chat about the happenings in the F&C Community and some interesting topics in the wider industry that may affect Finance Brokers in Australia.
Today's Topics: BoQ to cut jobs; Changes to broker reference checking and Did you know F&C has an awards night?
Our Guest this week is: Rhianna Farnan from Derwent Finance. We ask her "What would she do today if she owned a broker business that is 2 years old?
Side note: did you know that Rhianna has multiple Tik Tok videos which have smashed the 1.5m mark?
So grab a cuppa and have a listen.
Our hosts Beth and Sadish chat about the happenings in the F&C Community and some interesting topics in the wider industry that may affect Finance Brokers in Australia.
Today's guest is Joanna James - Chief Development Officer from the Finance Brokers Association of Australia (FBAA). We ask Joanna what she would do if she were to own a Brokerage that is 2 years old today ... given her history in the industry, there are some amazing tips.
So grab a cuppa and have a listen.
Each week, we drop a video inside the group where you get to learn something new about a product or service out there that may be of benefit for you or your clients.
We make it fun by incorporating these sessions in a monthly quiz where you can win $1000 gift voucher from us? - All you got to do is take part in a monthly Quiz and get the highest score. Which means you can do it as many times as you like. This episode deals with outsourcing your back office. With the high court case in NSW regarding payroll tax in the headlines, it's probably a great idea to check whats out there.
New kid on the block - REMOTE BROKER SOLUTIONS - chats with us in this episode. Whilst new, David Browne has been in the industry as a broker for many years. So to say he knows your pain points is not an exaggeration.
So grab a cuppa and have a listen