Rate Money Home Loans Review for Australian Expat
Rate Money is a specialist lender in Australia that caters to self-employed borrowers. It offers a wide range of home loans, including residential, commercial, NDIS, and SMSF loans. It also has a local branch network across Australia, so borrowers can get face-to-face advice from a team of experts who understand the complexities of self-employment.
In this Rate Money home loan review, we’ll cover their key products, features, fees, eligibility criteria and application process to help you make an informed decision as a borrower.
- Borrow up to 90% of the property value for owner-occupied home loans
- 100% online application process for expat borrowers
- Does not charge any upfront fees
Rate Money Home Loan Options
Rate Money offers a range of home loans, but some of them might not be suitable for Australian expats. Odin Mortgage specialises in expat home loans and can help you secure the right home loan for you.
Variable Rate Home Loans
Fixed Rate Home Loans
Interest-Only Home Loans
Rate Money’s variable rate home loans offer variable interest rates, which means that your interest rate can change over time.
The maximum LVR is 90% and the maximum loan term is for up to 30 years. There are early repayment fees but they are waived if you make a lump sum repayment of 10% or more of your loan balance.
Rate Money offers fixed rate home loans with interest rates that stay the same for the life of the loan. This can provide peace of mind for borrowers who want to know exactly how much they will be paying each month.
The maximum loan-to-value (LVR) ratio for Rate Money's fixed rate home loans is 90%. This can be helpful for borrowers who do not have a large deposit saved up.
Opting for Rate Money’s interest-only home loans allow you to pay only the interest component of your loan for a set period of time, typically 5 years. However, interest-only home loans can also be more expensive than principal and interest home loans in the long run. This is because you will be paying interest on the interest that you have already accrued.
Rate Money Home Loans Review
Here are some pros and cons of choosing a Rate Money home loan.
| Pros | Cons |
|---|---|
Flexible repayment terms. | Not all expats are eligible. |
No lock-in period. | Rates may not be the lowest available. |
Easy online account management. |
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
Rate Money Home Loan Features
Rate Money offers the following home loan features.
| Feature | Details |
|---|---|
Offset account | Used to reduce the interest you pay on your home loan. It allows you to link your savings account to your home loan, so the balance of your savings account is deducted from your home loan balance when calculating your interest. |
Flexible repayment terms | Offers flexible repayment terms on its home loans, so you can choose a repayment schedule that fits your budget. |
No lock-in period | Gives you the freedom to switch lenders if you find a better deal as you are not tied to them for a set period of time. |
No upfront fees | Does not charge any upfront fees for its home loans. |
Facts about Rate Money
Rate money was founded in 2019 by a team of experienced mortgage professionals who saw a need for a lender that could provide more flexible and competitive home loans to self-employed Australians.
It is a subsidiary of Pepper Money, one of Australia's leading non-bank lenders.
It is a member of the Australian Financial Complaints Authority (AFCA), which means that you can take your complaint to AFCA if you are not satisfied with the outcome of your dispute with Rate Money.
How Do I Apply for an Expat Mortgage with Rate Money?
Here are the steps on how to apply for an Australian expat home loan with Rate Money while living overseas:
- Contact a mortgage broker: The first step is to speak to a mortgage broker specialising in expat home loans. They will be able to assess your eligibility for a home loan and help you through the application process.
- Provide documentation: You will need to provide Rate Money with a number of documents to support your application, such as your passport, proof of income, and proof of employment.
- Meet with their lending specialist: Once Rate Money has received your documentation, you will need to meet with their lending specialist to discuss your application in more detail.
- Sign the loan documents: If your application is approved, you will need to sign the loan documents.
- Fund your home loan: Once the loan documents are signed, Rate Money will fund your home loan.
Here are some additional things to keep in mind when applying for an Australian expat home loan with Rate Money while living overseas:
- You will need to have a valid Australian visa.
- You will need to have a minimum deposit of 20%.
- You will need to be able to demonstrate that you have a stable income.
- You will need to be able to provide evidence of your expenses.
- You may need to pay a higher interest rate than if you were an Australian resident.
Odin Mortgage specialises in home loans for Australian expatriates, permanent residents, and foreign investors living overseas. We can help you with your mortgage application and property purchase.
Who is Eligible?
To be eligible for a home loan with Rate Money, Australian expats and Aussie permanent residents living overseas must meet the following criteria:
- Have a valid Australian visa.
- Have a minimum deposit of 20%.
- Be able to demonstrate that they have a stable income.
- Be able to provide evidence of their expenses.
- Be able to repay the loan in full within 30 years.
Foreign investors living overseas are also eligible for home loans with Rate Money, but they must meet the following additional criteria:
- Have a minimum deposit of 30%.
- Be able to demonstrate that they have a stable income.
- Be able to provide evidence of their expenses.
- Be able to repay the loan in full within 25 years.
It is important to note that these are just the general eligibility criteria for home loans with Rate Money. The specific criteria that borrowers must meet may vary depending on their individual circumstances.
What Documents Do I Require?
You will need to provide Rate Money with the following documents:
Proof of Identity
This could be a copy of your passport, driver's licence, or birth certificate.
Proof of Residency
This could be a copy of your visa, residency permit, or utility bill.
Proof of Income
This could be a copy of your payslips, tax returns, or bank statements.
Proof of Assets
This could be a copy of your property title, investment statements, or other financial assets.
Letter From your Employer
This letter should confirm your employment, salary, and length of service.
Bank Statement
This statement should show your current account balance and recent transactions. This could be a copy of your visa, residency permit, or utility bill.
It is important to note that these are just the general documents required for a home loan with Rate Money from overseas. The specific documents that you will need to provide may vary depending on your individual circumstances.
Other Related Products from Rate Money
Low Doc Home Loans
Low doc home loans are designed for borrowers who have difficulty providing documentation to support their loan application. This could be due to a number of reasons, such as being self-employed or having a poor credit history. Low doc home loans typically have higher interest rates than other types of home loans, but they can be a good option for borrowers who are unable to get a loan from a traditional lender.
Split Rate Home Loans
Split rate home loans combine a variable rate and a fixed rate. This can be a good option for borrowers who want the flexibility of a variable rate home loan with the stability of a fixed rate home loan. Split rate home loans can be more expensive than either a variable rate home loan or a fixed rate home loan, but they can offer the best of both worlds.
Self-Employed Home Loans
Self-employed home loans are designed for borrowers who are self-employed. Self-employed home loans can be more difficult to get than traditional home loans, but Rate Money can help borrowers to find a lender who is willing to consider their application.
Need a Home Loan with Rate Money?
Rate Money is a good option for Australian expats and foreign investors who are looking for a home loan. It offers a variety of features and benefits, including flexible repayment terms, no lock-in period, and no upfront fees.
Odin Mortgage is the expert in overseas home loans for Australia. We can help you navigate complex situations and secure great deals with lenders.
Get in touch with us today to discuss your home loan needs and see how we can help you achieve your property ownership or investment goals!
Other Australian Lender Reviews
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
FAQs about Rate Money
How long does it take to get a home loan from Rate Money?
The time it takes to get a home loan from Rate Money will vary depending on the type of loan you are applying for and the complexity of your application. However, in general, you can expect the process to take between 2 and 4 weeks.
How much does it cost to use Rate Money?
Rate Money offers its services for free to borrowers. This means that there are no upfront fees or commissions to pay. However, you may be required to pay legal fees and other associated costs when you get a home loan.
What are the requirements for getting a home loan from Rate Money?
Generally, you must be a permanent resident of Australia, have a good credit history, have a steady income, and be able to afford the repayments on the loan.
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