Rate Promise

We understand that everyone wants to know they’ve got the best deal possible. That’s why we’re proud to offer a Rate Promise on our award-winning unsecured personal loans.

If you’re approved for both a RateSetter loan and a competitor’s loan, and the competitor’s loan offers you a lower Total Cost of Borrowing, we’ll match it - and pay an additional $200 towards your RateSetter loan.

Make a claim now

How we will compare other loan offers

It can be confusing to compare the true cost of two loan options: for example, some loans may have a low rate but come with high upfront fees, whereas others may have high rates and no upfront fees but feature a monthly administration charge.

To compare different loans on the same playing field, we’ll use your RateSetter Precontractual Disclosure and the competitor's Precontractual Disclosure and/or Loan Contract to calculate their respective Total Cost of Borrowing, defined as the sum of all payments required to be made by you across the term of the loan, assuming all payments are made on time.

How we will beat other loan offers

In summary, you need to:

  1. Receive a genuine unsecured personal loan offer from a competitor, including a Precontractual Disclosure and/or Loan Contract;
  2. Accept your RateSetter Precontractual Disclosure and draw down your RateSetter loan; and
  3. Submit a Rate Promise claim via the form below within seven days of your RateSetter loan approval.

If your Rate Promise claim meets the terms and conditions on this page, we will make a payment to your RateSetter loan balance of:

  1. An amount equal to the difference between the Total Cost of Borrowing (the sum of all payments across the term of the loan, assuming all payments are made on time) calculated based on the information in your RateSetter Precontractual Disclosure and Loan Contract and the Total Cost of Borrowing calculated based on the competitor’s Precontractual Disclosure and Loan Contract; and
  2. An additional $200.

Example 1

Both RateSetter and a competitor have approved your loan application for $10,000 over a 36 month term, with the following rates and fees:

RateSetter Competitor
Annual interest rate 10.40% 8.90%
Upfront fee(s)1 $350 $200
Monthly fee $0 $5
Total monthly repayment2 $335.91 $328.88
Total Cost of Borrowing $12,092.85 $11,839.78

1 Capitalised to loan amount
2 Includes principal and interest, and any applicable monthly fees

If you accept and draw down your RateSetter loan and your Rate Promise claim is approved, we will pay the following amounts to your RateSetter loan account:

Total Cost of Borrowing difference $253.07
Rate Promise bonus $200
Total payable $453.07

Example 2

Both RateSetter and a competitor have approved your loan application for $15,000 over a 60 month term, with the following rates and fees:

RateSetter Competitor
Annual interest rate 12.20% 11.50%
Upfront fee(s)1 $300 $600
Monthly fee $0 $0
Total monthly repayment2 $341.89 $343.08
Total Cost of Borrowing $20,513.30 $20,585.08

1 Capitalised to loan amount
2 Includes principal and interest, and any applicable monthly fees

In this example, a Rate Promise claim will not be approved: even though the annual interest rate charged by RateSetter is higher than the competitor, the total cost of borrowing is lower.

Which competitor loans qualify?

To keep things simple, the RateSetter Rate Promise only applies to credit products that are directly comparable to our unsecured personal loan. Importantly, the competitor’s loan offer, outlined in a Precontractual Disclosure and/or Loan Contract, must:

Additionally, you must have applied for the competitor’s loan on an Australian website, marketed to consumers located in Australia that is operated by a company with an active ABN/ACN, and an active ACL or banking licence.

Additional criteria are outlined in the table below.

Which competitor loans qualify? Which competitor loans do not qualify?
Unsecured loans Secured loans (eg secured car loans) or loans guaranteed by another person or entity
Loans applied for in the name of one person Loans applied for jointly with another person
Loans that fully amortise over the loan term Loans featuring a balloon or residual payment at the end of the loan term
Loans with monthly payments Loans with weekly payments, fortnightly payments or any payment frequency other than monthly
Loans with payments featuring principal and interest Interest only loans, or loans with interest that capitalises to the loan balance
Loans available for general application by Australian citizens and permanent residents Loans available for application by a restricted class (eg family offers, loyalty discounts, staff offers)
Term loans Revolving loans, lines of credit, payment plans, or digital credit cards
Interest bearing loans ’Interest free’ loans or payment plans
Personal loans Business loans, or loans intended for a primarily commercial purpose (whether in the name of a business or an individual)

What you need to make a claim

Claims are subject to our fair use policy (see below).

Make a claim now

Claims must be submitted by the person who is named on both RateSetter’s Precontractual Disclosure and the competitor’s Precontractual Disclosure and/or Loan Contract.

You will be notified by email within 3 working days as to whether your claim was successful.

You may only submit one claim for a given competitor loan offer. Please ensure your claim is completed accurately, as we cannot accept resubmission of claims, or amendments to submitted claims.

All information is held subject to our Privacy Policy.

Fair use policy

We’re committed to making sure our customers can make the most of our Rate Promise, so we’ve introduced a Fair Use Policy to ensure that none of our customers are disadvantaged when others use it unreasonably.

RateSetter will decline claims if it considers (acting reasonably) a claim is unreasonable or made in bad faith, including (but not limited to):

You are only entitled to make a maximum of three claims.

Disclaimer

The Rate Promise may be cancelled, modified, restricted or altered at any time without prior notice. The Rate Promise terms and conditions in effect at the time that you make a claim will be used to determine whether your claim qualifies or not for the Rate Promise. Claims under the Rate Promise will not be accepted if, in our opinion or the opinion of the third party responsible for administering the applicable Rate Promise, acting reasonably, the claim has occurred as the result of a printing, uploading or other error.