The contest is over, but you could still obtain a $100 Gift Card
Home Loan Rate Promise
How it works
Check your home loan rate by entering your details below. If we can't find you a better rate, you will score a $100 Gift Voucher*. That's our promise to you.
- Home Loan Rate Promise - RateCity will find a lower interest rate, with one of the lenders we compare, than the interest rate on your current mortgage. If we cannot find a lower interest rate than your current mortgage rate, we will provide you with a $100 Mastercard gift card. The promise will be met where RateCity’s site displays an interest rate that is lower than your current interest rate, for an equivalent loan. If the site cannot display a rate lower than yours (on an equivalent loan), you will be invited to lodge a claim. The promise applies by matching the comparison rate on your existing mortgage to the comparison rate of the loans on the RateCity site.
- Comparison rate will only be beaten on loans available to the general public from lenders incorporated and licensed within Australia where the interest rate is advertised on the lender’s website for equivalent loans.
- RateCity reserves the right to determine, in its sole discretion whether your existing mortgage is an equivalent loan to the quotes you have obtained through our site. An equivalent loan will have comparable loan features (e.g. offset accounts, redraw available), identical or similar security, identical loan purpose, interest-only and the period to which it applies, and any introductory rates.
- Where you have a discounted rate on your home loan rate under a combination loan arrangement which requires you to have at least two loans to receive a discounted rate, the Home Loan Rate Promise is applied to the interest rate calculated by averaging the rates on all loans in your combination loan.
- If you have a cheaper rate, you must provide evidence to us in the form of a letter from your lender or statement of account for your mortgage (no more than 3 months’ old) demonstrating the current comparison interest rate applicable to your mortgage.
- This offer is not available in conjunction with any other offer from RateCity, unless otherwise stated.
- This offer is only open to natural persons who are Australian residents who meet the following criteria:
- a) Over 18 years of age;
- b) Have a current single property home loan;
- c) Are not in arrears on their home loan;
- d) Have an outstanding home loan amount of $150,000 up to $2,000,000.
- e) Have not packaged the home loan with a business loan or secured the loan through business relationships or any other preferential arrangement not available to the market at large e.g. a discounted offer available to members of a certain professional association or offered because of a separate business banking relationship;
- f) Have a loan value to security ratio of less than 80%; and
- g) Have had the current home loan for at least 90 days.
- Exclusions – This offer is not available where your existing mortgage is a discounted employment package, staff discount home loan, or any other kind of loan discounted for a specialised or defined group that is not available to the public at large.
- Where you make a successful claim, the Mastercard will be emailed to the email address you specify in your claim within 28 days after the end of the month in which you made your claim. RateCity accepts no responsibility for the Mastercard being intercepted fraudulently, misdelivered, or otherwise lost in transit.
- Where your mortgage has joint borrowers, you may make a claim in the name of both or either of you, but there is a limit of one claim in respect of the same mortgage. Where you make your claim in joint names, delivery of the Mastercard to one or either of you satisfies our obligations under these terms and conditions.
- RateCity reserves the right to withdraw this offer at any time for any reason. Upon RateCity deciding to withdraw this offer, which will be effected by the removal of these terms and conditions from the site, RateCity will honour all claims already submitted but will not accept any further claims.
The Home Loan Rate Promise is RateCity putting its money where its mouth is. We believe that too many Australians are paying too much for their home loans. We’re so confident we can help Aussies save money, if we can’t beat your current rate, we’ll give you a $100 gift card.*
There are two reasons it pays to check your rate with the Home Loan Rate Promise:
- You can find out how much you could save on your home loan by switching to a loan with a lower interest rate
- If we can’t beat your current rate, you can claim a $100 gift card with our Home Loan Rate Promise*
To check your rate, start by entering your contact details and home loan information at ratecity.com.au. We’ll compare your current home loan to other options in our database, and let you know how much you could save by refinancing.
If we can’t beat your current rate, you can claim a $100 gift card by confirming your home loan details with us.*
Any Australian resident who is over 18 and currently has a personal home loan is eligible for our Home Loan Rate Promise. See terms and conditions.
To work out how much you could save, we run the home loan details you’ve provided through our database, and search for similar home loan options that we think would be suitable for you.
We then calculate the costs of these loan options over 15 years (to keep our calculations consistent) and compare them to the cost calculations for your current home loan.
We use your current mortgage details to calculate the potential savings if you were to change lenders, and also to help us point you to loans that may meet your needs.
For example – if you live in the house you own, we’ll make sure we show you the owner-occupier rates, which are typically cheaper than investor rates. Or if you have less than 20% equity in your property, then we won’t show you the deals that require a greater amount of equity.
Your repayments should appear on your bank statements or your internet banking. If you make weekly or fortnightly repayments, make sure you convert them to monthly calculations.
Your bank statements and/or your internet banking should show these details. If you are not sure, call your bank or estimate.
Here we are asking you to estimate only. It’s often hard to get an accurate estimate of your property value.
Some real estate websites such as Domain, Realestate.com.au and Onthehouse will give you an estimate. However, be aware that a bank valuer might assume a lower estimate, so it can be a good idea to make your estimate slightly lower.
If you do apply to refinance, the lender might send a valuer out to your home, so it is worth being prudent.
We ask for your contact details so we can get in touch with you if you are our winner!
We may also use your information to keep you up to date on future RateCity initiatives and news, if you select this option. You can opt out at any time.
If, after checking how much you could save on a lower home loan rate, you choose to get more help from a home lender or mortgage broker, you can choose to let us pass your contact details directly on to this lender or broker so they can contact you.
When you check your home loan rate, you’ll supply some basic information about your current loan, including the amount owing on your mortgage and your current interest rate.
We’ll compare this information to the home loan options in the RateCity database and show you which home loan products you may be eligible to apply for.
No. While we will do our best to show a list of loans that may suit your needs, if you choose to apply to refinance, it is up to the lender to approve or disapprove your loan based on your individual circumstances, after you have submitted all your paperwork.
This can sometimes take up to 30 days, so it is important to find out exactly what the criteria is for the loan, and what you need in terms of paperwork. RateCity does not make any suggestions taking into account your personal and individual needs.
No. Temporary discounts to home loan interest rates will expire after a limited time, so they aren’t valid for comparing home loans as part of the Home Loan Rate Promise.
However, if your home loan has been discounted from the lender’s standard rate on a permanent basis, you can check if we can find an even lower rate that could apply to you.
If we can’t beat your current home loan rate, you can claim your $100 gift card by confirming your home loan details with us.*
To do this, on your results page you’ll need to securely upload a home loan document or statement from your lender that can be used to confirm the home loan details you provided. This should outline the following information:
- Loan term
- Loan type (fixed / variable)
- Payment type (principal and interest / interest only)
- Loan purpose (owner / investor)
- Property value
- Date of loan commencement
- Any special conditions
We’ll keep your information private and confidential and only use your document to confirm your entry.
You can only check your rates once. However we will send you, via email, the link to the result page so that you may return to it.
We use encryption so you can safely and securely enter your personal and financial information on our website.
We keep all information entered on our site private and confidential. We will not pass your information on to people outside RateCity without your consent.
Your $100 gift card works just like a digital VISA debit card and can be used anywhere that these cards are accepted until its balance runs out.