How it works:
If we can't find you a lower rate, we'll give you $100 - that's our Rate Guarantee*
- Rate Guarantee - 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 guarantee 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 guarantee 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 Rate Guarantee 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.
- Information on how to enter and the prize form part of these Terms and Conditions. Participation in this promotion is deemed acceptance of these Terms and Conditions.
- Entry is only open to Australian residents, aged 18 years or older.
- Employees (and their immediate families) of the Promoter and agencies associated with this promotion are ineligible to enter. Immediate family means any of the following: spouse, ex-spouse, de-facto spouse, child or step-child (whether natural or by adoption), parent, step-parent, grandparent, step-grandparent, uncle, aunt, niece, nephew, brother, sister, step-brother, step-sister or 1st cousin
- Entries into the promotion open on 24/05/2019 and close at 11:59PM AEST on 20/05/2020 (“Promotional Period”).
- To enter, individuals must enter via ratecity.com.au or the URL as advertised on the RateCity digital channels, input the requested details including full name and contact details, answer the relevant questions when prompted, and submit the fully completed entry form during the Promotional Period. Entrants warrant that by submitting an entry in this promotion, they are under no obligation to choose or apply for any financial product/s and/or services.
- Upon submitting a completed entry form in accordance with the above (“Initial Entry”), entrants will be given the opportunity to earn additional entries by referring their friends and family to the promotion. To refer a friend or family member, the entrant must share a unique URL (which will be provided to them after submitting their Initial Entry). Entrants can share their unique URL via email, Twitter and/or Facebook. Entrants will receive one (1) additional entry into the draw (“Additional Entry”) for each friend or family member, who used the Entrant’s unique URL to submit an entry into the promotion in accordance with clause 5 above.
- Multiple entries permitted, subject to the following: (a) only one Initial Entry is permitted per person; (b) only one (1) Additional Entry is permitted per referral that is actioned in accordance with clause 7 above; and (c) each entry must be submitted separately and in accordance with entry requirements.
- The Promoter reserves the right, at any time, to verify the validity of entries and entrants (including an entrant’s identity, age and place of residence) and reserves the right, in its sole discretion, to disqualify any individual who the Promoter has reason to believe has breached any of these Terms and Conditions, tampered with the entry process or engaged in any unlawful or other improper misconduct calculated to jeopardise fair and proper conduct of the promotion. Errors and omissions may be accepted at the Promoter's discretion. Failure by the Promoter to enforce any of its rights at any stage does not constitute a waiver of those rights. The Promoter's legal rights to recover damages or other compensation from such an offender are reserved.
- Incomplete or indecipherable entries will be deemed invalid.
- If there is a dispute as to the identity of an entrant, the Promoter reserves the right, in its sole discretion, to determine the identity of the entrant.
- The draw will take place at Loyalty, 11 Springfield Avenue Toorak VIC 3142 21/05/2020 at 1:00pm AEST, in the presence of an independent scrutineer. The Promoter may draw additional reserve entries and record them in order in case an invalid entry or ineligible entrant is drawn. The winner will be notified in writing within two business days of the draw and their name will be published online at ratecity.com.au from 22/05/2020.
- The Promoter’s decision is final and no correspondence will be entered into.
- The first valid entry drawn will win that entrant (“Participant”) the opportunity to play a contingency game (“the Game”) for the chance to win $1,000,000.
- The Game will take place at RateCity, Level 3, Suite 3.02, 52 Alfred Street Milsons Point NSW 2061 on 28/05/2020 at 1:00pm AEST in the presence of a scrutineer. Any and all costs associated with attending the Game are the sole responsibility of the Participant. If the Participant cannot attend the Game, the Participant may participate in the Game via telephone whereby they will select a number between 1 and 200 (inclusive) and a representative of the Promoter will select the game piece bearing that number on their behalf; or the Participant may appoint a proxy over 18 years of age to play the Game on his/her behalf provided the Participant gives the Promoter written, signed notice to that effect before the start of the Game. In the event that the Promoter has not been able to contact the Participant before the start of the Game, a representative of the Promoter will play the Game on the Participant’s behalf.
- There will be 200 numbered game pieces on display at the start of the Game. One (1) game piece will contain a promotional message representing $1,000,000 and 199 game pieces will each contain a promotional message representing $5,000. The Participant/proxy/representative (“Attendee”) must choose only one (1) game piece without touching, handling or interfering in any way with any of the other game pieces on display. If the Attendee is found to have breached this condition, he/she will be disqualified. If the Attendee selects the game piece containing the promotional message representing $1,000,000, then, subject to verification by the judges, the drawn Participant will win $1,000,000. If the Attendee selects a game piece containing a promotional message representing $5,000, then the $1,000,000 prize will not be given away and, subject to verification by the judges, the drawn Participant will win $5,000 cash. Prize will be awarded by way of Electronic Funds Transfer (EFT) providing the Participants bank details are provided. Prize will be awarded within 28 days of the Game.
- The drawn Participant’s odds of winning the $1,000,000 prize are 1 in 200. The odds of being drawn as a Participant may be significantly higher than the odds of the drawn Participant winning the major prize and will depend upon the number of entries received.
- Subject to the unclaimed prize draw clause, if for any reason the winner does not take the prize by the time stipulated by the Promoter, then the prize will be forfeited.
- Total prize pool value is up to $1,000,000. The prize is not transferable or exchangeable.
- A draw for the prize if unclaimed may take place on 21/08/2020 at the same time and place as the original draw, subject to any directions from a regulatory authority. The winner (if one is required) will be notified in writing within two business days of the draw and their name will be published online at ratecity.com.au from 24/08/2020. For clarity, any prize awarded in the unclaimed prize draw will be the same prize that was awarded as a result of the Game and was, for any reason, unclaimed by the Participant.
- Entrants consent to the Promoter using their name, likeness, image and/or voice in the event they are a winner (including photograph, film and/or recording of the same) in any media for an unlimited period without remuneration for the purpose of promoting this promotion (including any outcome), and promoting any products manufactured, distributed and/or supplied by the Promoter.
- If this promotion is interfered with in any way or is not capable of being conducted as reasonably anticipated due to any reason beyond the reasonable control of the Promoter, including but not limited to technical difficulties, unauthorised intervention or fraud, the Promoter reserves the right, in its sole discretion, to the fullest extent permitted by law: (a) to disqualify any entrant; or (b) subject to any written directions from a regulatory authority, to modify, suspend, terminate or cancel the promotion, as appropriate.
- Any cost associated with accessing the promotional website is the entrant’s responsibility and is dependent on the Internet service provider used.
- Nothing in these Terms and Conditions limits, excludes or modifies or purports to limit, exclude or modify the statutory consumer guarantees as provided under the Competition and Consumer Act, as well as any other implied warranties under the ASIC Act or similar consumer protection laws in the States and Territories of Australia (“Non-Excludable Guarantees”). Except for any liability that cannot by law be excluded, including the Non-Excludable Guarantees, the Promoter (including its respective officers, employees and agents) excludes all liability (including negligence), for any personal injury; or any loss or damage (including loss of opportunity); whether direct, indirect, special or consequential, arising in any way out of the promotion.
- Except for any liability that cannot by law be excluded, including the Non-Excludable Guarantees, the Promoter (including its respective officers, employees and agents) is not responsible for and excludes all liability (including negligence), for any personal injury; or any loss or damage (including loss of opportunity); whether direct, indirect, special or consequential, arising in any way out of: (a) any technical difficulties or equipment malfunction (whether or not under the Promoter’s control); (b) any theft, unauthorised access or third party interference; (c) any entry or prize claim that is late, lost, altered, damaged or misdirected (whether or not after their receipt by the Promoter) due to any reason beyond the reasonable control of the Promoter; (d) any variation in prize value to that stated in these Terms and Conditions; (e) if the Game is delayed, postponed or cancelled for any reason beyond the reasonable control of the Promoter; (f) any tax liability incurred by a winner or entrant; or (g) use of the prize.
- As a condition of accepting the prize, the winner must sign any legal documentation as (and in the form) required by the Promoter and/or prize suppliers in their absolute discretion, including but not limited to a legal release and indemnity form.
- The Promoter is RateCity Pty Limited (ABN 12 122 743 542) of Level 3, Suite 3.02, 52 Alfred Street Milsons Point NSW 2061, telephone 1300 001 153.
NSW Permit No. LTPS/19/34793
ACT Permit No. TP19/03377
SA Permit No. T19/809
The Rate Guarantee 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 three reasons it pays to check your rate with the RateCity Rate Guarantee:
- 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 Rate Guarantee*
- Everyone who checks their home loan will be entered in the draw for a chance to win $1 million!^
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.*
Whether we find you a lower rate or not, all entries will go in the draw to win a chance at $1 million.^
Any Australian resident who is over 18 and currently has a personal home loan is eligible for our Rate Guarantee. 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 Rate Guarantee.
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.