FAQ.

RateTracker is a completely free, Australian-made interest rate monitoring service.

We use Open-Banking technology, a framework governed by the Australian Competition Consumer Commission (ACCC) to connect our system to your bank!

Once you’re connected, we’ll assess your basic loan data on a monthly basis – and alert you if a “RateBreach” occurs. This is our word for when your interest rate is no longer deemed competitive.

What’s competitive?

The RT team set a benchmark interest rate based on the current market, if your rate exceeds this benchmark or if you have the potential of saving over $2k/year by repricing, then we alert you.

If you receive a RateBreach text message, the RateTracker team will work behind the scenes to reprice your loan for you! And if your bank doesn’t want to come to the party with a fair price, then our team will review your home or investment loan and get back to you with a better offer.

We only have access to your basic loan data, Including:

• Your current loan balance
• Your interest rate
• Your repayment amount
• Your Repayment type
• Your loan term

This is important so we can ensure we are comparing apples with apples when assessing your home loan.

RateTracker uses Open-Banking technology to assess your home or investment loan interest rate.

By linking your property loan to RateTracker, we are able to view your basic loan data (Balance, Current Rate etc.) and monitor if your rate is competitive or if you have the potential to save money on your loan.

If your bank is accredited by the ACCC, under their “Consumer Data Right”  program, then you can connect to RateTracker. All deposit taking institutions (banks) were meant to be operational in 2021. Some have been a little slow but most are now active.

Main Banks we connect to

Or you can search for your bank here.

Yes. We would not release a product that puts your information at risk.

RateTracker uses encryption and data management services provided by Australian-made Basiq (Also used by Afterpay, RACQ etc.)

RateTracker & Basiq utilise 256-bit bank-grade algorithm encryption. This means that hacking this system is virtually impossible – In fact, at present it would take a supercomputer 2 trillion years to crack 256-bit encryption!

Read more on our Security measures here.

We actually don’t hold or store any of your banking credentials. Once you’ve provided once of authorisation to your bank, they will only provide us with your interest rate and loan balance.

This authorisation then lasts 365 days and then next year, you agree to keep it going for another year

All banking data is held and delivered to us via Basiq; remember, 256-bit encryption!

All RateTracker does is review your rate to ensure it remains competitive and that you’re never getting ripped off by your bank.

Open Banking is a very fast evolving technology in Australia. Companies like Basiq exist to “Aggregate the data” – this is another way of saying “organise the data” that companies like ours are asking for.

The reason we choose Basiq, is due to the fact they are an Australian provider of this service, they focus solely on providing accurate and secure banking data for Australian and New Zealand based banks only, and their coverage of banks we can connect with is over 95% of all aussie banks.  

It is their job to make sure that companies like RateTracker, can use their services to ensure we can provide more competitive solutions to home owners.

They work with other companies you may know like NAB, Ubank, Zepto, Beforepay, Spaceship, RACQ to name a few.

If you would like to understand the specifics in greater details, hit up the Security Page and read more about Basiq and RateTrackers  relationship.