RateTracker 2.0 officially went live on it's new platform in late 2023 - And since then we've been onboarding and testing the quality of the data we're receiving.. and it's ACE!!!

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I'll cover off on the key points you need to know about why we upgraded, and why it's crucial for you to reauthenticate your connection.

✅ Cleaner data feeds from your home loan provider

✅ More secure system with no requirement to put in your banking credentials

✅ Government infrastructure provides higher quality information

✅ Your bank cannot withhold your Interest rate from RaeTracker after you authorise connection

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Cleaner data feeds:

One of the problems we were facing with our previous platform, was that a number of banks were capable of withholding interest rates on a particular home loan. By upgrading to RateTracker 2.0, it's now compulsory for Australian banks to provide the basic data like Interest rates & Loan Balances, so that consumers can more easily compare the market.

Since updating, we're now getting consistent information from all participating banks without disruption in real time. This means that we're monitoring our clients interest rates at all times, and we're able to compare their pricing to the market on a daily basis - So when your rate becomes uncompetitive, you're the first to know.

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More Secure Systems:

Now that we have our open banking platform in full force, we no longer require you to enter your banking credentials when connecting! This is a huge win, as the old system used an outdated method which required you to key in your username and password to connect. With an increase in online scams and data breaches in recent days, RateTracker knew we had to get rid of this feature -STAT.

Now, you authenticate your connection via your own banking app. Meaning you never need to enter your sensitive information via RateTrackers systems, that information is kept between you and your bank.

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Gov infrastructure provides higher quality info

The Open Banking framework is designed and endorsed by the Australian Competition and Consumer Commission (ACCC). This entire industry was founded on the basis that people buying financial products and services should have easy access to their information when they want it to compare it to the market.

It has allowed businesses like us to setup tech that let's you automate the process of monitoring your home loan!

This infrastructure is secure, strict, endorsed technology. It's in place to help you manage your services without the manual labour of doing so.

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Your bank can't withhold your Interest rate from RateTracker after you authorise

We now receive far better quality data from your bank! Meaning that the information we receive (I.e. your current rate & loan balance) is up to date and being protected by RateTracker at all times. This is an evolving industry and it's still quite young, so as it grows RateTracker will grow alongside it. This means that systems will continiously change, and improve along the way. We're doing everything we can to ensure we're keeping up and maintaining quality data to protect you from overpriced home loans.

Right now, it's more realiable than ever before! And you can trust that we'll be able to look after all of your accounts with absolutely accuracy.

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IMPORTANT: As part of this process, if your bank participates in the full open baking model, you may receive a notification in your banking app, or a push notification, stating you need to reauthorise your connection. Under the new system the token can only last 365 days then you need to consent to continue using the service. This is so we can always ensure you are happy with the service and what value we are providing you.

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