Rate Money has reached an impressive milestone – settling $4 billion in home loan settlements since its launch three years ago.

Set up in 2019, the home loan provider for the self-employed has helped more than 4,000 self-employed and migrant Australians secure a home loan and enter the property investing market.

Rate Money says it is committed to catering to hard working Australians, by “bucking the trend” of seeing self-employed Australians suffer.

Ryan Gair (pictured above), CEO and co-founder of Rate Money said he was extremely thrilled to have hit the milestone in loan settlements in just three years.

“This is a milestone that gives us confidence our products are helping thousands of self-employed Australians to achieve their dream of homeownership,” Gair said. “At Rate Money we believe self-employed people are the most reliable borrowers in the country. They’re hard workers who know how to make money, how to save and how to scrimp in those tough times.”

Gair said self-employed borrowers should not have to face tougher criteria because their financials were more complex and sometimes more unpredictable than a PAYG borrower.

“We trust them and our default rate of 0.5% for over 60 days is proof of their ability to service a home loan,” he said. “We will continue to provide a solution for self-employed Australians who will be facing even tougher criteria in the years to come.”

Gair launched Rate Money with Luke Sheales and Glenn Maynard and at the time, the trio said the aim was to address a gap in the market where business owners, migrants and sole traders were being knocked-back or penalised for having alternative banking documentation.

Following months of consecutive cash rate hikes and the majority of lenders passing on full 25 and 50-basis point hikes onto customers, Rate Money announced in October that it wouldn’t pass on the full October 0.25% rate rise to their low-doc customers, instead giving a 0.15% increase.

Gair said this move would protect self-employed Australians by keeping its low-doc loan rates below 6%.

“During this period of rising rates and inflation, we have witnessed some of our hardest working Australians struggle to keep up and it’s time we start alleviating some of that pressure.

“At Rate Money, we believe that self-employed people are an important and reliable part of the economy and as we see rate rises begin to cool off, we want to help this segment as much as possible.”