RateTraker Brokers FAQ

What is RateTraker?
RateTraker (RT), powered by Sherlok, is a tool designed to monitor your clients' interest rates on their residential home loans, whether for investment or owner-occupier properties. RT reviews and tracks your clients' interest rates, notifying you if a rate is too high, so you can initiate a rate review or discuss refinancing options.

RT leverages open banking, allowing you to view and access your clients' home loan information through the Sherlok portal at any time, with data refreshed daily.

If you're subscribed to Sherlok’s repricing service, you can automatically reprice RT clients, or clients can initiate a reprice themselves through RT.
How does Sherlok RateTraker benefit my mortgage brokerage?
Sherlok RateTraker allows you to monitor your clients' home loan interest rates continuously, ensuring they always have the most competitive rates. This enhances client retention, builds trust, and helps you maintain a proactive relationship with your clients.
Who can use RateTraker?
RateTraker is available to all residential mortgage brokers. To get started, simply invite your clients to join RateTraker. They will need to provide consent for open banking, allowing RT to access their home loan data.

Who can I invite?
You can invite all your existing clients to RateTraker directly through the RateTraker module in your Sherlok portal.
How do I invite my clients?
You can invite your clients individually or by using our bulk invite function for greater efficiency.

The setup process is quick and straightforward, taking just 2 minutes. Clients input their contact details, property address, and connect their home loan accounts. You can guide them through this process, ensuring they feel confident and secure.
How do I integrate RateTraker with my current workflow?
Integrating Sherlok RateTraker is seamless. Once set up, it automatically tracks your clients' interest rates and alerts you when action is needed. You can then easily conduct loan reviews or refinances through your existing processes.

What is the information gathered from clients?
Sherlok will gather the following data from clients during the sign-up process

Personal Information
First & Last Name
Mobile and email

Property Information
Property address
Purpose (OO or Invest)
Valuation estimate
Which loans are security against which property (if there are more than one security)

Loan Data
Loan product name
Account number
Interest rate
Balance
Limit
Settlement date
Repayment type (P&I or IO)
Finance Type (Variable or Fixed)
Loan purpose (OO or Invest)
Maturity Date (loan term, fixed, IO etc)
Repayment amount
Transaction data
Residential address from open banking
Can clients edit their information?
Clients can edit any data they manually enter, such as their name, contact details, and property address. However, open banking data, which is provided daily by the lender, cannot be edited. Nonetheless, your clients retain full control over their open banking consents and can update, modify, or withdraw their consent at any time.
Is RateTraker safe?
Absolutely. Sherlok RateTraker employs high-level encryption and data security protocols, ensuring that all client information is protected and secure throughout the monitoring and review processes.

How much will RateTraker cost me?
RateTraker is currently available at no cost to all brokers in Australia for a limited time. To automatically reprice your clients using Sherlok, you’ll need an active Sherlok subscription.
How can you determine the number of active customers and approved reprices?
You can filter and view the number of clients who have signed up for RateTraker in Sherlok through the RateTraker Module, as well as track the number of reprices you have approved each month in the Repricing Module.
Can I upgrade my subscription when I hit the plan limits?
Absolutely! You can upgrade your subscription. You can do this via your Sherlok portal>Profile>Subscriptions.

If you need help, please reach out to Brokersupport@sherlok.com.au

What are the lenders included when calculating the client’s loan rate?
Adelaide Bank
AMP Bank [AU]
ANZ
Auswide Bank
Bank Australia
Bank First
Bank Of Melbourne
Bank Of Sydney
BankSA
Bankwest
Beyond Bank
Commonwealth Bank
Credit Union SA
Gateway Bank
Great Southern Bank
Heritage Bank
ING
Macquarie Bank
ME Bank
MyState Bank
NAB
P&N Bank
RAMS
St. George Bank
Suncorp
Westpac
Can I exclude or include lenders?
You don’t need to worry about updating the list of lenders—Sherlok will automatically handle it for you, ensuring a broad and representative sample is always maintained.
Are all my clients allowed to click the "Request a Rate Reduction” button?
RateTraker won’t always allow clients to request a rate reduction, so you don’t need to worry about an overwhelming number of repricing requests that might not deliver optimal results for your clients.

The “request a rate reduction” button will only appear if your client's rate is 7 or less.
Is there a limit on the number of reprice requests that my clients can request?
No, there is no limit to the number of clients who can request a reprice. However, if you exceed your repricing limit, you will be notified so you can upgrade your subscription plan.

Sherlok does place a restriction on how often a single client can request a reprice, allowing them to do so only once every six months. This helps prevent frequent repricing requests from the same client.

RateTraker by Sherlok helps brokers track clients' home loan interest rates using open banking for daily updates. Easily invite clients, monitor loans, and initiate automatic repricing to ensure competitive rates. Free for a limited time, with added features for Sherlok subscribers.