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RateTraker Homeowners FAQ

Learn how Sherlok RateTraker helps Australian homeowners track and optimise home loan rates. This guide covers setup, security, open banking, loan tracking, pricing, and rate review processes to ensure you're getting the best deal.

  • General Questions 
  1. What is RateTraker?
    Sherlok RateTraker is a tool used by Australia’s top mortgage brokers to monitor your home loan interest rates. It helps your broker take action to lower your interest rate if it's found to be too high, either by negotiating with your current lender or refinancing to a new lender.

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

  2. How does Sherlok RateTraker benefit me as a homeowner?
    Sherlok RateTraker allows your broker to monitor your home loan interest rates continuously, ensuring you always have the most competitive rates. If Sherlok RateTraker identifies that your interest rate is too high, your mortgage broker will be alerted to review your loan. They will either negotiate a lower rate with your current lender or help you refinance to a better option. 

  • How Does RateTraker Work? 
  1. Can I use Sherlok RateTraker with any lender?
    Yes, Sherlok RateTraker works with most lenders across Australia, allowing your broker to monitor and act on your interest rates regardless of your lender.

  2. How long does it take to set up Sherlok RateTraker?
    The setup process for Sherlok RateTraker takes just 2 minutes. You’ll need to input your contact details, property address, and connect your home loan accounts to start tracking your interest rates.

  3. What happens if Sherlok RateTraker identifies that my interest rate is too high?
    If Sherlok RateTraker identifies that your interest rate is too high, your mortgage broker will be alerted to review your loan. Your broker will either negotiate a lower rate with your current lender or help you refinance to a better option. 

  • Data and Security 
  1. Is my personal and financial information safe with Sherlok RateTraker?
    Absolutely. Sherlok employs bank-level security, including globally recognised ISO27001 certification, to ensure top-tier data and cyber security. We also conduct regular independent third-party cyber security testing, audits, and penetration testing to keep our platform and your data secure.

  2. Can I edit my information?
    You can edit any data that you manually enter at any time, such as their name, contact details, and property address. However, open banking data, which is provided daily by the lender, cannot be edited. Nonetheless, you retain full control over your open banking consents and can update, modify, or withdraw your consent at any time.

  3. What exactly is Open Banking? Is it safe?
    Yes, it is. Open banking is a government-mandated framework designed to protect your data when sharing it.

    To participate, data recipients like Sherlok must meet and maintain strict security standards. Once you consent, your bank or lender will share your loan information through this secure framework. You can revoke your consent at any time, ensuring you remain in control of your data.

  4. Who else can access my information?
    Your data is collected and shared only with your consent. Once you’ve connected via open banking, Sherlok and your broker will have view-only access to your information—no one else will have access. 

  • Plan and Pricing 
  1. 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.

  2. 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.

  3. 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 

  • Loans and Rating Reviews 
  1. Are there any limitations on the types of loans I can track?
    Yes, Sherlok RateTraker is currently designed to track home loans, including those for owner-occupied properties and investment properties.

    At this time, we do not support tracking for the following types of loans:

    Commercial loans
    Business loans
    SMSF loans for residential properties 
    Lines of credit for business or personal use
    Credit cards or overdraft facilities

  2. Can I add a loan that I applied for directly with the bank or another lender, not through my current broker?
    Yes, you can. It's recommended to connect all your home loans so your broker has the complete information needed to review all your loans.

    Loans that aren't connected cannot be tracked or have their interest rates reviewed or reduced during a loan review by your broker.

  3. What happens when I click "Optimise my rate"?
    When you click "Optimise my rate," your broker will be notified to review your interest rate and use Sherlok to request a lower rate from your lender. This process can take anywhere from 48 hours to two weeks, depending on the lender. 

    Your broker will inform you of the outcome, but please note that an interest rate reduction is not guaranteed, as the final decision rests with the lender.

    It's important to understand that this process only requests a lower interest rate—no other aspects of your loan will change, such as the loan product, repayments, fixed/variable status, or loan amount. If you wish to make any other changes, you’ll need to discuss them with your broker.

    If your home loans are connected to Sherlok RateTraker, the new rate will be applied automatically in most cases, and no additional paperwork will be required.

    However, the following lenders may require you to sign a form to complete the rate review:

    ING
    Suncorp
    Liberty
    Heritage
    Bluestone
    LaTrobe
    Firstmac
    Westpac Group

  4. Do I need to contact my broker after clicking the "Request a Rate Review" button?
    No, there's no need to contact your broker. They will be automatically notified, and the interest rate review will be processed.

    The review process can take anywhere from 48 hours to up to two weeks with some lenders.

    Your broker will inform you of the outcome and whether the lender agrees to reduce your interest rate. Please note that an interest rate reduction is not guaranteed, as the final decision rests with the lender.