Getting Started

Can I refinance a loan with RateSetter?

Yes, you can. However, your request to refinance a loan with RateSetter will be treated as a new loan application and must therefore meet the same eligibility criteria as your original loan. We will likely request that you provide us with updated information concerning your personal and financial circumstances before assessing your refinancing request.

Can I get a loan if I’m self-employed?

Yes, you can. To be eligible to apply for a RateSetter loan as a self-employed individual, you will need to have been in your current role for at least 12 months and be able to provide your most recent individual tax return and the corresponding notice of assessment from the Australian Taxation Office.

Am I able to get a loan?

The best way to assess your eligibility to apply for a loan with RateSetter is to request a 1-minute RateEstimate.

Generally speaking, RateSetter provides secured and unsecured loans to Australian residents. You can apply for a loan for a range of purposes, including purchasing a new car, home renovations, debt consolidation, a major event, a holiday, or even to finance your small business.

Save time before applying by making sure:

  • You are aged 21 or over
  • You are an Australian citizen or permanent resident
  • You have a regular source of income that you can demonstrate
  • You have a good credit history

What is a comparison rate?

A comparison rate helps you work out the true cost of a loan by providing you a single rate that includes both the interest rate and most fees and charges relating to the loan. This allows you to compare loans from different lenders with a clear idea of how much they will cost.

How secure are my details?

RateSetter takes the security of your information very seriously. We work hard to protect ourselves and your information from unauthorised access.

We also protect against unauthorised disclosure, alteration or destruction of information we hold.

  • We keep hard copy and electronic records on our premises and systems or offsite using trusted third parties.
  • We ensure personal information we hold on you is secure at all times, including ensuring that it is protected from misuse, interference and loss, unauthorised access, disclosure and modification.
  • Your information is only accessible by you and those authorised to access it. Employees and third parties who deal with your information are bound by confidentiality obligations and are required to complete training about information security and privacy.
  • When we no longer need your information, including when we are no longer legally obliged to keep records relating to you, we will destroy it or de-identify it.

Can I refinance my loan?

Yes, it is possible to refinance your loan. However, you will need to meet certain eligibility requirements.

If you are eligible to apply for refinance you will be able to do so through your RateSetter account. Alternately please email us at for more information.

What fees am I charged?

Our fee structure includes a once off Credit Assistance Fee, which is payable to RateSetter for assisting with your loan, as well as an interest rate.

When you request a RateEstimate we will provide you with an estimate of all the fees and charges that may apply to your RateSetter loan. These fees and charges are included in your monthly repayment.

Although your RateEstimate includes our best estimate of fees that may apply, it’s important to remember that these could change as we assess your loan application in more detail.

How do I request payment assistance?

If you are having trouble making your repayments, or require assistance due to financial hardship, please don’t hesitate to email us at or call us on 1300 768 710. We will be able to provide you with a financial hardship application and discuss your options.

If we approve your financial hardship application we will make a variation to your loan contract, for example by offering reduced monthly loan repayments for a period of time.

How do I close my account?

If you would like to close your account, please contact us on 1300 768 710 or send us an email at

Please note that we are unable to delete your account because regulatory obligations require us to retain account details for up to 10 years. You can be assured that your data is stored securely in accordance with our Privacy Policy.

Why was my loan application declined?

Unfortunately, we cannot disclose specific reasons as to why we have been unable to provide you with a loan. However, broadly speaking, when we assess an application, we look for evidence of how suitable the loan is with regards to your current circumstances and the purpose for which you require the funds. We also take into account your employment details, income, and expenses, as well as your financial history as evidenced by bank statements, credit bureau information, and any other details you communicate to us.

We also consider your credit file as provided to us by Equifax and/or Illion, our credit bureau partners. If you would like more information regarding your credit file, you should contact Equifax and Illion directly.

What should I do if I’m going to miss a payment?

If you know that you’re going to miss a payment, or you are having trouble making your repayments, it’s essential that you let us know as soon as possible by contacting us on 1300 768 710.

How is my interest rate calculated?

Your specific interest rate may vary depending on your individual circumstances, as well as the loan details such as the amount you wish to borrow, your desired loan term, and the rates that RateSetter lenders have selected in our peer-to-peer lending markets. To find out the likely interest rate for your loan, complete a 1-minute RateEstimate.