Getting Started

Will applying for a loan impact my credit score?

Applying for a loan may impact your credit score, particularly if you are applying for multiple loans in a short space of time.

If you apply for a loan with RateSetter, we will submit a credit enquiry and request your credit file from Equifax and/or Illion. A credit enquiry may affect your credit score. For more information about your credit report, you should contact the credit bureaus.

Will a RateEstimate impact my credit score?

No. When you request a RateEstimate, RateSetter Australia Pty Limited will request a copy of your credit file as an ‘access seeker’, known as a soft credit check. A soft credit check is only visible to you and other access seekers, will not be visible to other credit providers, and does not impact your credit score.

If you complete a loan application RateSetter Australia RE Limited will submit a credit enquiry and request your credit file. This may impact your credit score.

Why was my Rate Estimate unsuccessful?

Unfortunately, we cannot disclose specific reasons as to why we have been unable to provide you with a RateEstimate.

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.

Why has my interest rate changed since I submitted the application?

After you submit your application we complete a hard credit check and review the application details, which may have impacted your customised rate. Furthermore, our lending market is live and your rate can vary based on the rates that RateSetter lenders have selected.

Why do you need my bank statements?

We take our responsible lending obligations seriously – it’s the law. We require your bank statements in order to verify the information provided on your loan application, which may include your income, expenses, and living costs. Other personal loan providers are also likely to require your bank statements before approving your loan for this reason.

RateSetter values customer privacy and will handle your information in accordance with our Privacy Policy.

Why do I need to verify my identity?

RateSetter is required to verify the identity of all applicants by law, including under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.

Most applicants can complete their identity verification online, however we may ask you for further documents if we are unable to confirm all of your details.

Where do I find my next repayment details?

You can view the details of your future scheduled payments at any time in your RateSetter account. Simply log in to your RateSetter account then click “Details and Payments” beside the relevant loan and then select ‘View your Payment Schedule’.

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.

What is greenID?

RateSetter uses greenID as a secure and simple way to verify your identity electronically as part of your application.

What is is a trusted financial data platform used by many of Australia’s largest financial institutions to retrieve customer bank statements in a safe and efficient manner. takes your data security seriously: your online banking credentials are never stored, and your data is encrypted with bank level 256-bit encryption.

What is a RateEstimate?

Your RateEstimate is an initial assessment of your eligibility to apply for a loan with RateSetter. It provides you with the estimated fees, charges and interest rate that may apply to your loan, taking into account a number of factors including your proposed loan term, amount, purpose and personal credit history.

Requesting a RateEstimate won’t impact your credit score and there’s absolutely no obligation for you to proceed with a loan application. It’s free, secure, and will only 1 minute to complete.