Payments & Security

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 happens if I miss a payment?

If you miss a scheduled direct debit repayment, we will notify you by email and will reschedule the direct debit, generally for about five days later. You may incur fees for missed repayments as outlined in your loan contract.

If you miss multiple scheduled payments, we may engage our specialist debt collection agency to assist with recovery activity. Defaulting on a loan may affect your credit history, and this may, in turn, affect your ability to borrow in future.

If you are having trouble making your repayments, you should contact us.

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.

How long until my loan funds reach my account?

Once your loan application has been approved and you have accepted your loan contract, we will transfer the funds the following business day. They should arrive into the relevant account within one to two business days.

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 contact@ratesetter.com.au 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 pay off my entire loan balance?

You can repay your entire loan at any time. Even better, there are no fees or penalties for repaying your loan early.

Simply log in to your RateSetter and go to ‘Details and Payments’. From here, you can select to view and repay your outstanding loan balance by BPAY or bank transfer.

How do I make an extra repayment?

You can make an extra payment at any time using BPAY or bank transfer without incurring any fees or penalties.

Any extra payments you make will automatically reduce the term of your loan. This means that your monthly repayments will stay the same but you will pay less interest overall. Additionally, any extra payment will not affect the amount or timing of your regular monthly direct debit payments.

You can find our BPAY and bank account details and make an extra payment by logging in to your RateSetter account and selecting ‘Details and Payments’.

How do I change my repayment amount?

If you would like to increase the amount of your monthly repayment to pay off your loan faster, you can amend your payment schedule at any time through your RateSetter account. There are no fees or charges for increasing your repayment amount, or for paying off your loan early.

Simply log in to your RateSetter account and select ‘Details and Payments’. From here, you can select the amount you wish to repay monthly. If you would like to revert back to your monthly contractual repayment amount, you will be able to do so using this screen.

How do I change my direct debit date?

You can request to change your direct debit date by logging in to your RateSetter account by selecting ‘Details and Payments’. From here, you can submit a request to amend your direct debit date.

To collect your payment by the specified payment date, RateSetter makes a direct debit request to your bank the business day before. Occasionally, the request will clear on the same working day which can lead to funds departing your account early; please keep this in mind when selecting a new direct debit date. There may also be fees applied payable each time you ask to move a monthly repayment to a date after the scheduled due date.

How do I change my direct debit bank account?

Your first monthly repayment must come from the bank account that you originally provided to us. After the first payment has been made we can update your bank account details if required.

To change your nominated account, contact us on 1300 768 710. For verification purposes, we will require a copy of a recent bank statement for the new account clearly showing your name, BSB, and account number.