Our latest Rate Breach alert saved one client $16,490 in one year.

Your FAQs Answered.


Is RateTracker a free service?

Yes. RateTracker is free for any Australian resident. Rate Tracker was developed by Melbourne based mortgage brokers, My Mortgage Freedom, as a way to track the rates of hundreds of customers at once; ensuring the most competitive products and pricing.

Once established and proven for their customers, RateTracker was released Australia-wide. The use of RateTracker does not incur any fees – as with traditional mortgage broking, the bank pays for the services provided by MMF when new customers sign up. In this way, RateTracker are renumerated via the work behind the scenes done by My Mortgage Freedom.

How Does Rate Tracker Work?

RateTracker uses Open-Banking technology to connect our service to your home or investment loan with any bank accredited by the ACCC.

Rate Tracker then accesses your basic loan data each month automatically, and receives an updated loan balance and interest rate. Your rate is than compared to a “benchmark” interest rate, set by the team at RateTracker. If your interest rate exceeds the benchmark, you'll receive a message that your interest rate is no longer competitive. Our team will reprice your loan for you, and if your existing bank does not come back with a fair price, then My Mortgage Freedom (creator of RateTracker) will review your home loan and come back to you with a better offer.

Who does RateTracker partner with?

We have sided with the best in the world to both develop and manage the RateTracker technology, this has enabled us to work with all of the usual suspects in Australian banking. We have shared all of our partners and providers that help us make this technology so easily available: Salesforce, Yodlee, CBA, Westpac, NAB, ANZ, Suncorp, ING, Bankwest, Citibank, Macquarie Bank, Qudos Bank, La Trobe Financial, ME Bank, Adelaide Bank, Bank of Melbourne, Mystate bank, and Liberty.

What happens if I change my online banking password?

Upon connecting to RateTracker, an authorisation token is provided to us by keying in your banking customer ID and Password. This means your data is only valid if you authorised it. If you change your password or change banks, the connection will be broken until you re-connect using your updated details. Please notify us if you need to make this connection again.


What does Rate Tracker do with my data?

Rate Tracker doesn’t actually hold any of your banking credentials, once you have provided the once off authorisation token it holds a key to collect only your interest rate and loan balance.

We do not keep any of your banking data on site and this is all held by Yodlee who are the worlds leading open banking data aggregation company. We are only collecting what we need to ensure your interest rate remains competitive and that you are never going to get ripped off by your bank.

We have a full privacy policy and terms and conditions set of rules that complies with Australian consumer law and we will always treat your information in accordance with the current policies and privacy laws. On top of this, we go a little further by only having digital files, we don’t hold any paper files making it impossible for anyone to get access to your information.

Is RateTracker secure?

Yes. We would not release a product that puts your information at risk.

We use encryption and data management by Yodlee - the world largest service in this area. Yodlee exist to manage data like your credit file, bank data feeds and information, and they use 256-bit bank-grade algorithm encryption, so hacking this system is virtually impossible. At present, it would take a supercomputer 2 trillion years to crack 256-bit encryption.

While our services are completely secure, there can be a risk of 'phishing' scams - where cyber criminals use deception to trick users into submitting information to them, rather than to trusted services. To avoid this:

  1. Only use the RateTracker website to connect to the portal.
  2. Don't click on any links sent by someone other than from RateTracker.
  3. Be aware that RateTracker will only send one email prompting you to connect your loan. That will either be 1 week after settling a new home loan with My Mortgage Freedom, or immediately after requesting your unique invitation via the RateTracker website.

If you are unsure of something you have been sent by RateTracker, it is best to contact our team before moving further.

What is “Open Banking”?

Open Banking technology was legislated by the Australian government in 2018, making switching and monitoring financial products, like loans and bank accounts, much easier.

It is now also being used for things like insurance and energy comparisons. “Open Banking” has been used globally for some years in the UK and USA. In 2018 the government announced that by July 1st 2020 all major banks must comply with open banking laws to allow their customers to share their data with 3rd parties, like Rate Tracker, to increase competition and make it easier to switch or save money on your products.

By November 2020 all second tier banks had to comply. This means you can now provide an “authorisation token” to allow your bank to share your interest rate data with other banks making it harder for them to charge you unfair pricing. Open banking does not authorise the requestor to have access to your accounts or information, it simply shows a “read-only” version of your statement and then feeds the information back to whomever you have authorised to collect it.

Read more at www.ausbanking.org.au.