Our Successful RateUnity Pilot – A Journey to Better Rates
- Pier Culley
- Nov 2, 2024
- 2 min read
Updated: Feb 11, 2025
Welcome to our RateUnity journey, where we share weekly updates on our progress toward improving the financial wellbeing of Australian mortgage holders. Our mission began with a pilot group of dedicated customers who were determined to secure better mortgage rates. From gathering support to negotiating with banks, this journey is about using the power of community to create real savings and transform lives.
Summary of Our Pilot
Over the course of a few months, we dedicated significant effort to launching and refining our pilot program. Here’s how it unfolded:
70 focused calls and texts were made to friends and potential customers by Pier Culley, founder of RateUnity.
4 engaging Facebook posts were shared to spread the word and encourage participation.
500 customized messages and texts were sent to banks and industry contacts.
Presentations were made to 9 banks, leading to 4 banks being shortlisted.
From those, one bank advanced to support the pilot, marking a significant milestone.
Pilot Results and Key Achievements
The pilot received overwhelmingly positive feedback, and we are excited to share the results:
30 customers joined our pilot, resulting in a $30 million loan book.
Out of this, $22.4 million is ready to be transferred to better rates, thanks to our partnership with a Hero Bank.
On average, participating Australians could save $305 per month (or $3,662 per year) on their mortgage repayments.
These achievements are a testament to what RateUnity stands for: using Strength in Numbers to negotiate directly with banks and secure better mortgage rates for everyday Australians.
Next Steps and Ongoing Updates
As we move forward, our journey will continue to focus on transitioning pilot customers to these great rates, enabling them to start saving money and live their best financial lives. We’ll keep you posted with new developments and insights as we expand our efforts to connect with more Hero Banks and grow the RateUnity community.
Join Us and See How Much You Can Save
RateUnity is more than just a service; it’s a movement. We’re here to give power back to Australians and ensure everyone has access to fair mortgage rates. Be part of our journey and discover how much you could save by visiting www.rateunity.com.au.
Stay tuned for next week’s Facts and Figures Friday, where we’ll share updates on our Hero Banks and the transition process for our pilot participants.
Assumptions: 30 year mortgage with the Average Australian mortgage loan value of $624,000, average variable rate of 6.4% existing mortgage holders, savings are for the RateUnity customer rate of 5.64% (5.94% comparison rate) for 60% or less Loan to Value Ratio (LVR).
RateUnity Pty Ltd ACN 668166283, Australian Credit Licence 554016.
