Posted by Trent Lee in Uncategorized on June 10th, 2025
Urgent Warning for RAMS Clients: Know the Risks and Why You Need a Loan Review Now
The mortgage industry’s future is under scrutiny after ASIC’s crackdown on RAMS Financial Group — revealing systemic misconduct that puts thousands of borrowers at serious risk. If you secured a home loan through RAMS between 2019 and 2023, your financial safety could be compromised, and immediate action is essential.
What’s the Risk?
ASIC’s revelations expose shocking failures: franchisees using fake pay slips and altered contracts, unlicensed referrers completing loan sections, and breaches of credit laws — all behaviours that threaten the integrity of your loan and financial security. The misconduct isn’t just about a rogue few; it exposes holes in franchise oversight, leaving borrowers vulnerable to fraud and mismanagement.
Why You Must Contact Mates Rates Mortgage Brokers Immediately
The Bottom Line
The RAMS scandal exposes a broader industry risk: franchise oversight flaws, unlicensed activities, and rising AI misuse threaten borrower security nationwide. The best way to protect yourself? Get a professional loan review today with Mates Rates Mortgage Brokers. Stay informed, stay safe, and secure your financial future.
Contact us now — your peace of mind is worth it.
REFERENCE ARTICLE
The Australian Securities and Investments Commission’s (ASIC) civil penalty proceedings against RAMS Financial Group for alleged broad-based regulatory violations in its home loan department has raised questions about the future of mortgage broking industry regulations. Brokers and franchisees alike are now under the spotlight, as regulators zero in on compliance failures, oversight gaps and the role of unlicensed referrers in the loan origination process.
Early Wednesday morning, ASIC began Federal criminal proceedings against RAMS — a wholly-owned subsidiary of Westpac Banking Corporation — claiming that the mortgage brokerage had engaged in widespread misconduct, including “systemic misconduct in arranging home loans.”
Between June 2019 and April 2023, several RAMS franchisees allegedly breached their obligations under Australian credit licence laws by using fraudulent documents, including falsified pay slips and altered loan contracts, to secure home loans for ineligible borrowers. The Australian watchdog group stated that these actions raise serious concerns about the underlying practices and motivations within RAMS’ loan origination processes.
“RAMS allowed years of unlawful conduct to occur across its franchises, creating the opportunity for loans to be provided to customers who otherwise may not have qualified for those loans, and thereby increasing commissions earned by RAMS franchisees,” said ASIC Deputy Chair Sarah Court.
The alleged failures include engaging in business with unlicensed individuals, falsifying documents such as pay slips and expense records to help customers qualify for loans, breaching credit legislation, failing to properly supervise representatives and ensure their compliance with regulatory requirements, and lacking adequate policies and procedures to safeguard borrowers. Each of these actions constitutes a breach of the National Consumer Credit Protection Act 2009, ASIC said.
Westpac could not immediately be reached for comment.
The major closed up shop of all RAMS businesses, including franchise offices, in August of last year. The nearly $32 billion of existing RAMS loans were absorbed by Westpac’s loan book. Before closing, RAMS operated as a standalone business under an independent franchisee model, providing credit services for RAMS-branded home loans, which were funded by Westpac. The mortgage brokerage — which held an ACL authorizing it to perform non-credit providing functions, including credit assistance provider — offered services for first-time buyers and self-employed borrowers.
RAMS has admitted to the breaches and, according to ASIC, has taken steps to compensate affected borrowers. However, the implications of the case reach well beyond the company itself.
Franchisee oversight: a systemic risk?
The case exposes vulnerabilities in the mortgage broking model, particularly the potential for inconsistent oversight of franchise models. While RAMS operated under the broader Westpac umbrella, the misconduct largely originated at the franchisee level. For brokers working within similar frameworks, this case underscores the urgent need for clearer, enforceable standards around compliance and quality control. It also raises a critical question: should brokers and mortgage professionals now prepare for increased regulatory scrutiny in the wake of these revelations?
Phil Rice, a finance expert and certified broker coach, disagreed with the notion that the RAMS case signals a broader industry issue.
“This is not a systemic risk,” Rice told Australian Broker. “There’s always going to be a bad egg somewhere who’ll try the system. And that’s going to be with any industry. No one can help that. So all brokers can’t be held liable for one bad egg.”
He emphasized that the broking profession is subject to rigorous oversight and structured support.
“Brokers are mentored for the first two years; there’s always someone looking over their shoulder. Brokers are held at a very high standard of trust. There’s too many checks and balances in place in this industry. Brokers are over compliant,” he said.
Rice also noted that the full extent of involvement among franchise brokers remains unclear, arguing that the industry as a whole should not be penalized for the actions of a small number of individuals.
The recent proceedings have also drawn attention to the use of unlicensed referrers and the emerging risks associated with technology, particularly artificial intelligence, in the home loan application process. In the case of RAMS, ASIC stated that some unlicensed third parties were not only sourcing leads, but also completing sections of loan applications. Under current legislation, only individuals who hold a credit licence or are authorised representatives are permitted to perform credit activities.
Phil Rice noted that brokers are not always the source of misleading documentation, highlighting that at times borrowers provide falsified records.
“You can’t discount that,” he said. “There are times when brokers get pay slips or bank statements from the consumer, thinking that they’re the right ones. And the broker just passes it on to the bank. And the broker’s done their job, right? But then the bank finds out [it’s a fake document] because the bank has their own checks and balances.”
The growing use of AI in lending also raises concerns about future complications.
In 2024, during his remarks at the University of Technology Sydney’s “Shaping Our Future Symposium,” ASIC Chair Joe Longo addressed the potential risks of using AI to outsource and gather data across industries, including home loans and mortgages..
While he dispelled the notion that artificial intelligence is not currently regulated — “It is,” he said, during the address — he also questioned whether the existing regulations that govern responsible outsourcing are enough.
“The open question here is how regulation can adapt,” Longo said.
“Even as AI leaps forward at a rate never seen before, questions around transparency and explainability become paramount if we’re to protect consumers from harm, intended or not,” he said. “The responsibility towards good governance is not changed just because the technology is new.”
ASIC is seeking declarations and pecuniary penalties against RAMS, the group said. The date for the first case management hearing has not yet to be scheduled.
Posted by Nicola Elkington in Uncategorized on June 9th, 2025
With more Australians building or buying off-the-plan and the property market buzzing, it’s no surprise that Deposit Power Bonds are making headlines
So, what makes Deposit Power Bonds the smart choice for buyers—especially first-home buyers and those facing long settlement times? Here’s what you need to know.
A Deposit Power Bond is an alternative to a cash deposit when you’re purchasing property. Instead of tying up tens or even hundreds of thousands in a cash deposit—sometimes for two years or more (if you’re buying off-the-plan)—you pay a one-off fee and use a deposit bond as a guarantee to the seller. The full purchase price is paid at settlement, just like with a traditional deposit.
1.Keep Your Cash Working for You
Locking up a 10% deposit for years isn’t ideal—especially if you’re waiting on a build or a long-term settlement. With a deposit bond, you can invest that cash elsewhere, keep it in an offset account, or simply avoid the stress of moving money around before you’re ready. If you’re an investor or a first-home buyer with family support, your money is free to work for you right up to settlement.
2.Protection if the Builder or Developer Fails
One of the biggest risks for buyers in a changing property market is the possibility of the builder or developer going bust. If that happens, your hard earned cash deposit will likely be lost. With a deposit bond, your money stays safely under your control—giving you peace of mind.
3.The Strongest Deposit Bond in Australia
We’re proud to offer Deposit Power Bonds the strongest rated bond rated AA- (Very Strong) credit rating by S&P Global. This is the highest credit rating for deposit bonds in the Australian market—meaning security you can count on, whether you’re a first-home buyer, an upgrader, or an investor.
Secure Without the Cash: If you’re selling an asset or waiting on funds, a short-term deposit bond lets you secure a purchase now.
Perfect for Auctions: Don’t want to risk cash at auction? Use a bond—and if you don’t win, you can reuse it for another auction (up to your approved amount) without reapplying.*
*Check with the selling agent that a deposit bond is acceptable to the vendor.
Don’t Miss Out: Upgrade to your dream home without waiting for your current sale to settle. Use a deposit bond now and pay at settlement.
Bridge the Waiting Game: If you’re waiting on probate or a legal settlement, use a deposit bond to secure your next property now, not months down the track.
Protect Family Cashflow: Parents helping their kids? Keep your offset account working at high interest and just pay a one-off bond fee rather than moving large sums early.
We also offer a “House Hunting Bond”—ideal for buyers heading to multiple open homes and auctions. Get pre-approved for your maximum budget (for example, a $1M purchase = $100K bond) and use the same bond for multiple auctions. There’s no obligation or charge unless you activate the bond and win.
Flexibility: Long-term, short-term, auctions, off-the-plan, upgrades—bonds to suit any property purchase
Risk Management: Cash stays safe even if the builder or developer fails
Keep Your Money Working: Invest or offset your cash until settlement
Ready to get started or want to know more?
Contact the team at Mates Rates Mortgage Brokers today. We’ll show you how a Deposit Power Bond could help you buy smarter, invest better, and keep your cash protected.
Posted by Nicola Elkington in Uncategorized on June 9th, 2025
By Trent Lee, CEO & Managing Director, Mates Rates Mortgage Brokers
Original article source: MPA Magazine
At Mates Rates Mortgage Brokers, we work with Australians at every stage of life—and recently, one trend we’re seeing more often is clients heading into retirement still carrying mortgage debt. And it’s not just something we’re noticing anecdotally—the numbers back it up.
A recent MPA Magazine article revealed that mortgage debt for Australians aged 55–64 has surged by 89% over the past 15 years, with average loan balances nearing $200,000 for that age bracket. For those 65 and over, the situation is just as concerning, with many still holding an average debt of around $158,000.
There are several factors driving this trend: rising house prices, people entering the property market later in life, helping their children financially, and even refinancing for renovations or investments. It’s a tough cycle—retirement income is often fixed or reduced, and carrying a home loan into those years can strain your financial wellbeing.
Mates Rates’ brokers can help, as brokers our role has never been more critical. At Mates Rates, we work closely with clients to:
We believe financial freedom should be part of retirement—not something you’re still working toward. If you’re in your 50s or 60s and still have mortgage debt, you’re not alone—but you don’t have to navigate it alone either. In the spirit of Mates helping Mates supporting our Grey Nomads and Grey Army, we also offer a 0.10%pa discount as a Mates Rates cash-back for loan amounts >$350,000 for this unique product too.
If you’ve hit 60 the new 50 😉 own a home and /or investment property and this sounds like your situation, get in touch with our team, TODAY!
At Mates Rates Mortgage Brokers, we’re all about finding the right solution for your unique journey—whether that’s building wealth in your 30s or planning for a debt-free retirement.
CEO & Managing Director, Mates Rates Mortgage Brokers
Posted by Nicola Elkington in Uncategorized on April 28th, 2025
Finance & Flexibility
Home & Lifestyle
Support for Family
Care & SecurityAt Mates Rates, we’ll guide you through your options with trusted advice, compassion, and clarity—so you can make informed decisions for a secure and comfortable future. Download the brochure for more information
Posted by Nicola Elkington in Uncategorized on December 10th, 2024
In the world of home loans, most of us focus solely on interest rates when looking to secure the best deal to save money.
But what if there was another way to save even more — tens of thousands of dollars, in fact — beyond just securing a competitive rate?
At Mates Rates Mortgage Brokers, we’re not only helping our clients find the best loans with the lowest interest rates; we’re giving back to them through our innovative cashback program. This unique initiative gives you cash back for every single month of the life of your home loan, helping you pay it off faster and save significantly in the long run.
Our gift to you is something not even the richest person in the world can buy more of …Time!
That’s right, our Exclusive Mates Rates Cash-back gives you precious debt free Time as the cash credited to your home loan and the compound interest savings this provides, can shave years off the loan term.
If you’re not yet getting cash-back on your home loan, you are paying too much and you’re missing out on a game-changing opportunity to take control of your finances.
But don’t just take our word for it—let’s introduce you to Raif, one of our loyal clients, whose story highlights how impactful our cashback program can be.
Okay, so Raif isn’t his real name, but we promise you his story is 100% real!
Raif has been a client of Mates Rates Mortgage Brokers for more than a decade. Like many Australians, he has a home loan (actually several home loans) and over the years, he’s relied on Mates Rates to manage them effectively.
But Raif’s story stands out for one simple reason: over his time with Mates Rates he has already received over $38,000 in direct cash-back and in addition saved almost as much in compound interest, thanks to Mates Rates Mortgage Brokers.
These savings aren’t just loose change — they’re a substantial reduction in the principal of his home loan. This, in turn, reduces the amount of interest Raif has paid, and will continue to pay over the life of his loan. When you factor in compound interest savings, Raif’s total benefit is MASSIVE.
What’s more, Raif is thrilled to know that he’s on track to pay off his mortgage faster than he ever imagined, thanks to Mates Rates Mortgage Brokers’ cashback program.
For us, Raif’s success is why we do what we do. Helping our clients achieve their financial goals, whether it’s paying off a home loan sooner or saving money along the way, is at the heart of our mission.
Our cashback program is simple, yet incredibly effective. Here’s how it works:
Now it’s time to ask yourself:
For most people, the answer is a big fat $0. Traditional lenders and brokers just DO NOT or WILL NOT, share their profits with their clients. Think of it if you like a fee for NO service!
Sure, brokers get you a home loan, there are now reportedly 21,000 brokers that can get you a home loan BUT what do those 21,000 brokers do for you after they get you your home loan that they should be paid every month for the life of your loan for up to 30 years? That’s the loan term!
There is only one MATES RATES
At Mates Rates, we believe this is a missed opportunity. You work hard to make your home loan payments, and we think you deserve a partner who works just as hard to help you save.
When it comes to choosing the right mortgage broker, trust and transparency are key. Here’s why Raif—and thousands of others—have chosen to work with us!
One of the most powerful aspects of our cashback program is how it reduces your interest payments over time.
Just as compound interest is a powerful savings tool, so too is the compound savings on your home loan you’ll enjoy as our cash-back is credited to your home loan every month!
By lowering your home loan balance every month, you’ll pay less interest overall. This means your monthly repayments work harder for you, going further toward paying off your loan rather than just contributing to paying off the interest.
For all of our clients like Raif, this can result in tens of thousands of dollars in additional savings over the loan term. It’s a WIN/WIN situation: you save money every month, and you reach mortgage freedom sooner!
Raif’s story is impressive, but it’s just the beginning. Imagine what you could save over the life of your loan with Mates Rates on your side. Whether you’re just starting out with a new home loan or looking to refinance, our cashback program is designed to maximise your savings and reduce the length of your home loan.
The best part? The sooner you start, the sooner and more you will save. Every month that goes by without cashback is a missed opportunity to reduce your loan balance and pay less interest, and you pay MORE.
In the June 2024 quarter, for the first time brokers settled more than $100 billion in a quarter.
$100.11 billion in the June quarter = $150,165,000 in available cash-back for the year just for 3 months in the June quarter.
How much CASH are you leaving on the table?
Contact Mates Rates Mortgage Brokers NOW to receive the trailing commissions on your home loan and TAKE your cash off the table!
Saving nearly $70,000, like Raif, is just the beginning. The question isn’t “if” you can save—it’s “how much” will you save! AND when?
If you’re ready to take control of your home loan and start putting money back in your pocket, it’s time to partner with Mates Rates Mortgage Brokers.
The sooner you get started, the sooner you’ll see the benefits of cashback working for you. Like Raif, you could be on your way to saving tens of thousands of dollars and achieving mortgage freedom sooner than you thought possible.
Our cashback program is just one of the ways we’re revolutionising the mortgage experience for our clients. Whether it’s through our cashback program or personalised loan advice,
we’re dedicated to helping you achieve your financial goals.
Contact us today to find out how much you could save. Let us work with you to make your financial goals a reality.
Posted by Nicola Elkington in Uncategorized on October 24th, 2024
When Grant, a homeowner in his early 40s, and his wife Lisa, first encountered Mates Rates Mortgage Brokers (MRMB) they were initially sceptical. The idea of receiving a cashback on their home loan commissions sounded too good to be true.
However, after two home loans and nearly a decade of working with MRMB, they are convinced that this unique offering is both real and financially beneficial.
Grant explains why they now recommend MRMB to anyone looking for a better home loan experience.
Grant and Lisa are in many ways a typical Australian family.
“Both my wife and I grew up in Australia, played sports, drank beer, ate pizza, and somehow survived and found ourselves where we are now”, says Grant.
“In other words, we are probably what you’d call the standard run of the mill (almost) nuclear family, except for the fact that whenever we make a big financial decision – like buying a car or a property – we will spreadsheet the hell out of it and do our research until the cows come home!
“We’ve also always been diligent about our financial decisions and we’re good savers too. We’ve both worked hard – my wife worked three jobs at one time,” Grant admits.
“As a result we managed to take out two home loans via MRMB – one small loan for a very modest investment property and the other loan for our current home. Nothing overly grand, just solid properties.”
“Choosing Mates Rates instead of going direct to one of the “big four banks” was a bit of a punt in the beginning to be honest,” says Grant.
“We initially came across MRMB’s cashback offer after Lisa read about it in the bestselling book written by the Barefoot Investor, and we approached it with caution. As I said earlier, we like to do our homework but we were curious.
“We were sure that there had to be a catch like hidden fees or some unknown clause in the fine print that’d come back to bite us, right? It simply seemed too good to be true.
“But guess what? It wasn’t. It really wasn’t.”
What surprised Grant and Lisa most about MRMB was that, despite their concerns, there were no hidden costs attached to their home loan and their cashback offer.
“Seriously, there are no hidden costs at all. None, nadda, nothing, not a thing. You better believe it!”
Over the first five years of their MRMB home loan, Grant and Lisa received almost $5,000 in cashback from the trailing commissions on one of their loans.
“That’s $5 plus three 000’s. Not to mention the compounding interest saving impact that money has in our account. And the best part is, that money keeps coming every month as long as we have our home loans through MRMB,” Grant explained.
According to Grant, the cashback system has had a significant impact on their financial planning, especially with the added benefit of compound interest.
“Had we gone directly to a bank for our home loans, we wouldn’t have seen a cent of the trailing commission”, Grant said, “The bank would’ve kept it all. The same applies had we gone to just about any of the other mortgage brokers on the market at the time!”
But it gets even better! At the time of publishing this article in October 2024, MRMB has paid Grant and Lisa over $21,000 in trailing commissions!
In addition to passing on thousands of dollars in cashback, MRMB also helped Grant and Lisa secure a lower interest rate than they could have obtained on their own.
“Of course we did our research before going with Mates Rates,” explains Grant.
“We spoke with multiple banks to find the best bank rates and discovered we would have ended up with a higher interest rate if we’d gone directly to the bank. In-sane!
“On every level, Mates Rates truly has made an incredible difference and you just can’t argue with the maths!”
Grant attributes their positive experience largely to the service provided by MRMB founder Trent and his team.
“Trent is the real deal,” Grant remarked. “He is a straight-shooter who truly does have his client’s interests at heart. He genuinely cares about his clients.”
“We initially dealt with Trent and we’ve also dealt with members of his team. Not only did we get quality service every time, but it was quick service and to the point, much like Trent himself.
“Trent created Mates Rates out of nothing except from his incredible mind simply because he saw what the banks and other brokers were doing on trailing commissions and he wanted to make a difference. He wanted to put trailing commissions back into the hands of his clients rather than keeping it for himself, unlike most banks and brokers.
“For us, at least, Mates Rates truly has made an incredible difference. What once seemed ‘too good to be true’ is, in fact, a smart financial move.
“It goes without saying that we have no hesitation in recommending Mates Rates to every sane and reasonable person in Australia.”
With no hidden fees, monthly cashback for the life of the loan and a service that has consistently delivered results, Grant and Lisa now recommend MRMB to anyone looking for a better home loan experience.
