Rate Refresh Terms and Conditions
These Terms and Conditions apply to Borro’s Rate Refresh service (“Rate Refresh”).
By submitting a Rate Refresh enquiry or participating in Rate Refresh, you acknowledge that you have read and agree to these Terms and Conditions.
1. About Rate Refresh
Rate Refresh is a complimentary service offered by Borro to eligible borrowers who would like us to enquire whether their existing lender may be willing to offer a lower interest rate on their existing loan.
The purpose of Rate Refresh is to attempt to obtain a better interest rate with your existing lender without refinancing your loan.
Rate Refresh does not guarantee that:
your lender will participate in or accept a rate review request;
Borro will be able to deal with your lender;
you or your loan will be eligible;
your lender will offer a lower interest rate;
any quoted, indicated or proposed rate will be available to you;
your lender will actually apply an offered or communicated rate;
an interest rate will apply to every loan account, split or product you hold;
your repayments will decrease; or
participating in Rate Refresh will result in any financial saving.
2. Eligibility and participating lenders
Rate Refresh is not available for all lenders, loan products, borrowers or circumstances.
Borro may only be able to request rate reviews from certain lenders. Eligibility may also depend on lender requirements, policies, loan types, minimum loan balances, account conduct, loan-to-value ratio or other criteria.
Lenders may change their policies, pricing, eligibility criteria or willingness to accept broker-initiated rate reviews at any time without notice to Borro.
If we become aware that we cannot submit a Rate Refresh request for your loan, we will let you know.
Borro may decline or discontinue a Rate Refresh request where we are unable to provide the service.
3. You must be a borrower
You may only submit a Rate Refresh enquiry for a loan on which you are a borrower.
You must not submit another person’s loan for Rate Refresh unless you are also a borrower on that loan and are entitled to provide the information submitted.
Where there are multiple borrowers, your lender may require consent or authority from all borrowers before it will provide information or consider a rate review.
4. Limited visibility of your existing loan
Borro may not have arranged your existing loan and, in many cases, will have limited visibility of your loan, account, product, features and lender records.
Borro does not have control over your lender’s systems or processes and may not have ongoing access to your loan account.
We may rely upon information provided by:
you;
your lender;
lender representatives;
lender systems or portals;
documents provided to us; and
other information reasonably available to us.
Information supplied to Borro may be incomplete, inaccurate, outdated, subsequently changed or not applicable to your particular loan or circumstances.
5. Rate information is not a formal offer
Any interest rate, discount, estimated saving or other outcome communicated by Borro is not a formal offer, approval or guarantee from your lender.
This applies regardless of whether the information is communicated verbally, by email, SMS or in writing.
For example, your lender may advise Borro that your interest rate can or will be reduced. Borro may then communicate that information to you. This does not constitute a guarantee by Borro that:
the information supplied by the lender is correct;
the rate applies to your particular loan or product;
the lender has formally approved the change;
the lender will process the change;
the rate will be applied correctly; or
the rate will remain available.
Your lender remains responsible for its pricing, products, decisions, systems and implementation.
6. Lender errors, delays and miscommunications
To the maximum extent permitted by law, Borro is not responsible for loss resulting from an error, omission, delay, misunderstanding, miscommunication or incorrect information involving your lender or its representatives.
This includes where:
your lender advises Borro that a rate reduction has been approved but does not apply it;
a lender representative provides an incorrect interest rate;
the quoted rate applies to a different product, loan or loan split;
eligibility requirements were incorrectly communicated;
the lender subsequently changes or withdraws a proposed rate;
the lender fails to process a request;
the lender incorrectly processes a request;
the lender advises Borro that something has been completed when it has not;
lender systems contain incorrect information; or
information supplied to Borro is otherwise inaccurate or incomplete.
7. Errors or miscommunications by Borro
Borro will use reasonable care when handling your Rate Refresh request and communicating information to you.
However, Rate Refresh often involves Borro relying on information supplied by you and your existing lender regarding a loan we did not originally arrange.
Errors, misunderstandings or incorrect communications may therefore occur.
A rate communicated by Borro must not be treated as confirmation that the rate is available, approved or has been applied to your loan.
To the maximum extent permitted by law, Borro does not accept liability for loss arising from an inadvertent error, omission, misunderstanding or miscommunication regarding an indicative, proposed or reported interest rate or rate reduction, including where information communicated by Borro ultimately proves to be incorrect, unavailable or inapplicable.
Nothing in these Terms excludes or limits a liability or right that cannot lawfully be excluded or limited.
8. You are responsible for confirming your new rate
It is solely your responsibility to check that any proposed or communicated interest rate reduction has actually been applied to your loan by your lender.
This is an important condition of Rate Refresh.
Borro may have no visibility of your loan after submitting a rate review request and may have no way of confirming whether your lender actually implements the change.
If Borro advises you that your lender has offered, approved or indicated a rate reduction, you must independently check the applicable rate through your:
internet or mobile banking;
loan account or statement; and/or
lender directly.
You should do this promptly after being advised that a change is expected.
You must not assume that a rate reduction has taken effect simply because Borro has communicated a proposed or reported reduction to you.
If the expected rate has not been applied, you are responsible for contacting your lender and/or notifying Borro.
9. No guarantee of a lower rate or savings
Borro does not guarantee that Rate Refresh will result in a lower interest rate or financial saving.
Your existing lender may:
decline to reduce your rate;
offer a reduction smaller than expected;
determine that your existing rate is already its best available rate;
require additional information or authority;
determine that your loan is ineligible; or
decline to deal with Borro in relation to the request.
Any estimated savings communicated by Borro are indicative only.
Actual savings may vary because of changes in loan balance, repayments, interest calculations, fees, loan structure, subsequent interest rate changes and other factors.
Past Rate Refresh outcomes achieved for other customers do not guarantee the outcome available to you.
10. Rate Refresh is not a whole-of-market comparison
Rate Refresh initially focuses on whether your existing lender may be willing to improve your existing interest rate.
It is not a comparison of every lender or loan available in the market.
A lower rate from your existing lender does not necessarily mean your current loan is the cheapest or most suitable loan available.
If appropriate, Borro may separately offer to discuss refinancing or alternative lending options with you.
You are under no obligation to refinance or obtain another product through Borro.
Any subsequent credit assistance or loan application will be subject to Borro’s normal credit assistance process, disclosures and lender requirements.
11. Rate Refresh is complimentary
Borro does not charge you a fee for the Rate Refresh service.
Borro does not receive a commission or fee merely for requesting a rate reduction from an existing lender for a loan Borro did not arrange.
If you subsequently choose to refinance or obtain another credit product through Borro, commissions, fees or other remuneration may apply and will be disclosed as required as part of that separate process.
12. Information you provide
You agree that information you provide to Borro will be accurate, complete and current to the best of your knowledge.
Borro may rely on information supplied by you without independently verifying every detail.
You must notify us if relevant information changes while your Rate Refresh request is being considered.
Borro is not responsible for an outcome affected by inaccurate, incomplete or outdated information supplied by you.
13. Processing times
Any timeframe provided by Borro is an estimate only.
Processing times depend substantially on your lender and may change without notice.
Borro does not guarantee that your lender will consider, respond to or complete a Rate Refresh request within any particular timeframe.
14. Authority to deal with your lender
Submitting an initial Rate Refresh enquiry does not necessarily provide Borro with sufficient authority to obtain information from or make requests to your lender.
Before progressing your Rate Refresh, Borro may require:
further information;
identification;
consent from additional borrowers;
a Broker Authority; and/or
lender-specific forms or authorities.
Your lender may impose additional requirements before communicating with Borro or processing a request.
15. Privacy and storage of your information
Borro will collect, use, disclose and store personal information you provide in connection with your Rate Refresh enquiry and our dealings with you.
Your information may be recorded and stored within Borro’s customer relationship management system and other business systems.
Your information will be handled and retained in accordance with applicable legal and regulatory requirements and Borro’s Privacy Policy.
Our Privacy Policy explains how we collect, use, disclose and protect personal information and how you can contact us regarding your information.
Where required to provide Rate Refresh, information may be exchanged with your lender and other relevant parties in accordance with your authority and applicable law.
16. Communications and marketing
By submitting a Rate Refresh enquiry, you consent to Borro contacting you about your enquiry and Rate Refresh request using the contact details you provide.
Borro may also contact you about home loans, refinancing, rate reviews, financial information, services and other offers that may be relevant to you.
You may unsubscribe from electronic marketing communications at any time using the unsubscribe facility provided or by contacting Borro.
17. Withdrawal from Rate Refresh
You may ask Borro to stop progressing your Rate Refresh request at any time.
If an instruction or request has already been submitted to your lender, the lender may continue processing it in accordance with its own procedures.
18. Changes to Rate Refresh
Borro may change, suspend or discontinue Rate Refresh or change its eligibility requirements at any time.
Borro may also update these Terms and Conditions from time to time.
19. Limitation of liability
To the maximum extent permitted by law, Borro excludes liability for indirect, incidental, special or consequential loss arising from or connected with Rate Refresh.
Without limiting any other provision of these Terms, Borro does not guarantee the accuracy or implementation of information, pricing, discounts, decisions or representations supplied by a lender or other third party.
Borro is not responsible for a lender’s failure or delay in applying an interest rate reduction, including where Borro has communicated to you that the lender advised us that a reduction had been approved or would be applied.
You acknowledge that you remain responsible for checking your loan and confirming that any expected rate change has actually taken effect.
Nothing in these Terms is intended to exclude, restrict or modify any consumer guarantee, statutory right, remedy or liability that cannot lawfully be excluded, restricted or modified.
20. Complaints
If you are dissatisfied with Borro’s service, you may contact us using the complaints information contained in our Credit Guide or on our website.
Nothing in these Terms limits any right you may have to make a complaint or access an applicable external dispute resolution scheme.
21. Your acknowledgement
By submitting your Rate Refresh enquiry and accepting these Terms, you acknowledge and agree that:
you are a borrower on the loan you are enquiring about;
the information you provide is accurate to the best of your knowledge;
Rate Refresh is not available for every lender, borrower, loan or product;
Borro may have limited visibility of your existing loan;
Borro does not guarantee that your lender will reduce your interest rate;
information communicated by Borro is not a formal lender offer or guarantee;
a communicated rate reduction does not mean your lender has actually implemented it;
you are responsible for checking that any expected rate reduction has been applied to your loan;
Rate Refresh does not constitute a whole-of-market loan comparison;
Borro may contact you as reasonably necessary to progress your Rate Refresh enquiry; and
you have read Borro’s Credit Guide and Privacy Policy.
