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Lend $2000 for 1, 3 or 5 Years on Ratesetter and Get $75 + Interest

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Refer up to 5 friends using your unique link. For each friend that lends at least $2,000 across our 1 Year, 3 Year Income or 5 Year Income markets, you'll both earn a $75 Welcome Bonus.
This offer commences on 15/03/2017 and is only available to the first 1,000 eligible New Members who satisfy the applicable Eligibility Criteria set out below by 15/04/2017

From their website:

  • Attractive returns: RateSetter offers attractive returns by connecting you with creditworthy borrowers
  • Simple: simply select a term, amount, and rate you wish to earn
  • Provision Fund protection: the Provision Fund can help protect you from borrower late payment or default
  • A peer-to-peer pioneer: the RateSetter group is one of the largest peer-to-peer lenders in the world

Ratesetter has previous deals here, here and here if you want more information.

The market rates as of this morning are:

  • 5.2% 1 Year
  • 8.3% 3 Year Income
  • 8.8% 5 Year Income

Warning: This is an investment with a company that is not an Authorised Deposit-taking Institution (ADI). The Australian Government guarantee does not apply in the event of the company going bust. Please consider whether it is appropriate for you.

Referral Links

Referral: random (8)

$50 for referrer and $50 for referee after investing $1,000 in the 5-year income market.

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closed Comments

    • Why would you think that?

    • +3

      It's a peer to peer lending platform. The referral is for lenders.

      • Cheers MM. A nice clear & concise reply. That's all I needed to know!

    • Bahahaha oh Steve just deactivate your account now.

      • Ha, I just saw this. Too funny. I read it too quickly and while I was doing other stuff so didn't grasp exactly what it was all about and in fact didn't even know this was a thing! All good and thanks to Marlboro Mans reply I now know it's not my cuppa tea anyway.

  • I'm sure Ratesetter was previously setup in the OzB referral system. Not sure why it was removed? Maybe ask the mods?

    • I believe so too, did a quick search and I can't find a reason for it being removed.

      I'll PM the mods.

    • -1

      their referrals only run for about a month every 6 months or so, outside of their promo periods that referral is pretty much useless

      • Yep, but still don't think the referral codes should be wiped :/

  • +6

    Hi team,

    Just bear in mind before you all rush to click on the 'Go to Deal' link above, that the current link on this OzBargain listing doesn't entitle you to the $75 bonus.

    Mods will need to re-enable the referral system so that you can use referrers' links to sign up and get the Welcome Bonus.

    Cheers

    Ben Milsom
    RateSetter

    • +1

      Congrats on 100 mil Ben.

      Do you expect an influx of borrowers? Otherwise there seems to be plenty of funds on the market and the rates have already come down quite significantly in the past few months.

      • +2

        Thanks powerhead - was nice to pass the $100m milestone (though looking forward already to the $250m mark!)

        We're always working hard to grow loan volumes - if you have a look at our statistics page you'll see a pretty significant increase in weekly loan volumes from even 6 months ago. We think that with our current growth plans (including a number of significant partnerships recently announced in the broker space) these volumes are set to increase over coming months.

        • TFW u find this deal on the last day :( .

          Hope you bring this deal back again sooner rather than later, as I would have gone for it had I known!

    • +2

      Thanks mods - referral links now working. Click away!

  • Referral settings have been added to RateSetter. Click on "Edit" link above to put in your referral information.

  • +4

    So I did some math for fun… if I'm right:

    $2000 on 1 year loan at current rate of 5.2% gives you $104 - fees = $93.6
    add to this the bonus of $75 and you get a total of
    $168.6 which equals 8.43% profit for your 2K… good deal in my opinion

    • -1

      Where did you find the fee amounts?
      And it looks like the rates are AFTER fees?

      • -1

        (Where did you find the fee amounts?) : http://help.ratesetter.com.au/support/solutions/articles/100…

        (And it looks like the rates are AFTER fees?) : I wish, quote from the page " lenders are charged an interest margin fee of 10% of the gross interest received"

        • +2

          Thanks for that.

          But just went to your link and a little further down in the bold writing it says…

          "all lending rates on the RateSetter site are shown after the effect of the interest margin fee."

        • +1

          @sharkfan12: You are right, and I'm confused now. In my account summary I see a row "Interest earned" let's say $X, just below it is "Less interest margin fees paid" which is around 10% of $X and with a minus sign. That's why my understanding was that the fee is deducted from the interest received.

          How about an example:
          $10000 on loan for 1 month at 4% gives you:
          a) $100000.04/12 = $33.33 - 10% fees = $30 profit
          or
          b) $10000
          0.04/12 = $33.33 profit + $3.33 fees so "Interest earned" is $36.66 and "Less interest margin fees paid" = $33.33 profit
          ?

        • @cheaty:
          Lol. Now you've confused me….

        • +2

          @cheaty:

          Hi all,

          Hopefully this resolves the confusion:

          a) Percentage rates that you see on the website (including the rates you enter when making a lending order) are AFTER our lender margin fee. This means that the rate you see is the rate you get, subject to the assumptions stated on the website and in the PDS.

          b) The amounts of 'interest earned' you see on your account summary are gross amounts, BEFORE the deduction of the lender margin fee.

          Cheers

          Ben

        • @milsomb: Thanks for the reply, this translates to answer "b" from the example if I understand correctly?

        • @cheaty: Yes, thats right.

    • Don't forget tax on interest earned

      • +4

        I really don't see the point - tax is paid on any income, so if you keep the mentioned $2K in a savings account you will be paying tax as well.

        The figures I'm giving can be compared with any other option pre-tax, because tax circumstances are different for everybody.

        • -1

          you have to compare apples with apples, you cannot really compare savings accounts with ratesetter as the risk profile is totally different.

          but if you compare it with equities, then it's a different picture

        • +6

          @powerhead: I'm comparing apples with apples - pre-tax income with pre-tax income, not talking about risk, just explaining that taxes depend on you, not on the way you make money.

  • Awesome, trying this out. Happy to get a much better return than I can with any Australian bank at the moment.

  • +1

    So the actual calculated interest rate is actually slightly less, if I understand this statement?

    "Lender rates may assume payments received are continually reinvested at the stated rate"

    So dont go spending your interest at the end of each month! 😀

  • +4

    Just copying my personal experience from the other thread. Still very happy with RateSetter and hold a substantial amount with them:

    I have used RateSetter for over 1 year now and have been pleased with the support and return. The provision fund (which is a form of protection, not to be confused with insurance) has held up rather well and this means that if someone were to default on some of my loans then I most likely wouldn't have a loss. It's best to spread your loans into smaller lots to mitigate risk. I've found that sometimes people pay their loans back early but you can easily lend the funds out again. Make sure your funds are either automatically withdrawn to your designated bank account or relent out otherwise you will miss out on interest if you have money sitting in the non-interest account. Each year Ratesetter automatically makes an annual tax summary so you don't have to worry about the complexities of having tiny amounts of money leant out at slightly different rates.

    Ratesetter also publishes their loan book of borrowers which you can find here: http://static.ratesetter.com.au/loanbook/20160630LoanBook.xl…

    You can deposit fairly easily via Bpay. It's worth doing some research on the risk and reading the PDS to make sure it's right for you.

    • If anyone has a question for a non-rep feel free to PM me.

  • Happy with performance since signing up under the last referal with my SMSF. Made over $500 on an average of 10k investment so far

  • +1

    Have been using Ratesetter for almost a year and signed up under a similar promotion. I signed up at a time when it was get $100 for lending $1000 on the 1, 3 or 5 year markets.

    This deal is actually a great deal. Without even factoring in the interest you get, you are getting the equivalent of 3.75% annual return, assuming you do the bare minimum (lend $2k for a year).

    As for RateSetter, I understand the hesitation as they aren't a big bank. However, my personal experience with them has been positive. I also want to add that they have some sort of affiliation with Qantas (but I am not sure in what capacity exactly).

    • They aren't a bank strictly speaking. They don't allow transfers between customers.

      • I am aware that they are not a bank :) sorry I didn't word it well

        And in addition to what you've said, they don't offer anything in the way of your other typical banking products (transaction accounts, credit cards, insurance) besides a loan and an interest rate.

  • +1

    Also signed up with ratesetter last time there was a promo. Can say that everything has been going smoothly, very easy to understand and has been earning me steady interest.

  • Anyone receive their $75 referral yet?

    • yep

      • How long did it take from when you put in the lending order?

        • i'm an existing lender so dont have exact timeframe, but it was all well within the T&C's

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