Here's how it works
1. Invite your clients to RateTraker
Sherlok’s RateTraker is an automated tool that helps mortgage brokers monitor their clients’ interest rates after settlement. By using open banking, RateTraker alerts you when a client’s interest rate becomes uncompetitive, giving you the chance to act fast and secure better terms for them.
2. When Sherlok detects a loan at risk of refinancing, we queue the reprice for your approval before sending it to the lender
We’ll take care of the repricing efficiently, so there’s nothing more you need to do. We’ve mapped out the repricing processes for over 50 lenders, which means the majority of loans in your trail book can be repriced smoothly and quickly.
If a lender requires a signed Third Party Authority form, Sherlok’s got you covered—we’ll pre-fill the form and send it straight to your client for their signature before we submit the reprice request on your behalf.
3. Once the reprice is complete, Sherlok will provide ready-to-send SMS and email options for communicating with your client
Once the reprice is complete, Sherlok’s algorithm automatically checks if there are even lower rates that match your client’s loan profile. If it’s financially worthwhile—like saving $1,000 a year—we’ll present two great refinance options: the lowest variable rate and the lowest fixed rate.
These options, along with the approved (or declined) reprice outcome, can be sent to your client through ready-to-send SMS and email templates. No matter the result, we make sure your client is kept fully informed, without any extra work for you.
4. If a client expresses interest in these new rates, the leads are sent straight to your inbox
Every time a client shows interest in refinancing, we’ll send the lead straight to your inbox, so you can follow up quickly and directly.
5. Sherlok will continue to monitor your clients’ rates
We’ll continue to analyse your trailbook for clients that are at risk of refinancing.
The Sherlok retention score
The Sherlok retention score is similar to a credit score. It’s an algorithm that looks at a whole range of different parameters, and then produces a score for each loan in your trail book.
The higher the score, the higher the risk of losing that loan. A very high score suggests that the client will leave you in the next 12 months if you don’t do anything.
Once we know what loans are at risk, we’ll efficiently reprice those loans with the same lender to get a cheaper interest rate.
Need broker support? Get in touch via hello@sherlok.com.au
