Sherlok is an automated refinancing and repricing service built for Australian mortgage brokers. It scores refinance risk across your loan book, asks the current lender whether it will reprice, and compares selected lenders when a better outcome exists.
This guide explains how the service works, where its automation stops and your obligations start, plus how to judge whether it suits your book.
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How Sherlok works day to day
Sherlok monitors your settled loans and watches movements in interest rates against what each client is paying. When a loan looks exposed, it lands in a review queue ranked by the company’s internal machine-learning model, so the most at-risk clients surface first instead of relying on memory or spreadsheets.
The division of labour matters here. Sherlok flags and prepares; the broker decides. You remain responsible for lender selection, accreditation, advice quality and product suitability, so every flagged opportunity still needs your judgement before anything reaches the client. Used well, it turns managing client portfolios from an annual scramble into a steady weekly routine.
Data, consent and known limits
The customer portal accepts data through Open Banking connections or manual updates. Before activating either path, check whose consents and permissions are required and exactly how information flows between client, broker and platform.
Artificial intelligence inside Sherlok ranks which loans deserve review first, and Sherlok’s own agreement warns that scores may be inaccurate and identified products may be unsuitable for a given client. Treat every flag as a prompt to check, never as advice. Automated messages can keep clients informed about potential savings, but the advice conversation itself stays yours, which is what actually strengthens client relationships over time.
Availability and pricing reality
Current subscriptions include RateTraker and InstantAPPLY, with InstantAPPLY gathering application data and documents. One practical catch: Sherlok’s public page says onboarding for new customers is paused during rollout to existing customers, so confirm current availability before you plan around it. Features and terms have changed before and will change again.
Whether it earns its place
Skip the vendor case studies as proof of results; treat them as prompts for questions instead. Run your own numbers across a review cycle: count how many flagged loans were genuinely exposed, how many repriced or refinanced and how many clients stayed with you afterwards. The service aims squarely at client retention, and clients who see proactive care each year tend to show stronger client loyalty, but your own trailbook data is the evidence that counts.
A common mistake is letting the queue set your priorities completely. The model ranks risk, yet a long-tenured client with modest savings may matter more to your business than a recent loan flagged red. Weigh the score against the relationship and the trail at stake.
To decide quickly, list your ten largest back-book loans together with their expiry and rate positions, run them through a trial, then compare Sherlok’s findings with your own assessment of each file. If its flags match your judgement more often than not, the subscription has a case.
