By using Open Banking, will the current lender be prompted to attempt to retain me?

Key Takeaways:

Using Open Banking to share your financial data does not trigger a notification to your current lender.
Open Banking data retrieval has multiple uses beyond loan applications.
Open Banking can speed up the refinancing process.

This ensures that you have control over when and how your financial information is shared and that you can explore your options without prematurely alerting your current lenders.

When applying for a home loan or considering refinancing with the help of your Broker, you might be wondering if using Open Banking to share your financial data will alert your current lender. Here's what you need to know:

Lenders Are Not Notified

Your current lender will not be automatically made aware when you use your Consumer Data Right to retrieve and share your Open Banking data.

Data Retrieval for Multiple Purposes

Retrieving your Open Banking data can be done for various reasons, such as using a Personal Finance Management (PFM) App or for pre-loan application assessment. It is not solely tied to loan applications.

Open Banking for Faster Refinancing

Open Banking is also beneficial for faster refinancing processes, such as FASTRefi. It allows for quicker and more efficient sharing of your financial information with your Broker and potential new lenders.

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