What is the Financial Passport 'Insights' document?

When applying for a loan with the help of your Broker, you'll have access to a Financial Passport. In addition to Open Banking generated transaction report and account statements, you'll also receive an 'Insights' document. This document provides a comprehensive overview of your financial situation to assist with your "fit for finance" discussions. Here's what it includes:

Holistic Financial View

The Insights document provides a holistic view of your financial situation, helping you and your Broker understand your financial health.

Key Features:

• Credible Information: The information is generated by Frollo using data sourced directly from each linked Bank Account (Accredited Data Holder - ADH), ensuring credibility.
• PDF: The document is submitted via secure "system-to-system" transfer.
• Summary Information: The document includes a summary of:
  • Your linked Bank Accounts.
  • Your employment and other income, with insights into consistency and regularity.
  • Your liabilities and expenses.
  • A date range and view of your living expenses by:
    • Monthly average
    • Last 3-month monthly average
    • Last 12-month monthly average
• Comprehensive Bank Account Data: Detailed bank account information, such as:
  • Institution name
  • Bank account name
  • Bank State Branch (BSB)
  • Account number
  • Repayment type
  • Repayment frequency
  • Interest rate
  • Available balance (transaction accounts)
  • Current balance (loans/credit)
  • Limit (calculation of balance plus available redraw)
  • Loan term expiry date
• Financial Insights: Insights for discussion, such as Buy Now Pay Later (BNPL) spending, takeaway/gambling spending, account conduct, and more.

Frequently Asked Questions

1. Where expenses are paid yearly (such as council rates and insurance) and the payment falls within the past 3 months, how is this averaged out over 12 months instead of 3?

• The Financial Passport Insights PDF is designed to support a range of average calculations, giving flexibility to choose the method most relevant to needs.
• The 12-month average calculation is dynamic, it adjusts to match the duration of the report. For example, if a Financial Passport is are generated for a 6-month period, the "12-month average" automatically becomes a 6-month average.
• In cases involving one-off yearly or quarterly payments, a 12-month average may not be meaningful. In such instances, using a 3-month average, or the transaction period average, would be more accurate. For example:

Sample document