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Key Takeaways:
This feature streamlines the documentation process, saving you time and effort while ensuring the secure and reliable sharing of your financial information. |
When applying for a loan with the assistance of your Broker, you might be curious about Open Banking generated account statements. Here’s a breakdown of what they are and how they benefit you:
Real-Time Account Statements and Summaries
By using Frollo, you can access Open Banking generated (real-time) account statements and summaries (also known as "Proof of balance" documents).
Broker Access to Refresh
Your Trusted Adviser (Mortgage Broker) is able to regenerate these statements and summaries at any time during your 3, 6 or 12-month Consent period. This means they can gather the necessary documentation for lending purposes without needing to ask you to re-supply them.
This is particularly useful when evidencing:
- A change in liability limit, such as a reduced credit card limit.
- Pre-approval requirements over as extended period of time.
- Current balances required for refinance settlement processing.
Other Benefits:
- One Statement and One Summary Per Account: You'll get one statement and one summary for each linked Bank Account. These documents are stamped with the Australian Government-approved Consumer Data Right (CDR) logo, confirming their authenticity.
- Credible Information: The information is populated directly from each linked Bank Account (Accredited Data Holder - ADH), ensuring credibility.
- Secure PDFs: The statement PDFs are transferred securely via a "system-to-system" method, that provides proven provenance of financial information.
- Auto-Attached to Loan Application: The documents are automatically attached to the ApplyOnline® loan application, available via the "Documents" tab, ready for your Mortgage Broker to review.
- Wide Range of Account Types: Statements and summaries are generated for various product categories, including:
Business bank accounts
Business loans
Cash management accounts
Credit and charge cards
Leases
- Lines of credit
Margin loans
Mortgage offset accounts
Overdrafts
Personal loans
Regulated trust accounts
Residential mortgages
Savings accounts
Term deposits
Trade finance
Transaction accounts
Travel cards
- Trust accounts (only where funds are held in trust regulated industries)
And other eligible account types.
Sample Documents: