As housing affordability issues rise and APRA's new rule potentially reduces the average Joe's borrowing power, it's important that first home buyers and home owners alike wrap their heads around how much they can actually borrow.
Recently, the partnership was announced, and its mission is reportedly to help people understand their borrowing power. Aiming to provide users with financial insight early in the home buying process, this tool allows buyers to get a 'real-time', 'accurate', and 'complete' grasp on their finances. This free tool reportedly allows users to fully understand their income and expenses, and is set to make the home loan application process easier.
Frollo's Financial Passport is powered by Open Banking, and it works in three easy steps:
- The user connects their accounts using open banking or screen scraping;
- Frollo's AI tool collects and categorises data based on lending criteria;
- The user receives an 'in depth' financial profile detailing income, expenses, assets, and liabilities.
Once the report has been generated, it can be downloaded as a PDF. realestate.com.au is Australia's largest property finding platform, and the Financial Passport tool will allow buyers to understand their borrowing capacity early on in the buying journey.
The Paypers is the Netherlands-based leading independent source of news and intelligence for professional in the global payment community.
The Paypers provides a wide range of news and analysis products aimed at keeping the ecommerce, fintech, and payment professionals informed about the latest developments in the industry.
Current themes
No part of this site can be reproduced without explicit permission of The Paypers (v2.7).
Privacy Policy / Cookie Statement
Copyright