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REA Group, Frollo launch financial passport in Australia

Monday 11 October 2021 14:26 CET | News

REA Group has partnered with Open Banking fintech Frollo to launch a financial passport that could help home buyers understand their borrowing capacity, according to savings.com.au.

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.

This way, they can specifically search for properties within an affordable price range by knowing exactly where they stand financially.

More: Link


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Keywords: partnership, Open Banking, fintech
Categories: Banking & Fintech | Online & Mobile Banking
Countries: Australia
This article is part of category

Banking & Fintech






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