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:
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.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now