Home buying 'more accessible' with REA Group's new financial passport

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on October 08, 2021
Home buying 'more accessible' with REA Group's new financial passport

While we can't yet travel overseas, REA Group's new financial passport could help home buyers understand their borrowing capacity.

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, REA Group announced its partnership with open banking fintech Frollo to provide its users the ability to generate a 'Financial Passport', to help people understand their borrowing power. 

Aiming to provide users with financial insight early on in the home buying process, this tool allows buyers to get a 'real-time', 'accurate' and 'complete' grasp on their finances.

This free tool allows users to fully understand their income and expenses, and is set to make the home loan application process easier.

How does the Financial Passport work?

Frollo's Financial Passport is powered by open banking, and it works in three easy steps:

  1. The user connects their accounts using open banking or screen scraping;
  2. Frollo's AI tool collects and categorises data based on lending criteria;
  3. 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. 

FrolloPassport.jpg

Source: Frollo

Why is a Financial Passport useful?

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.

Eloise Wall, REA Group General Manager, Digital Product & Innovation, said integrating the financial passport allows REA Group to continue their mission of changing how people experience property. 

"Tools like Frollo’s financial passport can help consumers understand their income and expenses and we’re confident that in the near future, these types of innovative open banking experiences will make the home loan application process easier," Ms Wall told Savings.com.au.

Ms Wall also said that it's important for first home buyers to have a solid grasp on their spending patterns and financial position before applying for a home loan.

"Lenders will use this information to determine their borrowing power," she said.

"Frollo’s Financial Passport gives buyers an easy way to access a complete and accurate picture of their finances."


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The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.

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Rachel is a Finance Journalist, and joined Savings in 2021. Coming from a background in the FinTech space, her interests include the innovation of lending technology, property, investing, and more. With a passion for educating and informing people about their finances, she hopes to increase the financial literacy of everyday Australians.

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