Feeling overwhelmed by paperwork before you even start?
If you’ve ever been asked to email bank statements, download transaction histories, or hunt through months of documents just to apply for a loan, you’re not alone.
For many Australians, the most stressful part of applying for a home loan isn’t choosing a property, it’s gathering the paperwork.
That’s where Open Banking comes in.
Open Banking is a secure, government-regulated way for you to share your financial information digitally, giving your mortgage broker a clear, up-to-date snapshot of your finances - without passwords, screenshots, or email attachments.
At Mortgage Achievers, we use Open Banking through our Financial Passport, designed to streamline the lending process for you.
So, what exactly is Open Banking?
Open Banking operates under Australia’s Consumer Data Right (CDR).
In simple terms, it means:
- You choose what information is shared
- You control which accounts are included
- You can stop access at any time
- Your data is protected under strict ACCC regulation
Unlike older methods (like screen-scraping or emailing statements), Open Banking allows your bank to securely provide your information directly, with your consented to an accredited provider like Frollo.
No passwords are shared. No sensitive documents are floating around inboxes.
Why this matters when applying for a home loan
When lenders assess a loan application, accuracy matters.
Open Banking allows us to receive:
- Real-time account balances
- Transaction history
- Clear categorisation of income and expenses
- Up-to-date financial snapshots (not outdated PDFs)
This helps reduce:
- Back-and-forth requests
- Missing information
- Delays caused by incorrect or incomplete documents
And for you, that means less admin and more clarity.
Introducing the Mortgage Achievers Financial Passport
Our Financial Passport is how we bring Open Banking to life for our clients.
Instead of emailing statements, you’ll receive a secure invitation to connect your accounts through Frollo. Once connected, we receive a clear, structured overview of your finances, making it easier to assess your position and guide you forward.
The process is straightforward:
- You receive a secure email invitation
- You create or sign into a free Frollo account
- You select which accounts to share
- You confirm consent
- That’s it - your Financial Passport is ready
You remain in control at every step.
Is Open Banking safe?
This is one of the most common questions we hear, and it’s a good one.
Open Banking is:
- Government regulated
- Protected under the Consumer Data Right
- Used by most major Australian banks
- Widely adopted, covering over 99% of household deposits in Australia
You’re not giving us access to your bank login.
You’re authorising your bank to securely share selected information for a time period you choose (typically 3, 6 or 12 months).
Who is Open Banking ideal for?
Open Banking can be helpful if you are:
- A first home buyer wanting clarity early
- Time-poor and wanting fewer admin tasks
- Self-employed or managing multiple accounts
- An investor with several properties or loans
- Refinancing and wanting a clear financial picture
It’s not about speed for the sake of speed - it’s about making informed decisions with better information.
What this means for you
Using Open Banking doesn’t change lending criteria or guarantee outcomes.
What it does is improve accuracy, transparency, and efficiency.
And most importantly - it helps us spend less time chasing paperwork and more time guiding you.
Let’s us help make your next step
If you’re planning to buy, refinance, or just want a clearer understanding of your position, the Financial Passport can be a helpful first step.
📞 Let’s chat about whether Open Banking is right for you.
We’re here to make the process clear, calm, and manageable every step of the way.