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After an initial period of extreme uncertainty, the rhetoric around the Australian property market appears to have shifted into a new phase in response to the ongoing coronavirus pandemic.

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On this episode of The nestegg Podcast, host Grace Ormsby is joined by the founder and CEO of Upside Realty, Adam Rigby, to delve into how COVID-19 has been affecting different demographics within the property sector, including renters, landlords, investors and retirees.

Adam touches on the pros and cons of potentially removing stamp duty, his predictions for marketplace trends over the coming months, and the importance of picking quality over timing when considering an investment.

Thanks Adam, for sharing your insights with the nestegg podcast team!

You can keep up to date with what Upside Realty are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Saturday, 30 May 2020

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Borrow

The effect of open banking on your mortgage

By Louise Chan · October 28 2019

Reading:

Borrow

The effect of open banking on your mortgage

By Louise Chan
October 28 2019

Reading:

The effect of open banking on your mortgage

By Louise Chan · October 28 2019

Reading:

The Australian government introduced the Consumer Data Right in 2017. This legislation aims to make it easier for consumers to access their financial data and share it with trusted third parties.

This would essentially give consumers an easier time to switch to the banking and financial products that best fit their financial circumstances.

Many experts from the Australian fintech sector are excited about the open banking system – they believe it could reduce consumer harm and drive providers to practice responsible lending.

They also believe that open banking will benefit consumers because it will give them more power over how their financial information is used.

How open banking will affect your mortgage

Federal Treasurer Josh Frydenberg previously noted “that the average Australian household could be saving up to $1,000 per year on their home loan if they switched to another lender – but many do not”.

According to most survey results, this “loyalty” to the lender has more to do with convenience rather than getting the best deal. Most borrowers avoid changing lenders due to the hassle of switching to another provider, such as shopping around and the time-consuming paperwork involved.

But with the open banking system, this “hassle” will dramatically lessen.

You can simply approach an agent or broker, provide your financial information and have them determine the most appropriate loan product for you based on your income and payment terms.

Likewise, they can give more appropriate advice with regard to loan features and connected products that you may add on to your new loan.

Since all you need is to give your consent to access your data, the broker will spend less time with the administrative work. This means a faster turnaround for loan applications.

Participation isn’t necessary

Sharing your data isn’t compulsory. Rather, the open banking system will simply allow you to access your complete financial data across all your financial providers.

If you opt to provide this information to a third party, such as a broker or a different provider, it would be easier for them to identify your specific financial needs.

For instance, if you wish to replace your current credit card, you may simply access your data and have the new provider recommend the best card for you based on your spending behaviour.

However, you may also choose to reject access and withhold your sensitive financial information to third parties you don’t fully trust.

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About the author

Louise Chan

Louise is a content producer for Momentum Media’s nestegg who likes keeping up-to-date with all the ways people can work towards financial stability in 2019. She also enjoys turning complex information into easy-to-digest, practical tips to help those who want to achieve financial independence.