Australia’s competition watchdog, the ACCC, has delayed the rollout of open banking by six months to July 2020.The delay is to allow for additional implementation work and security testing to be completed.What is open banking?Open banking gives consumers access and control of the financial data that banks and other institutions hold on them. Currently, it’s hard for a person to get hold of this information, and for them to ask that it is shared between banks and other accredited companies.How will open banking benefit consumers?Once open banking is implemented, it will make it easier for consumers’ actual circumstances to be taken into account when they are engaging with home loan lenders and other providers. This will make quotes more accurate, and improve people’s ability to compare and switch between products and services.Find out how open banking affects you.Hit the button below to arrange a conversation with one of my specialists. Chat with us today We partner with over 50 lenders so you can find the perfect solutionFollow Facebook Linkedin Do you have questions about mortgages or loans?Ask us in the comments below … [Read more...] about Delay to open banking rollout
‘Open banking’ is about to shake up the home loans market
Share on facebook Share on twitter Share on linkedinAustralia’s banking system will soon be playing by a different set of rules.It’s called ‘open banking’, and it promises to significantly change the way we do home loans.From February 2020, the big four banks will have to make it easy for borrowers to share their personal home loan data (and other banking data) with rival lenders. That’s important because:Borrowers will find it easier to compare offers and switch lenders Lenders will find it easier to lure borrowers with personalised offersThe federal government, which is driving the open banking reforms, hopes it will lead to increased competition, which could mean:· Lower interest ratesLower fees More innovationFor now, open banking will apply only to ANZ, Commonwealth Bank, NAB and Westpac. In time, other financial institutions will have to adopt open banking as well.The government also plans to gradually roll out this system to other sectors of the economy – energy will be second and telecommunications third. Ask us about open banking Hit the button below to arrange a conversation with one of my specialists to find out how open banking affects you.Chat with us todayWe partner with over 50 lenders so you can find the perfect solution FollowFacebookLinkedinDo you have questions about mortgages or loans? Ask us in the comments below … [Read more...] about ‘Open banking’ is about to shake up the home loans market