Bank Statement Linking FAQs
Written on the 11 March 2021 by Nathan Drew, Fox Finance Group
What does giving you my bank statements do?
It speeds up and streamlines the loan pre-approval process. This means less paperwork for you, less fuss and a quicker loan decision. We do this using very secure technology that retrieves your bank statement data and sends it directly to us for fast and secure assessment.
Who needs the bank statements?
As part of duty of care and tighter government regulation for borrowing money, most consumer loans require bank statement data as part of the loan evaluation. Brokers and lenders need to make reasonable inquiries into your ability to pay back the loan. Bank statements are an important part of this process.
Why are bank statements important?
An example of something that we will see on your bank statements will be your income. This helps us prove that you are regularly paid wages. Another item we confirm is other loan commitments that you are making on a regular basis along with your general living expenses. These factors help determine serviceability, meaning that you can afford to pay back the new loan that you are applying for right now.
How many months of statements are required?
The most common requirement from lenders is for 90 days or 3 months of bank statement data. Some lenders do require more, sometimes up to 6 months. We will advise you of this at the time of request.
Who authorises you to get my bank statements?
You do. We won't receive your bank statements without your permission. As part of this process, only you maintain access to your online bank account and login details. This is not shared with us, or even the company that helps the banks provide the bank statements securely to us . We are only sent a PDF version of your bank statement directly from the bank after you complete the secure 1 minute online process.
What do you do with my bank statements?
We make them available to the lender to whom you are applying to. That's it. Your statements are stored in highly secure online systems where only your Fox Finance Group Lending Specialist and the lender can access them.
How much does it cost?
It's a completely free, convenient service to you if you're applying via our Fox Finance Group link.
What security measures are in place?
Security is our highest priority. All data sent through their server is encrypted with 256-bit encryption, secured by 2048-bit keys. This is the same level of encryption that all banks are required to use.
Here is a handy article that explains more:
Author:Nathan Drew, Fox Finance Group
About: Managing Director - Fox Finance GroupConnect via:LinkedIn