Open banking in Australia lets a consumer direct an accredited data recipient to collect eligible banking data through the Consumer Data Right. Consent is controlled by the consumer and access must follow the rules that apply to the accredited service.
For mortgage brokers, authorised data sharing can reduce manual statement collection and support a clearer view of income or spending. The broker must still check the data, explain its use and follow privacy and credit obligations.
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Open banking uses in a mortgage application
Transaction data may support budgeting discussions and parts of the application process. It may also reveal recurring commitments relevant to debt management. Data availability and categorisation can vary.
Controls for a brokerage
Use only approved providers and record the client’s consent. Restrict staff access, define retention and provide a route to correct errors. Explain the purpose of each data request as part of client relationships. Tools using artificial intelligence still require human review of the source data and output.
