Frollo and REA Group collaborate on an open banking venture

  • By Zilla Efrat

With just a few clicks, home buyers will soon be able to instantly generate an in-depth overview of their finances to support their home buying journey, thanks to a tie-up between Frollo and REA Group.

Millions of Australians use to find their next dream home. Now, they will be able to generate a financial passport report that shows them what their finances look like. Using Frollo’s secure and user-friendly open banking service, it will take them only a few clicks to connect their financial accounts and download the report.

The financial passport will give them an in-depth view of their income, expenses, assets and liabilities, and help them understand what’s achievable much earlier in their home buying journey.

In this initial proof of concept, REA customers will share their Consumer Data Right data with Frollo to generate the financial passport. They can then download the passport and add it to their account.

Eloise Wall, general manager, financial experiences at REA Group, says: “At REA, we want to change the way the world experiences property. Empowering Australians to easily understand how they can finance their dream home is one way we can do this. Finances are an important part of the journey, and open banking provides an incredible opportunity to make this process better for consumers and lenders.

“Leveraging Frollo’s technology and experience as a leader in open banking allows us to continue on our mission to change the way people experience property. Launching the first open banking use case in home buying on the REA platform will bring the benefits of open banking to many more property buyers.”