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Do I input my internet banking details to use the bank statement service?
Yes, if you use our bank statement service provided by Illion you will input your internet banking details which will allow us read-only access of your bank account. Your bank details are encrypted in transit and stored securely. We do not have the ability to change any of your banking details, set up direct debits or to manage your account in any other way. All your data is securely handled in accordance with the Privacy Act (1988) and our privacy policy.
Who sees my internet banking log-in details if I use the bank statement service?
No person can access your internet banking details. When you enter your banking credentials on our website they are immediately encrypted. Illion then stores the encrypted details. They are stored in a highly secure data centre which has a single use, which is to generate a read-only data feed which we will use to assess the affordability of the loan.
What happens to my internet banking details after I input them on your website?
As an organization, security of data and prevention of fraud are fundamental to us. We are committed to using practices to ensure that our services are provided within a secure environment. Your internet banking details are encrypted and held securely by our professional service providers. Our partner, Illion and us, are permitted read-only access to your current accounts, so will only ever be able to view your accounts. We do not have the ability to change any of your banking details or set up standing orders/direct debits. All data is securely handled.
What does BankStatements.com.au do?
BankStatements.com.au speed up and streamline loan application process. This means less paperwork, less fuss and a quicker decision regarding your application. They do this with their own technology that retrieves your bank statement data and sends it directly to us as the lender.
Who needs the bank statements?
As part of tighter government regulation for borrowing money, most consumer loans require bank statement data as part of the loan evaluation. As a bank, we need to make reasonable inquiries into your ability to repay the loan. Bank statements are an important part of this reasonable inquiry.
Why are bank statements important?
Some of the things your bank statements will show are your income, that you frequently paid wages, other loan repayments and your living expenses. These factors help determine you can afford to pay back the loan.
How many months of statements are required?
We require 6 months transactional statements to validate the ongoing transactions.
What happens if I do not wish to provide my internet banking details?
You are in no way obligated to provide your internet banking details online if you do not wish, to and nor is it a condition of your application. You are able to provide 6 months transactional statements as a hard copy or scanned copy.
What accounts do I select?
All accounts that you own – do not select accounts that you may be an authority or guarantor on. Select all accounts where your salary is deposited.
What if I have accounts with multiple banks?
You will need to repeat the process, entering in your banking credentials for each account that you own.
Want to learn more?
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Get in touch with one our friendly staff - we'd be happy to answer any questions you may have.
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