How does LoanCheckr get all my client's home loan information into one spot? Do I have to manually enter it?

How do we get the data?

We get the data via an open banking system called the Consumer Data Right (CDR).

This is a permission based system that allows Mortgage Brokers (known as Trusted Advisors or TA in CDR vernacular) to access their client's home loan data.

This process is instigated via a Consumer Consent Request that is sent to your customer via email.

The customer than actions the email by granting access to home loan data that they choose to give you.

In return, you monitor and manage their home loan(s) and using that data, provide your customer(s) with the service Mortgage Brokers are well known for.

Is there any manual entry?

Disappointingly, the CDR is missing the following essential data points:

• Fixed Rate Expiry Date
• Interest Only Expiry Date
• Security Address(es)

We are advocating with the relevant bodies (DSB & ACCC) to include these data points as mandatory data.

Until the rules are changed, Brokers will be required to enter these data points manually.

Whilst this may feel like a negative right now, the CDR is constantly evolving and updating. We do not feel that this will be a 'forever' position and that over time and with pressure from our industry and industry representatives, this will change.