This section provides help if you are stuck or can't find what you are looking for. It also has the answers to the most frequently asked questions.
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.
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.
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.
BankStatements.com.au speed up and streamline the 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.
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.
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.
We require 6 months transactional statements to validate the ongoing transactions.
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.
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.
You will need to repeat the process, entering in your banking credentials for each account that you own.
