We need to understand your financial position to assess your loan application. Providing your banking records is one thing that helps us make that assessment.
To speed up the application process, and reduce the chance of error, we use a system called BankStatements by illion that allows you to submit your statements instantly.
Before you start
You need to know the login/password for your bank accounts before using BankStatements to upload your statements. If you are unsure, you should login directly at your bank beforehand and double-check or reset any forgotten passwords.
How it works
MoneyPlace will provide you with a direct link to BankStatements from within your application.
To begin you will be prompted to select your financial institution and enter your online banking credentials. The system then retrieves the bank statement data from your selected accounts and sends it directly to us.
The service is a one-time retrieval – we only receive the statements from the accounts that you select, after which there is no ongoing access to your accounts of any kind.
Uploading from multiple accounts
Once you have selected your primary financial institution and logged in, you will be shown a list of all your available accounts. You can select as many accounts as required to send your statements directly to MoneyPlace.
You can repeat this process as many times as you need to for any additional financial institutions. In order to access accounts at multiple institutions you will be required to provide login credentials for each one separately.
Protecting your security
All data sent to the BankStatements system is encrypted with 256-bit encryption and secured by 2048-bit keys. Your credentials are never stored, but are encrypted and securely transmitted to your bank. Immediately once the connection to your bank is made your credentials are securely discarded.
BankStatements is Australian owned and developed technology, adheres to Australian privacy principles and laws, and is operated in secure Australian data centres.
BankStatements is independently designed and vetted by world-class security experts to ensure the highest levels of data protection and security. illion’s government and corporate customers rigorously stress-tested its systems with over 100 information security reviews completed in the last 3 years.
Why this is necessary
Government regulations require lenders such as MoneyPlace to make reasonable inquiries into your ability to pay back the loan. Bank statements are an important part of this reasonable inquiry in that they show your income, your wages, other loan repayments and your expenses. These factors help determine that you can afford to pay back the loan.
The BankStatements system works across more than 175 financial institutions banks, credit providers and building societies in Australia. If your financial institution or account is not listed, please contact us on 1300 008 003 or email email@example.com and we will advise you on how to proceed.