White Paper
Democratising Data for the Good of Consumers
This free-to-download 50-page white paper is a detailed report on home loan Product Reference Data (PRD), which is made publicly available by Australian banks in accordance with their data holder obligations under the Consumer Data Right (CDR). The white paper has reviewed 1600 individual home loan products offered by 86 bank brands. PRD includes interest rates, fees and charges, and the eligibility criteria for banking products like mortgages and it is a critical enabler of CDR’s goals of promoting competition and supporting consumer choice. Regchain leverages this open banking data for its Stryd Product Repository, a real-time product and pricing database used by mortgage brokers to find borrowers the best interest rate in the market, thereby helping to make home ownership more affordable.
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Key takeaways:
Risk & benefit
Further improvements will unlock the potential of better quality PRD and deliver benefits to brokers and borrowers by enabling easier mortgage product comparisons. For banks, however, this presents both a risk and a benefit. On the one hand, banks may lose customers who can now switch more easily, but on the other hand, banks can also use PRD to monitor the market and save hours of internal time and effort by leveraging open banking technology.
A mixed scorecard
While the overall data quality trend is positive, the white paper delivers a mixed scorecard for 768 home loan products that have data quality problems. Additionally, the analysis reveals issues with incorrect loan purpose, missing LVR or loan amount, product names, and duplication.
Who Should Read
This white paper is a must read for anyone involved in Australia's home loan market including bank lenders, non-bank lenders, aggregators, mortgage brokers, home owners, residential property investors, financial planners, real estate agents, as well as not-for-profit enterprises, government and policy professionals focused on Australia's housing needs.
