Recent updates to ASIC’s guidelines around responsible lending highlight the importance of income verification. Basiq’s Affordability report leverages actual bank transaction data to help lenders accurately verify income.
Introducing ‘Basiq Connect’ – a customer portal which allows applicants to securely connect to their bank so lenders can generate an affordability report – no development required.
Basiq’s Bank Statement Upload feature is now ready for use. Lenders can upload bank statements on a customer’s behalf to generate a report on their financial position in two seconds.
Lenders have different requirements when it comes to living expense categories. Basiq categorisation provides a granular level of detail from up to 700 categories with 95% accuracy. This means we can provide custom categorisation for a wide range of uses cases and data standards.
The Basiq Affordability report has undergone a makeover! Our upgraded report makes it even easier for assessors to gain a full view of an applicant’s financial position at a glance.
We are excited to announce that Basiq Affordability for New Zealand is coming soon. This will allow lenders to make faster and better home loan decisions based on real bank transaction data from New Zealand.