Open has been approved by the ACCC due to our most secure enviroment. Your information is securely saved through big secure providers Microsoft and Amazon AWS. This information is safely kept and can be deleted at any time as requested by you. Our providers regularly conduct audits to ensure their systems are the most secure.

Most of your information in the application process (example income, debts, expenses) is gathered from something called ‘Open Banking’. This was created by the Treasury and Australian Competition & Consumer Commission (ACCC).

Open Banking was made to give you the steering wheel for your banking data. It’s all about you – you get to pick who sees your data, it makes swapping banks a breeze, and it gets banks hustling to offer you the best deals.

Think of it like a data-sharing system. It’s a way for your bank to securely share your financial info with approved providers (like us), but only if you say it’s okay.

We only access your information for the day (no ongoing monitoring), grab the information we need (e.g. income, debts), cannot make any changes on your accounts or access any passwords.

Just to clear things out, we don’t charge you any fees for using our services. We make our money from commissions paid by the banks, not you.

We get two types of commissions: an ‘upfront’ one that’s a one-time payment when your loan settles, typically a small percentage of your loan amount, and a ‘trail’ commission that’s a small yearly fee we receive for as long as your loan is active.

Our service involves active loan management, which means we’re always on the lookout for better deals for you.

When we find a good one and it suits you, we switch your loan. This process has some costs for us, for processing the switch, but we’ve streamlined our work to cut these expenses. So, we switch your loan without any extra charges to you.

We ensure you can switch your loan whenever it benefits you, without any extra charges.