The next step in smarter joint loan applications

Open Banking adoption is expanding faster than ever and NextGen is proud to introduce the next enhancement to better support brokers with joint and multi-client loan applications: Open Banking Consolidated Data view.

Coming soon to the NextGen ApplyOnline^® platform and CRM integrated Open Banking, the Open Banking Consolidated Data view gives brokers a single, consolidated financial picture of all applicants in a loan application available immediately after client data sharing is confirmed. It’s a smarter, faster way to handle the reality of how many Australians apply for a home loan. Together.

To understand why this matters, it’s worth stepping back to look at just how quickly the landscape is shifting.

Open Banking adoption is growing fast

Open Banking is no longer an emerging technology on the horizon, it’s increasingly the new standard for how Australian consumers share financial data with their mortgage brokers and lenders. And the numbers tell a compelling story.

NextGen data shows 56,283 consumers completed their Financial Passport in the past six months alone, more than double the 22,529 recorded in the previous period. That’s a 149.8% jump. The Consumer Data Right isn’t just being accepted; it’s being rapidly embraced. Today’s consumers expect fast, secure, and simple digital experiences. When given the choice between hunting down bank statements and uploading PDFs, or completing a secure bank-grade digital connection in minutes, the answer is clear.

For brokers and lenders, this accelerating adoption brings a powerful opportunity and an equally important question: is your process keeping pace with your clients?

The reality of joint applications

For brokers who’ve been writing loans for any length of time, they already know the answer to this: most of your clients don’t apply alone.

Some brokers have told us that about 80% of their clients are joint applications. Indicating a clear sign of just how central the joint application is to the Australian lending experience. Open Banking has already transformed how quickly and securely data is collected. The natural next step? Making sure the tools brokers use to work that data reflect the way their clients actually apply.

That’s what Open Banking Consolidated Data view delivers.

The challenge isn’t a lack of data. Open Banking is delivering rich, verified financial information faster than ever. The challenge has been that the tools weren’t built to handle the reality of how most Australians actually apply for a loan together.

We listened. And we designed something to solve this challenge.

What Consolidated Data view does

Consolidated Data view provides brokers using Open Banking via ApplyOnline or via their Aggregator CRM integration with a single view that removes duplicate accounts and transactions, and calculates average household non-employment income and expenses using a consistent transaction period. It provides a consolidated financial picture of all applicants included in an opportunity or loan application. No manual combining. No cross-referencing spreadsheets. No deduplication headaches.

From the moment data sharing consent is received, brokers have a complete household view ready to use.

What this means in practice

The benefits are immediate and tangible.

Instant consolidation of multiple applicants. Rather than toggling between individual applicant records and attempting to build a combined picture manually, Consolidated Data view does the work for you. All applicants are brought together in one consolidated view from the outset.

Automated deduplication. Shared expenses, a joint Netflix subscription, a mortgage repayment, grocery shopping from a shared account, previously appeared multiple times across individual applicant records, inflating living expense figures and creating confusion. Consolidated Data view automatically identifies and removes duplicate transactions, so the data brokers are working with reflects reality.

Smarter categorisation. With all applicant data consolidated and categorisation becomes more accurate. Brokers and lenders gain a clearer, truer picture of a household’s actual financial position which benefits assessment quality for lenders and supports better conversations between brokers and their clients.

Significant time savings. Every step that previously required manual intervention is now handled automatically. For brokers managing high application volumes, this compounds quickly freeing up meaningful time to focus on client relationships and growing their business, rather than data administration.

Built on the momentum of Open Banking

Open Banking Consolidated Data view doesn’t exist in isolation. It’s the next step in NextGen’s ongoing commitment to making Open Banking an advantage for mortgage brokers and lenders.

The foundation is already strong. CDR-generated account statements deliver verified, real-time financial data through a secure, consent-driven process, replacing the outdated risks of screen scraping with a regulated, secure bank-grade alternative. Brokers and their clients benefit from faster fact-finding, reduced document collection friction, and a more transparent experience overall.

The feature takes that foundation and extends it to reflect how most loan applications actually look with the benefit of reducing friction for brokers.

For lenders, the benefit is equally significant. Authenticated data, deduplicated and consolidated flowing through to assessment means less back-and-forth, fewer data quality issues, and faster decisions.

Looking forward

As consumer adoption of Open Banking continues to accelerate, brokers and lenders who are investing in smarter, faster, more connected processes are the ones best positioned to meet growing client expectations and win more business as a result.

Learn more about Open Banking and how you can adopt it into your workflow today.

Learn more