26 Dec 2022

What Is an e-BSB?

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Potential borrowers and homeowners who are researching the various elements of purchasing a home may want to know when an e-BSB is and why it is important. E-BSB is an electronic version of a bank’s identification number, which is a set of numbers that identify a bank. BSB stands for bank, state, and branch in banking. An e-BSB number consists of six numbers that tell a bank clerk, app, or algorithm where to pull money from or where to send money. Borrowers need to understand this information. 

When a borrower chooses a specific mortgage for financing the purchase of a home, mortgage providers prefer that their clients set up a direct debit authority. A direct debit authority is an authority given by the holder of an account to a third party, allowing the third party to take money from said account. 

Borrowers who set up a direct debit authority with their mortgage provider agree to automated payments that ensure repayments will arrive on a schedule of the first of every month. Borrowers have the option to cancel their direct debit authority whenever they would like, however, canceling will result in the borrower being responsible for making the required mortgage repayments. 

Borrowers who need to obtain an e-BSB number can locate this information through a wide variety of resources, like contacting their bank or reviewing their bank’s website or app. As mentioned previously, e-BSB numbers are used to successfully make transfers or receive payments.

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