Australia’s non-bank lenders have now been mandated to share interest rates, fees, and eligibility via the Consumer Data Right (CDR) system.
This aims to expand loan comparison tools and improve borrowing options for consumers and small businesses.
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On 13 July, the Australian Competition and Consumer Commission (ACCC) said that making this information available through the CDR would strengthen comparison services and support access to better-value and more suitable loan products.
Australia launched open banking in 2020 through the Consumer Data Right, initially requiring major banks to share data.
The framework has since been extended across the banking and energy sectors and has now reached the non-bank lenders sector.
More than 1.3 million Australians are currently using the CDR, representing growth of about 135% over the past year, noted the ACCC.
The watchdog said uptake is likely to keep rising as the system expands into non-bank lending.
The rollout of consumer data sharing requirements for non-bank lenders will occur in stages from 9 November 2026, based on the size of each provider.
When the data becomes available, consumers will be able to use their own data, meaning the consumer data held by a financial institution, to compare products, simplify loan applications and assess whether changing lenders may result in a better offer.
The expansion is expected to bring at least 35 new data holders, defined as businesses that hold consumers’ financial information, into the CDR system.
The ACCC said it has worked closely with industry participants and other CDR agencies to help prepare for the introduction of the new obligations.
Oversight of the CDR is shared by the ACCC and the Office of the Australian Information Commissioner, which are responsible for making sure CDR participants, including accredited providers and data holders, meet their compliance requirements.
ACCC commissioner Ian Oppermann said: “Loans are among the biggest financial commitments for many Australians. Making more product information available in a consistent way will help comparison services and other CDR-enabled tools give consumers better information when they are looking to borrow from a non-bank lender.”
