Non-banks begin product data sharing in CDR regime

From today (13 July), eligible non-bank lenders must make product information – including interest rates, fees, charges, and eligibility criteria – available through the Consumer Data Right (CDR) framework.

The requirements apply across a range of non-bank lending products, including residential and investment home loans, personal loans, business finance, and buy now, pay later products.

Shared product data will provide consistent points of comparison across non-bank lending products, with lenders required to disclose information on a product’s type, name, price, features, and eligibility requirements.

The Australian Competition and Consumer Commission (ACCC) said that at least 35 new data holders (businesses that hold consumers’ financial information) will enter the CDR as part of this expansion.

According to the regulator, this will facilitate the development of comparison services and will provide consumers and businesses increased visibility over their lending options.

These new requirements mark the first phase of the CDR rollout for non-bank lending, a sector that has been gaining momentum in recent years.

The next step will be the rollout of consumer data sharing obligations, flagged to begin from 9 November 2026 for initial providers before expanding to large providers from 10 May 2027.

The CDR, which underpins Australia’s open banking regime, first launched in 2020 with the major banks before expanding to the energy sector.

The non-bank lending sector was designated under the framework in 2022, with the rules governing its rollout finalised in March 2025.

ACCC data has found that over 1.3 million Australians are currently using CDR, an increase of around 135 per cent over the last year.

The regulator said that it expected the use of the CDR to continue growing as it expands into non-bank lending.

What’s the goal?

According to the ACCC, the new transparency of product data through the CDR will help comparison services provide borrowers with a broader view of the market and make it easier to compare loans from both banks and non-bank lenders.

Once consumer data sharing obligations commence later in the year, borrowers will also be able to securely share their own lending data with accredited providers to compare products, streamline loan applications, and assess whether switching lenders could deliver a better outcome.

For ACCC commissioner Ian Oppermann, the expansion represents an important milestone for CDR.

“The expansion of the Consumer Data Right to non-bank lenders is a significant step in giving consumers access to information about the broadest possible range of financial products,” Oppermann said.

“The inclusion of non-bank lenders in the CDR will give consumers a more complete picture of some of the largest household costs, including their mortgage, power bill, and car finance and personal loans.

“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.”

Transparency at the expense of complexity?

While the expansion of the Consumer Data Right is designed to improve transparency across the lending market, Bluestone chief commercial officer Tony MacRae said implementing the framework across the non-bank sector would present unique challenges.

“Non-bank lending often involves nuanced scenarios, whether that’s self-employed income, alt-doc verification or unique credit histories. Translating that into standardised data sets that work seamlessly within CDR frameworks is not always straightforward,” MacRae said.

“The challenge is making sure the technology captures that nuance without losing accuracy or context. But done well, it creates a more consistent and reliable experience for brokers and borrowers alike, which is ultimately what CDR is designed to deliver.”

Despite the challenges, MacRae said the inclusion of non-bank lenders in the CDR would improve transparency and strengthen competition across the lending market.

“The inclusion of non-bank lenders in CDR continues to improve transparency for consumers and expands the level playing field,” MacRae said.

“As data becomes easier to share and compare, competition may evolve across product, pricing and policy. For non-banks, it’s an opportunity to lean into what already sets us apart, more flexible thinking and a deeper understanding of customers who don’t fit within the constraint of traditional lending.”

MacRae said that brokers also stand to benefit from greater access to product information as the CDR continues to expand.

“It sets the scene for more tailored solutions and clearer choices for borrowers, with brokers better equipped to match the right product to the right scenario,” MacRae said.

“Ultimately, it’s about giving brokers greater confidence in the solutions they recommend.”

[Related: How brokers are shaping the open banking landscape]

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