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The specialist lender is the latest of the non-bank lenders previously identified as members to complete accreditation, with the code set to take effect from 1 October 2026.
The AFIA code, launched in September 2025, sets standards for members covering customer service, ethical behaviour, responsible lending, financial hardship, complaints handling, and transparency across the finance industry.
Other non-bank lenders to have joined the code include Bluestone, Angle Finance, Auto Finance, Prospa, MoneyMe, Resimac, Shift, NOW Finance, and Pepper Money, which became the first organisation to complete accreditation in February.
As listed by AFIA, consumers will benefit from the code through:
- Confidence that AFIA members are putting customers first and are truly customer-centric: Clear standards of conduct and disclosure that support good customer and industry outcomes.
- Clear communication and transparency: Simple, customer-friendly information about products, terms, and fees.
- Increased protection from scams and fraud: Clear rules on scam prevention, information and data protection, and privacy and security measures.
- Responsible use of technology and AI: Ensuring industry innovation is balanced with safeguards.
- Support for customers: Stronger obligations to assist people experiencing financial hardship or small businesses dealing with financial difficulties and a commitment to help prevent the misuse of products to inflict harm on another person.
- Access to dispute resolution: Prompt and efficient complaint handling and external mechanisms if complaints cannot be resolved directly with their finance provider.
The code is independently monitored by the Finance Industry Code Compliance Committee (FICCC), which is responsible for assessing applications, monitoring compliance, and investigating alleged breaches.
The code will take full effect from 1 October, following a transition period during which members have been able to align their systems, policies, and practices with the new standards.
Supporting self-employed borrowers
Calvin Cordle, managing director of RedZed, said the lender’s accreditation reflected its focus on supporting self-employed Australians and the brokers who work with them.
Founded in 2006, the non-bank lender provides home, commercial, and SMSF loans tailored specifically for self-employed individuals and small-business owners.
“For almost 20 years, RedZed has been helping self-employed Australians access finance through trusted broker relationships. Becoming a member of the AFIA Finance Industry Code of Practice reinforces our commitment to acting responsibly, communicating transparently and delivering positive customer outcomes,” Cordle said.
Cordle added that the accreditation would also provide greater confidence for RedZed’s broker partners.
“Brokers place significant trust in the lenders they recommend. Our membership demonstrates our commitment to maintaining high standards and ensuring brokers can continue to recommend RedZed with confidence,” Cordle said.
Non-bank code takes effect
The introduction of the AFIA code comes as non-bank lenders continue to expand their presence in Australia’s credit market.
According to Australian Bureau of Statistics (ABS) Lending Indicators, the value of new home loans written by non-bank lenders rose 65.2 per cent year on year to $10.49 billion in the June 2026 quarter.
By comparison, lending by major banks and other ADIs increased by just 2.6 per cent to $87.61 billion over the same period.
Non-banks now account for 10.7 per cent of new home lending by value, up from 4.8 per cent when the ABS series began in 2019.
That growing market share is also reflected in the lending volumes and performance reported by the industry itself. AFIA’s inaugural Residential Mortgage Non-Bank Lenders (RNBL) report, published in December 2025, found that non-bank lenders helped 51,000 Australians purchase a home during the 2025 financial year, with surveyed AFIA members providing $72.2 billion in home loans.
The report also found that early-stage arrears among non-bank lenders remained relatively low, at 0.67 per cent compared with 0.58 per cent for major banks, while 90-plus-day arrears were lower for non-banks, at 0.81 per cent versus 1.10 per cent for major banks. More than 80 per cent of hardship applications received by residential mortgage non-bank lenders were approved.
Non-bank lenders operate as licensed credit providers and are subject to consumer credit regulation administered by multiple regulators, including the Australian Securities and Investments Commission (ASIC).
[Related: RedZed launches EasyRefi as SMSF lending enters new era]
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