New Consumer Data Right obligations require non-bank lenders to begin sharing product information, paving the way for broader loan comparisons and increased competition.
• Mon, 13 Jul 2026 • Tech
Australia's Consumer Data Right (CDR) has expanded to include non-bank lenders, marking the latest stage in the rollout of the country's open banking framework and giving consumers access to a broader range of financial product information.
From today, non-bank lenders will be required to begin sharing product data, including interest rates, fees, charges, and eligibility criteria, through the CDR.
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The move is designed to support comparison services and make it easier for consumers and small businesses to identify more competitive loan products.
The Consumer Data Right was introduced in 2020 with the major banks before expanding across the banking and energy sectors. The inclusion of non-bank lenders extends the scheme to a significant segment of Australia's lending market.
“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,” ACCC Commissioner Dr Ian Oppermann said in a July 13 statement.
“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.”
According to the ACCC, more than 1.3 million Australians now use the Consumer Data Right, representing a growth of approximately 135 per cent over the past 12 months.
While product data sharing begins immediately, consumer data sharing by non-bank lenders will be introduced in stages from 9 November 2026, with implementation phased according to the size of each provider.
Once available, customers will be able to securely share their financial data with accredited providers to compare loan products, simplify application processes and assess whether switching lenders could reduce borrowing costs.
“Loans are among the biggest financial commitments for many Australians,” Oppermann said.
“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.”
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David Hollingworth
David Hollingworth has been writing about technology for over 20 years, and has worked for a range of print and online titles in his career. He is enjoying getting to grips with cyber security, especially when it lets him talk about Lego.