Non-bank lenders will soon be required to share product data — including interest rates, fees, charges and eligibility criteria — through Australia's Consumer Data Right (CDR), the Australian Competition and Consumer Commission (ACCC) announced this week.
The move extends the open banking framework, which began with the major banks in 2020 and expanded to energy providers in 2022, into a sector that includes mortgage lenders, car finance providers, personal loan providers and buy now, pay later operators.
At least 35 new data holders will join the scheme as part of the rollout, with the changes to be phased in from 9 November depending on provider size.
In a media release, ACCC Commissioner Ian Oppermann (pictured) described it as "a significant step in giving consumers access to information about the broadest possible range of financial products."
Non-bank lenders already play a substantial role in housing finance: an Australian Finance Industry Association report found they supported around 51,000 Australians to buy or refinance in FY25, with a $72.2 billion loan book (3% of national housing finance) and notably prudent lending — under 20% of new loans above 80% LVR, versus 30%+ for the major banks.
For brokers, the shift signals a further push toward transparency in a segment of the lending market that has traditionally been harder to compare than bank products.
The ACCC notes some non-bank offerings can involve pricing tailored to a borrower's individual circumstances, which has made head-to-head comparisons difficult for consumers to do on their own.
Oppermann said the change would give borrowers "a more complete picture of some of the largest household costs, including their mortgage, power bill, and car finance and personal loans.”
Once live, consumers will be able to use their own CDR data to compare loan products, streamline applications, and weigh up whether switching lenders makes financial sense — capabilities likely to accelerate a comparison-shopping trend brokers are already navigating with clients.
CDR uptake has grown sharply, with more than 1.3 million Australians now using the scheme — an increase of approximately 135% over the last year. The ACCC expects that growth to continue as the non-bank lending expansion takes effect.
That growth has been actively encouraged by industry: in its February 2026 pre-budget submission, the MFAA called for CDR to be embedded as core infrastructure in home lending and refinancing — and extended into business lending — as part of a broader push to fix "ongoing friction in discharge and refinancing processes" for brokers and their clients.
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