Regulators mandate non-bank lenders to share loan data, aiming to boost competition and consumer choice starting November 2026.
Australia will require non-bank lenders to share interest rates, fees, and eligibility criteria via the Consumer Data Right (CDR) system. The move targets improved loan comparison tools for consumers and small businesses, expanding the open banking framework beyond major banks and energy sectors.
The CDR, launched in 2020, currently serves over 1.3 million users, a 135% increase year-over-year. The Australian Competition and Consumer Commission (ACCC) expects uptake to rise further as non-bank lenders join the system, adding at least 35 new data holders.
Implementation begins in stages from November 2026, based on lender size. Consumers will use their financial data to compare products, streamline applications, and evaluate switching lenders for better terms.