Australia extends data-sharing rules to non-bank lenders
Australia will require non-bank lenders to share product data through its open banking framework, intensifying competition in the consumer and small business loan markets.
Australia will require its non-bank lending sector to share interest rates, fees, and eligibility criteria through the national Consumer Data Right (CDR) system. The Australian Competition and Consumer Commission (ACCC) announced on 13 July that the expansion will take effect in stages starting 9 November 2026, scaled according to the size of each provider. The mandate will ultimately bring at least 35 new data holders into the regulatory framework.
The decision removes a long-standing information asymmetry between traditional banks and alternative lenders. When Australia launched open banking in 2020, the initial obligations applied only to major banks. This meant comparison services could easily pull data from incumbent banks but lacked visibility into non-bank products. With non-banks now mandated to participate, the sector will face direct, transparent competition for loan volumes.
For fintechs and comparison platforms, the rule change unlocks a major new repository of loan products. Consumers will be able to use their own financial histories to instantly evaluate whether a non-bank offers a better deal. "Loans are among the biggest financial commitments for many Australians," said ACCC commissioner Ian Oppermann. "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."
The integration of non-bank lenders represents the latest step in the CDR’s gradual expansion across the economy. Following its inception in banking, the framework was extended into the energy sector. Consumer adoption is accelerating rapidly, with the ACCC reporting more than 1.3 million Australians currently using the system, marking a 135% increase over the past year. Regulators anticipate this growth will persist as the framework widens.
Meeting the new obligations will demand significant operational adjustments from non-bank lenders. The ACCC and the Office of the Australian Information Commissioner share oversight of the CDR, holding both data holders and accredited providers to strict compliance standards. To meet the 2026 deadlines, non-bank institutions will need to overhaul their data infrastructure to ensure product information can be shared securely and consistently.
