Non-Bank Lending Under Australia's Consumer Data Right: Latest Updates

Australia's Consumer Data Right (CDR) is set to expand, bringing non-bank lenders into its fold. This move aims to enhance consumer choice and foster competition in the financial sector. Here's what non-bank lenders need to know about the upcoming changes.

CDR Expansion Timeline

The Australian Government has outlined a clear timeline for non-bank lenders to comply with CDR obligations:

• Product Data Sharing: Starting 13 July 2026, non-bank lenders must share product information, enabling consumers to compare offerings more effectively.
• Consumer Data Sharing: Rolling out in four phases from 9 November 2026 to 13 September 2027, beginning with larger non-bank lenders and less complex data requests.

Scope and Compliance

To balance consumer benefits with industry feasibility, the scope of data sharing has been refined:

• Historical Data Limitations: Data holders are required to share consumer transaction data only for transactions within the past two years.
• Exclusions: Certain niche products and data deemed of low value to consumers are excluded from mandatory sharing, reducing compliance burdens.

How Non-Bank Lenders Can Get Ready

Compliance with CDR is complex, but non-bank lenders don’t have to navigate it alone. Fiskil helps financial institutions integrate seamlessly with the CDR ecosystem, providing secure, scalable API solutions that simplify data sharing while ensuring full regulatory compliance. Whether you're preparing for accreditation or looking to leverage CDR data for better lending decisions, Fiskil can help you move fast and stay ahead.

Get in touch to learn how we can accelerate your CDR journey.