What Does Open Banking's Expansion to Non-Bank Lenders Mean for Australian Borrowers in 2026?

Key takeaway: From 13 July 2026, non-bank lenders in Australia must publish standardised product data under the Consumer Data Right (CDR). From 9 November 2026, selected non-banks will also begin sharing consumer data — putting bank and non-bank loans on the same comparison grid for the first time.

What Changed on 13 July 2026

Australia's open banking regime now covers non-bank lenders. On Monday 13 July 2026, non-bank lenders were required to begin publishing standardised product reference data — advertised interest rates, fees, charges and eligibility settings — through the Consumer Data Right, the framework that previously applied mainly to banks and energy retailers.

This is phase one. Phase two starts on 9 November 2026, when selected non-bank lenders begin sharing detailed consumer account data with accredited recipients such as brokers and fintechs, under strict consent and security protocols. The remaining large providers follow by 10 May 2027.

The rollout arrives with real momentum behind it:

Why This Matters for Borrowers

The practical effect is transparency: borrowers and brokers can now compare non-bank products against bank products using the same standardised data. ACCC Commissioner Ian Oppermann called the expansion "a significant step in giving consumers access to information about the broadest possible range of financial products."

For the non-bank sector, inclusion in the CDR is also a signal of maturity. Tony MacRae, Chief Commercial Officer at Bluestone Home Loans, said the CDR is "a natural next step, giving consumers more control and clearer visibility" of their financial data, regardless of lender type.

Open banking no longer stops at the big banks — from July 2026, Australia's non-bank lenders sit on the same data grid, and that levels the comparison playing field for every borrower.

What Comes Next: ATO Data and Digital ID

Faster, less paper-heavy loan applications are the next frontier. The government has allocated $62 million over two years in the 2026–27 Budget to expand the CDR and is exploring the integration of Australian Taxation Office (ATO) data and Digital ID into the framework. If that proceeds, income verification could increasingly draw on tax and BAS data directly — particularly relevant for self-employed applicants whose income is not documented through payslips.

What This Means for MPFG Borrowers

For borrowers weighing a non-bank lender, the CDR closes a long-standing information gap: non-bank rates, fees and eligibility criteria are now published in the same standardised format as the banks'. Easier comparison rewards lenders that compete on product fit rather than brand recognition. MPFG Capital's product range — from Alt Doc loans for self-employed borrowers to bridging finance, commercial property loans and refinancing up to $7.5 million — is built for scenarios the major banks often decline. As consumer data sharing expands from late 2026, verification should also get faster, which matters most for time-sensitive borrowing such as bridging finance. Explore the full range on the MPFG products page.

FAQ

What is the Consumer Data Right (CDR)?

The CDR is Australia's open data framework, which gives consumers the right to share their data securely with accredited providers. In banking it is known as "open banking". Around 1.3 million Australians already use CDR-enabled services, and participation grew 135% over the past year (ACCC, 2026).

Do non-bank lenders now share my personal banking data?

Not yet. From 13 July 2026, non-banks only publish product reference data such as advertised rates and fees. Consumer data sharing begins on 9 November 2026 for selected lenders and by 10 May 2027 for remaining large providers — and only with your explicit consent.

Will open banking make it easier to get a loan as a self-employed borrower?

Potentially. Richer, consented data sharing can help lenders verify income and expenses faster. The government is also exploring ATO data integration, which could streamline verification for borrowers who rely on tax and BAS records rather than payslips — the typical Alt Doc scenario.

This article is general information only and does not constitute financial or credit advice. All applications are subject to credit assessment by MPFG Capital (ACL 553698).