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New data has revealed how non-banks have adjusted to being in the newly expanded open banking regime.
Non-bank lenders officially launched into the Consumer Data Right (CDR) regime on 13 July 2026, with tens of non-bank lenders (NBLs) publishing residential mortgage Product Reference Data (PRDs) in the first month.
However, early data from open banking fintech Stryd has revealed a stark contrast between total market participation and usable product intelligence – as it did with the bank rollout – with missing data fields plaguing the initial rollout.
While eight non-banks had published data before the 13 July launch date, 59 additional lenders have published residential mortgage PRDs in the past month.
White label products dominate the non-bank landscape, with 54 out of the 67 NBLs (over 80 per cent) featuring white labelled PRDs, according to Stryd.
These products are funded through just 12 core lenders, with a single funder accounting for 50 per cent of all white labelled arrangements.
Since the rollout commenced,quality issues persist
However, while overall data quality across the sector has been described as good, Stryd data has revealed that early operational hurdles are impacting product transparency.
The most significant issue involves 26 non banks having published residential mortgage PRDs without an interest rate, Stryd data shared with Broker Daily reveals.
This affects roughly 135 PRDs, the fintech found, with crucial details such as interest rates, rate types, repayment types, and loan purposes missing – rendering them unusable for direct broker and consumer rate comparisons.
Notably, 24 of these impacted brands are white labelled through the same core lender.
A total of 19 PRDs across five lenders initially displayed rates inconsistent with those listed on the lenders’ public websites, Stryd added, though the majority of these discrepancies had been resolved quickly after identification.
Meanwhile, 15 PRDs across two lenders contained incorrect repayment types or loan purposes.
According to Stryd, of the newly onboarded non-bank lenders, 26 have published mortgage products with no lending rate section at all – meaning roughly 135 products currently carry no rate, rate type, repayment type, or loan purpose data, the exact fields needed to identify a better deal
Speaking of the first month of non-bank lending data, Ruth Hatherley, founder and CEO of Stryd, said that while non-banks joining the scheme meant “more genuine choice at the point of comparison for brokers”, data sets needed to be improved.
The CEO told Broker Daily: “A CDR data set that excludes rate information isn’t just incomplete, it’s unusable for its core purpose – you can’t help a consumer find a more competitive home loan if the product data doesn’t say what the rate is.”
She continued: “The ACCC frames CDR around Choice, Convenience and Control – but a product listing with no rate data delivers none of the three. Consumers can’t choose a better deal, brokers can’t offer it conveniently, and nobody gains any real control over their outcome.
“Roughly 130 non-bank mortgage products are currently live in the CDR without rate information. On the ACCC’s own terms, that’s not expanding consumer Choice – it’s just adding noise to the dataset.”
Hatherley added that a fully functioning open banking system could be invaluable to brokers, adding: "More lenders in the CDR means more genuine choice at the point of comparison for brokers who use Stryd or other technology solutions leveraging the Product Reference Data.
”For the first time, brokers can benchmark bank and non-bank offers side by side, at scale, through a single standardised data source, without relying on the non-bank lender to provide updated information."
The non-bank lending sector was first designated under the open banking framework in 2022, with the rules governing its rollout finalised in March 2025.
ACCC data has found that over 1.3 million Australians are currently using CDR, an increase of around 135 per cent over the last year.
The regulator said that it expected the use of the CDR to continue growing as it expands into non-bank lending.
[Related: AI adoption is surging, but are lenders’ data systems ready?]
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