Assessing whether a banking or non-bank lending product is in scope for CDR

Note:

Version 1 - 9 November 2020

Version 2 - 21 December 2021 - clarifies the ACCC’s view on the meaning of ‘publicly offered’ and reflects rules updates up to Competition and Consumer (Consumer Data Right) Amendment Rules (No. 2) 2021

Version 3 - 27 March 2024 - includes the exemption for trial products and reflects general rules updates up to Competition and Consumer (Consumer Data Right) Amendment Rules (No. 1) 2023

Version 4 - 28 May 2025 - includes updates to reflect changes made by the Competition and Consumer (Consumer Data Right) Amendment (2025 Measures No. 1) Rules 2025.

Version 5 - 16 September 2025 - includes additional guidance on asset finance products to reflect changes made by the Competition and Consumer (Consumer Data Right) Amendment (2025 Measures No. 1) Rules 2025.

Purpose

This document is designed to assist data holders in the banking and non-bank lenders (‘NBL’) sectors identify whether a particular product is in scope for data sharing through the Consumer Data Right (CDR). This guide was updated on 28 May 2025 to reflect recent amendments to the CDR Rules, including to expand CDR to the NBL sector, introduce a definition of a ‘covered product’ to specify which products are in scope for CDR and make data sharing voluntary for certain covered products. It was further updated on 16 September 2025 to include additional guidance on asset finance products.

This article is intended as general guidance and does not represent or attempt to provide legal advice. It is a matter for each data holder to consider its CDR obligations and whether legal advice is required in relation to each of its products.

We have also provided a series of examples (see Appendix A) indicating how the ACCC is likely to apply relevant factors when considering whether a particular product is a covered product for CDR data sharing.

Data holders should note this guidance may be revised in future as the CDR Rules are amended and the ecosystem matures.

Relevant factors

Under the CDR Rules, a banking or NBL product will be a ‘covered product’ if it satisfies three factors:

1. the product is generally known as being a type of product listed in clause 1.4 of Schedule 3 of the CDR Rules,
2. the product is publicly offered by or on behalf of a data holder, and
3. the product is offered to consumers through a standard form contract.

Factor 1 — Is the product listed in cl 1.4 of Schedule 3 of the CDR Rules?

• If the answer is ‘no’, the product is not a covered product.[1]
• If the answer is ‘yes’, the product will be a covered product if it also satisfies Factors 2 and 3 below.

Clause 1.4 includes a list of products that may be covered products in both the banking and NBL sectors, and a list of products that may be covered products in the banking sector only. Clause 1.4 is reproduced at Appendix B.

Factor 2 — Is the product publicly offered?

The CDR Rules do not define when a product is considered “publicly offered”. However, the ACCC generally considers this criterion should be interpreted broadly, to make the benefits of CDR as widely available to consumers as is practicable.

The CDR Rules make clear that a product can be publicly offered even if it is not able to be acquired by every member of the public — that is, a publicly offered product may be subject to eligibility requirements. For example, a business overdraft may be publicly offered despite not being available to individual consumers, or a farm management account may be publicly offered despite only being available to those operating a primary production business. However, products offered only by invitation to select individuals, or which are commercially sensitive would generally not be considered publicly offered.

In the ACCC’s view, most banking and NBL products available to consumers will be regarded as publicly offered products.

Factor 3 — Is the product offered by way of a standard form contract?

The CDR Rules do not provide a definition of a ‘standard form contract’. However, they do include a note referring to section 27 of the Australian Consumer Law (ACL). That section sets out matters that a court may take into account when determining whether a contract is a standard form contract. This reference is included to provide an example of matters to consider only and to help guide CDR participants as to the intended meaning of ‘standard form contract’. 

Some of the relevant considerations, as set out at section 27 of the ACL, include the level of bargaining power between the parties to the contract, whether there was an effective opportunity to negotiate the terms, and that the opportunity to negotiate changes to the terms of the contract was not merely minor or insubstantial in effect. If, for example, a product involves only low levels of negotiation (for example, in relation to interest rates or fees) then it is likely the product satisfies this factor.

The higher the level of negotiation between the data holder and the customer (in particular where a product is specially designed, or highly customised, for the customer) the more likely the product is not offered by way of a standard form contract and therefore not a CDR covered product.

Voluntary data

From 4 March 2025, data sharing obligations became voluntary for the following covered products (see subclauses 3.1(2) and 3.2(3) of Schedule 3 to the CDR Rules):

• foreign currency accounts
• consumer leases
• reverse mortgages
• margin loans
• asset finance that is non-standard vehicle finance (e.g. novated leases and fleet finance).

This means a data holder may, but is not required to, share product data or consumer data associated with these products in response to a valid request.

Asset finance

Asset finance (including standard vehicle financing and leases) is listed in clause 1.4 as a covered product for the banking and NBL sectors. However, product or consumer data associated with asset finance that is non-standard vehicle finance is not required to be shared, but may be shared voluntarily (see clauses 3.1 and 3.2 of Schedule 3).

Treasury has confirmed that the policy intent is to make data sharing mandatory only for asset finance that is a standard loan provided to a consumer for the purchase of a typical on-road vehicle (such as a car or motorbike). Other types of asset finance will generally be considered voluntary for data sharing, particularly where the product involves complex or multi-party structures.

Types of asset finance that will be considered voluntary for data sharing include:

• novated leases
• fleet financing arrangements
• operating leases or hire agreements
• bailment arrangements
• forms of vehicle, equipment or other asset finance not related to a typical on-road vehicle (e.g. for agricultural machinery).

Trial products

Data holders are not required to comply with CDR obligations in relation to a covered product while it is a trial product. A covered product in the banking and NBL sectors is a trial product if it is:

• for the purposes of the trial, supplied to 1000 customers or less,
• offered with the description ‘pilot’ or ‘trial’, and
• offered with a statement specifying:
  • a trial period of 6 months or less, and
  • the product may be terminated before the end of the trial period, in which case CDR data in relation to the product may not be available for data sharing under the CDR rules.

However, a product that would otherwise be subject to mandatory data sharing obligations (i.e. a covered product other than a product referred to in the ‘Voluntary data’ section of this article) will be subject to data sharing obligations if it ceases to be a trial product. That is, if the product continues to be offered after the end of the trial period or is supplied to over 1000 customers. In these circumstances, a data holder is required to comply with its CDR obligations in relation to the product. This involves responding to consumer or product data requests, including in relation to any CDR data generated while the product was a trial product.

Making “in scope” products accessible to eligible consumers

A data holder must provide a service enabling an eligible CDR consumer to make consumer data requests in relation to required consumer data for covered products held by the data holder. In general, data holders must disclose required CDR data, and may disclose voluntary CDR data, in response to a valid request. All consumer data provided must conform to the CDR Data Standards. For more information on the meaning of required and voluntary product and consumer data, see sections 5.3 and 6.3 of the Compliance guide for data holders in the banking and non-bank lenders sectors. 

Note - entities that meet the criteria to be an initial provider or a large provider in the NBL sector but do not have any required data to share are not expected to meet CDR obligations. See section 2.5 of the fact sheet on Non-bank lenders with CDR obligations for more information.

Applying for an exemption

Data holders may apply for an exemption in relation to data sharing or other CDR obligations. The ACCC’s Guidance for Applicants Seeking Exemption under Section 56GD provides information on how to apply for an exemption and the factors that the ACCC may consider in its assessment, which include the:

• overall objectives of the CDR (e.g. to enable consumer choice and promote competition)
• nature and scope of the proposed exemption sought
• potential for any unintended or perverse consequences to arise if the proposed exemption were not granted (e.g. inefficient use of resources resulting in an unreasonable compliance burden)
• potential impact on consumers and the CDR ecosystem
• specific circumstances of the exemption applicant.

We recommend that data holders review this guidance and contact the ACCC if a data holder wishes to discuss potentially applying for an exemption from CDR obligations.

Appendix A: applying the factors to product examples 

The following table sets out examples of how the above factors could be applied to assess whether a particular product is a covered product. It also notes where products are likely to be covered products, but sharing product or consumer data may be voluntary due to the operation of clauses 3.1 and 3.2 of Schedule 3 to the CDR Rules.

Please note the following products and their product characteristics are for illustrative purposes only, and should not be taken to indicate that a particular category of product will always be a covered product. For example, in some circumstances, an invoice finance product or inventory finance product may not be highly negotiated, and therefore could be considered a covered product. It is each data holder’s responsibility to ensure compliance with CDR obligations, and data holders should consider each of the above factors on a case-by-case basis to determine their own obligations. 

Note: Initial providers and large providers in the non-bank lenders sector do not currently have CDR data sharing obligations in relation to complex requests, including requests made on behalf of a CDR consumer who has a nominated representative (such as a non-individual CDR consumer or a partner in a partnership For more information about complex requests see section 3.2.2 of the Compliance guide for data holders in the banking and non-bank lenders sectors.

Product	Product description	Application of factors	Conclusion
Business loan	A loan product that can only be used for business purposes. The loan can be of a fixed balance or one that reduces over time. It can be a secured or unsecured loan.	Banking and NBL sector product: business finance Low levels of negotiation involved, e.g. the consumer lacks bargaining power and is unable to negotiate in relation to whether the loan is secured or unsecured, the amount to be borrowed and the structure of repayments Product advertised on the bank or NBL’s website Product can be obtained by application online, over the phone or in branch	Covered: this type of business loan is a publicly offered product in the banking and NBL sectors that should be made available for product data and consumer data sharing by the bank or NBL.
Invoice finance	A facility that advances funds against unpaid invoices prior to the business customer/s making payments.	Banking and NBL sector product: business finance Highly negotiated Offered only to institutional banking clients via a specialised relationship manager	Not covered: this type of invoice finance product is unlikely to be considered a ‘publicly offered’ product, and therefore is unlikely to be a CDR covered product.
Equipment loan (also known as a chattel mortgage or a goods loan)	A loan that allows a business to borrow money to purchase an asset (e.g. agricultural equipment). The lender has the asset as security until the business’ repayments are completed.	Banking and NBL sector product: asset finance (including standard vehicle financing and leases) Product advertised on bank or non-bank lender’s website in the form of a standard consumer loan Very low level of negotiation involved	Covered, but voluntary: this equipment loan is a publicly offered product in the banking and NBL sectors and is offered by way of standard form contract. Data sharing for this product is voluntary. A loan for agricultural equipment is not a standard loan provided to a consumer for the purchase of a typical on-road vehicle (meaning it falls within the list of products that may be shared voluntarily in subclause 3.2(3) of Schedule 3).
Commercial truck loan	A loan for the purchase of various types of trucks and attachments (including trailers, agitators, tipper bodies etc.).	Banking and NBL sector product: asset finance (including standard vehicle financing and leases) Product advertised on bank or non-bank lender’s website in the form of a standard consumer loan Very low level of negotiation involved	Covered, but voluntary: this equipment loan is a publicly offered product in the banking and NBL sectors and is offered by way of standard form contract. Commercial trucks and trailers would be considered on-road vehicles. However where they are used primarily for commercial purposes they are unlikely to be considered a ‘typical’ motor form of transport (meaning they fall within the list of products that may be shared voluntarily in subclause 3.2(3) of Schedule 3).
Novated leases (also known as salary-packaged vehicle finance)	A salary sacrificing arrangement between an employer, an employee and a bank or NBL to finance a car from the employee’s pre-tax salary.	Banking and NBL sector product: asset finance (including standard vehicle financing and leases) Product advertised on bank or non-bank lender’s website Low levels of negotiation involved Involves three parties, not just a lender and borrower Consumer data for this product is split between the employer’s payroll systems and the finance provider	Covered but voluntary: this product is a publicly offered product in the banking and NBL sectors. However, data sharing for this product is voluntary as it does not relate to a standard loan and has a multi-party structure (meaning it falls within the list of products that may be shared voluntarily in subclause 3.2(3) of Schedule 3).
Inventory finance 1	A facility that allows the business to pay its supplier to fulfil a purchase order prior to invoicing its customers.	Banking and NBL sector product: asset finance (including standard vehicle financing and leases) Highly negotiated Offered only to institutional banking clients via a specialised relationship manager	Not covered: this type of inventory finance product is unlikely to be considered a ‘publicly offered’ product and therefore is unlikely to be considered a CDR covered product.
Inventory finance 2 (also known as ‘floorplan finance’)	A facility that allows the business to pay its supplier to fulfil a purchase order (e.g. to maintain floor stock in a car dealership) prior to invoicing its customers.	Banking and NBL sector product: asset finance (including standard vehicle financing and leases) Low level of negotiation involved Offered only to institutional banking clients via a specialised relationship manager	Covered but voluntary: this product is a banking and NBL sector product. While it is only offered to large institutional banking clients, it is subject to low levels of negotiation and is therefore likely considered to be publicly offered. Data related to this product is voluntary data given it is not a ‘standard loan’ provided to a consumer for the purchase of a typical on-road vehicle (meaning it falls within the list of products that may be shared voluntarily in subclause 3.2(3) of Schedule 3).
Margin loan	Loan which enables a customer to borrow funds to invest in the share market. The margin loan is secured against the customer’s existing shares or managed funds.	Banking and NBL sector product: a loan for an investment Low level of negotiation involved Product advertised on a non-bank lender’s website Eligibility criteria is not restricted Product available via a variety of channels	Covered but voluntary: this type of margin loan is a publicly offered product in the banking and NBL sectors, however, data sharing is voluntary for this product as it falls within the list in clause 3.2(3) of Schedule 3.
Structured investment product with a loan component	Capital guaranteed investment product that includes a loan component to businesses. Product involves a combination of a bank deposit with an option for a leveraged investment in the underlying asset.	Banking and NBL sector product: a loan for an investment, or business finance Highly negotiated Offered primarily to institutional banking clients by negotiation	Not covered: this type of structured investment product is unlikely to be considered a ‘publicly offered’ product, and therefore is unlikely to be a CDR covered product.
Foreign currency transaction account – Trial product	Transaction account that allows customer to make and receive payments in a range of different foreign currencies.	Banking sector product: foreign currency account Offered as a trial product for 5 months Product provided to less than 1000 customers Product offered with a statement that it may be terminated before the end of the trial and if so, CDR data in relation to the product may not be available	Trial product: this type of account is a banking product which satisfies the factors in clause 1.5 of Schedule 3.
Foreign currency transaction account	Transaction account that allows customer to make and receive payments in a range of different foreign currencies.	Banking sector product: foreign currency account No substantive negotiations involved Product advertised on bank’s website Generally available to individual and business consumers	Covered but voluntary: this type of foreign currency account is a publicly offered banking product, however, data sharing for this type of product is voluntary as it falls within the list in clause 3.2(3) of Schedule 3.
Business line of credit	Line of credit that can be drawn on by a business if and when needed for a specified term. This line of credit may be secured or unsecured.	Banking and NBL sector product: line of credit (business) Low levels of negotiation involved Product advertised on bank’s website	Covered: this type of line of credit for business purposes is a publicly offered product in the banking and NBL sectors that should be made available for product data and consumer data sharing by the bank or NBL.
Multi-option credit facility	Credit facility which allows the customer to utilise multiple products within the overall credit facility. The credit facility has an overall limit and the credit products that are linked to the credit facility are able to be used to draw down from that umbrella limit.	Banking and NBL sector product: line of credit (business) Facility itself more likely to involve higher level of negotiation The line of credit products that can be used within this facility may be captured separately under CDR	Not covered: this type of credit facility is unlikely to be considered a ‘publicly offered’ product, and therefore is unlikely to be a CDR covered product.
Reverse mortgage	A financial product that allows a borrower to use the equity in their home as a guarantee for a loan.	Banking and NBL sector product: reverse mortgage Low level of negotiation involved Product advertised on NBL’s website	Covered but voluntary: this type of banking and NBL sector product is likely to be considered a ‘publicly offered’ product, however, data sharing for this type of product is voluntary as it falls in one of the categories listed in clause 3.2(3) of Schedule 3.
Online buy now pay later service offered before 13 July 2026	A service that enables consumers to purchase goods and services by paying all or part of the purchase price to the buy now pay later provider in a series of instalments. There may be an upfront payment at the time of the transaction.	Banking and NBL sector product: buy now pay later product Low level to no negotiation involved Product accessible through online platforms and applications/QR codes	Covered: this is a banking and NBL sector product that is publicly offered and likely to be covered for product data (after 13 July 2026) and consumer data sharing (9 November 2026).
Buy now pay later service offered in-store through QR code scan after 13 July 2026	A service that enables consumers to purchase goods and services by paying all or part of the purchase price to the buy now pay later provider in a series of instalments. There may be an upfront payment at the time of the transaction.	Banking and NBL sector product: buy now pay later product Low level to no negotiation involved Product accessible through online platforms and applications/QR codes	Covered: this is a banking and NBL sector product that is publicly offered and likely to be covered for product data (12 months after the date that the data holder first offered a BNPL product – ‘BNPL date’) and consumer data sharing (15 months after BNPL date).
Trade finance	A financial instrument or product that is used by businesses to facilitate trade (importing and/or exporting goods or services).	·         These types of products are not listed in the CDR Rules	Not covered: we do not consider this type of product to be a banking or NBL sector product for the purposes of the CDR Rules.
Trade payable finance	An uncommitted revolving trade finance facility available to a buyer of goods and services where the bank finances the buyer's payments to approved suppliers before the invoice due date.	These types of products are not listed in the CDR Rules Highly negotiated Offered on limited basis to larger commercial banking clients via specialised relationship managers only	Not covered: we do not consider this type of product to be a banking or NBL sector product for the purposes of the CDR Rules.    Additionally, this product is unlikely to be considered ‘publicly offered’.
Trade receivable finance	Short-term finance to sellers of goods and services whereby the bank purchases individual eligible trade receivables.	These types of products are not listed in the CDR Rules Highly negotiated Offered on limited basis to larger commercial banking clients via specialised relationship managers only	Not covered: we do not consider this type of product to be a banking or NBL sector product for the purposes of the CDR Rules.    Additionally, this product is unlikely to be considered ‘publicly offered’.
Corporate and structured finance	Covers a range of complex financial solutions and is typically provided to large banking clients in a highly tailored manner.	These types of products are not listed in the CDR Rules Highly negotiated and tailored product	Not covered: we do not consider this type of product to be a banking or NBL sector product for the purposes of the CDR Rules.   Additionally, this product is unlikely to be considered ‘publicly offered’.
Financial markets products	Products traded via regulated financial markets.	·         These types of products are not listed in the CDR Rules	Not covered: we do not consider this type of product to be a banking or NBL sector product for the purposes of the CDR Rules.
Bank guarantees or undertakings	Commitments by the bank on behalf of a customer to pay a specified amount to a third party.	·         A guarantee or undertaking may be associated with a loan product or business finance, but is not itself listed in the CDR Rules	Not covered: we do not consider this type of product to be a banking or NBL sector product for the purposes of the CDR Rules.

Appendix B: Clause 1.4 of Schedule 3 to the Competition and Consumer (Consumer Data Right) Rules 2020 

1.4  Meaning of covered product

Products that may be covered products
Item	Column 1: Sector	Column 2: Products
1	Banking and NBL sectors	(a) a personal credit or charge card account; (b) a business credit or charge card account; (c) a residential home loan; (d) a home loan for an investment property; (e) a mortgage offset account; (f) a personal loan; (g) business finance; (h) a loan for an investment; (i) a line of credit (personal); (j) a line of credit (business); (k) an overdraft (personal); (l) an overdraft (business); (m) asset finance (including standard vehicle financing and leases); (n) a consumer lease; (o) a reverse mortgage; (p) a buy now, pay later product.
2	Banking sector only	(a) a savings account; (b) a call account; (c) a term deposit; (d) a current account; (e) a cheque account; (f) a debit card account; (g) a transaction account; (h) a personal basic account; (i) a GST or tax account; (j) a cash management account; (k) a farm management account; (l) a pensioner deeming account; (m) a retirement savings account; (n) a trust account; (o) a foreign currency account.

 [1] For clarity, we do not consider trade finance or structured finance products, as highly specialised products, to fall within any of the product categories currently listed in cl 1.4 of Schedule 3 of the Rules.