If you’ve heard the terms Open Banking and Consumer Data Right (CDR) and wondered what they actually do for your mortgage, here’s the quick take:
CDR lets you securely share your banking data with trusted apps (with your consent) so you can get a better deal, faster. RateTracker uses CDR data to monitor your home loan, compare it to what lenders are offering today, and push for sharper rates — or help you switch if your bank won’t play ball.
First things first: what are Open Banking and the CDR?
- Open Banking is the idea that your financial data is yours to use — not locked up by your bank.
- The CDR is Australia’s official framework that makes this possible, with strong privacy rules and security standards baked in.
- Consent is king: you choose what to share, who can use it, and for how long. You can withdraw consent at any time.
Why it matters: easier comparisons, simpler applications, and more competition. That competition is what puts downward pressure on rates.
What’s new in 2025 (and what’s next)
- Reset for real-world value: the Government has refocused the CDR on high‑impact use cases (like lending and energy saving) and is moving towards a ban on screen‑scraping in favour of safer, standards‑based sharing.
- Already live: banking and energy.
- Coming next: non‑bank lenders (think specialist and BNPL-style lenders) are due to come under the CDR from mid‑2026, which means more data to compare and better coverage across the market.
- Standards evolve: the technical rules get regular updates so accredited providers can plug in reliably and securely.
Bottom line: the plumbing is maturing — and that’s good news for borrowers.
The ‘loyalty tax’ is real (and avoidable)
Banks tend to offer their best deals to new customers and let older loans drift up over time. That gap between what you pay and what a new customer gets can be material — and it grows with the age of the loan.
That’s exactly the problem RateTracker goes after.
How RateTracker uses CDR to keep lenders accountable
Here’s how we turn your data (shared by you, on your terms) into savings:
- Connect securely
You authorise a CDR connection to your accounts. No passwords. No screen‑scraping. Just secure, consented data sharing. - Know your true rate
We read your actual interest rate, fees and features — not just what’s advertised — across the loans you link. - Compare apples with apples
We line your current rate up against today’s market and each lender’s new‑customer pricing for the same type of loan (LVR, purpose, repayment type, etc.). - Spot repricing opportunities
If we see you’re paying over the odds, we trigger a nudge to your lender to sharpen your rate. Many banks have internal retention processes — they’ll cut a quiet deal if you ask the right way. - Escalate if needed
No movement? We tee up next steps: negotiate harder or prepare a clean switch to a sharper lender through our broker partners. Your data (and documents) are ready‑to‑go, so it’s faster and there’s less paperwork. - Monitor, forever
Rates move. We keep watching. If your lender hikes or the market shifts, you hear about it — with the exact dollars at stake.
Privacy and security (in plain English)
- You’re in control: you set the scope and time limit for any data sharing and can withdraw it anytime.
- Purpose‑built privacy: CDR has 13 privacy safeguards that sit on top of the usual privacy laws. Accredited data recipients must meet strict security, consent and data‑deletion standards.
Why this keeps the market competitive
- Transparent comparisons make it hard for lenders to quietly charge legacy customers more than new ones.
- Enforcement exists: regulators actively fine providers that misreport or withhold accurate data, which lifts data quality for everyone.
- More sectors joining (like non‑bank lenders) means broader coverage and more options if your bank won’t match the market.
What you’ll get with RateTracker
- Live monitoring of your current rate vs. today’s best equivalents
- Alerts when your lender slips out of line
- A guided path to repricing or switching (you choose)
- A simple, secure connection using the official CDR rails
Quick FAQs
Is CDR safe?
Yes. Only accredited providers can access your data, and only with your explicit consent. Everything is encrypted and auditable.
Do I have to switch lenders?
No. We always try a repricing request first. If your lender won’t match the market, we show you the switching upside.
What if my lender isn’t on CDR yet?
Most are. If not, we’ll still track what we can and let you know as coverage expands (including non‑bank lenders from mid‑2026).
Ready to put your rate on notice?
Give RateTracker secure, read‑only access via the CDR. We’ll do the comparisons, chase your bank, and keep them honest. If they won’t move, we’ll line up a clean exit.
Start your free check today.
