Why do I have to manually enter the fixed expiry and interest only expiry dates manually? Isn't this data provided?

Currently the answer is no.

For reasons beyond our comprehension, when the CDR was established, those building the CDR did not think this pertinent information that a consumer might want to know about their home loan.

(We can feel you rolling your eyes from here)

We have made representations about this in the past but if you also feel strongly about this data being made available to consumers (and thus, their broker!) then we highly recommend emailing the ACCC to make your feelings on the matter heard.

And if you need help word your email, below is a suggested template.

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Dear Sir/Madam,

I am writing to you today as a Mortgage Broker and a strong supporter of the principles behind the Consumer Data Right (CDR). The stated purpose of the CDR—to provide Australian consumers with greater access to and control over their data, thereby increasing competition and transparency—is a goal our industry wholeheartedly embraces. It is with this spirit of support that I write to express my profound concern over a critical and damaging gap in the current mandatory data standards for the banking sector, specifically concerning home loans.

The CDR currently does not mandate the inclusion of two of the most crucial data points in a consumer's mortgage lifecycle: the Fixed Rate Expiry Date and the Interest Only Period Expiry Date.

The omission of this data is not a minor oversight; it is a glaring gap that fundamentally undermines the core purpose of the CDR. The legislation is intended to empower consumers and their trusted, accredited representatives to make timely, informed decisions. However, without access to these key "trigger dates," the CDR fails the consumer at the most critical moments of their financial journey.

The Impact on Australian Consumers

The expiry of a fixed-rate or interest-only period represents a moment of significant financial risk and opportunity for a consumer.

1. The Fixed-Rate "Mortgage Cliff": When a fixed-rate period ends, a borrower's loan typically reverts to a significantly higher Standard Variable Rate (SVR). The difference in repayments can be hundreds, if not thousands, of dollars per month, causing immediate and severe "rate shock." The CDR was meant to prevent this kind of information asymmetry. By omitting the expiry date, the system fails to provide the single most important piece of data needed to prompt a consumer to seek a better rate before they are penalised by the revert rate.

2. The Interest-Only "Payment Shock": Similarly, the end of an interest-only term forces a borrower to begin paying principal and interest, often causing a dramatic and unaffordable spike in their monthly repayments. This "payment shock" can lead to immense financial distress, forced sales, and negative credit events. Proactive planning is essential, yet the CDR withholds the very data point that would enable this planning.

For the CDR to be truly effective, it must provide data that is not just historical, but forward-looking. It must empower action. By omitting these expiry dates, the system provides a snapshot of the present but leaves consumers blind to the most significant financial events on their immediate horizon.

Undermining Competition and the Role of Brokers

As a Mortgage Broker, I operate under a Best Interests Duty (BID). My legal and ethical obligation is to act in the best interests of my clients. The current data standards actively hinder my ability to do so effectively.

Without automated access to these expiry dates via the CDR, I cannot proactively and efficiently manage my clients' mortgages. I am forced to rely on manual tracking, client memory, or searching through old paper documents—the very friction the CDR was designed to eliminate.

This gap creates a significant, anti-competitive advantage for the incumbent lender. They hold all the power because they know the expiry date. They can wait until the last minute to offer their client a new rate, which is often uncompetitive, knowing the consumer is cornered and has little time to seek an alternative. This is the opposite of the level playing field the CDR is supposed to create.

A Call to Action

The purpose of the CDR is to foster clarity, transparency, and better outcomes. The absence of mandatory fields for fixed-rate and interest-only expiry dates is a direct contradiction of this purpose. It leaves consumers vulnerable and stifles the very competition the system was built to encourage.

I strongly and respectfully urge the ACCC to initiate an immediate review of the data standards for the banking sector. I formally request that Fixed Rate Expiry Date and Interest Only Expiry Date be included as mandatory data fields for all relevant home loan accounts under the Consumer Data Right.

Doing so would be a monumental step towards fulfilling the true promise of the CDR and ensuring that Australian consumers are genuinely empowered to take control of their financial future.

Thank you for your time and consideration of this critical issue.

Yours sincerely,

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