Open banking data quality
Every Australian lender with home loans must publish its products and rates under the Consumer Data Right. We read every lender's feed each day. This is how much of that published data passes four basic checks.
59 of 93 home lenders passed all four checks.
Rates as published by each lender, from our last sync at (Sydney time).
The four checks
- Reliable: 79 of 93 lenders pass. The lender's product feed has not failed three or more of our daily reads in a row. A single bad day does not fail it.
- Complete: 74 of 93 lenders pass. Every variable and fixed rate in the lender's own published data comes with a comparison rate.
- Consistent: 89 of 93 lenders pass. No variable principal-and-interest rate has a comparison rate more than 0.25 percentage points below its interest rate. That loan never reverts to another rate, so its comparison rate should not sit under it.
- Plausible: 92 of 93 lenders pass. No rate falls outside the range a home loan could plausibly carry.
Across 8,105 published home loan rates: 180 have no comparison rate, 38 have a comparison rate that can't be right, and 1 falls outside a plausible range.
Not counted against a lender: a fixed-rate comparison rate well above the fixed rate (it includes the reversion to the variable rate), a product that hasn't changed for months, and anything caused by how we read or track the data.
This report names no lender. Before we report a problem against a named lender, we will confirm it in that lender's own published data and offer them the chance to respond.