The Lendi Group has successfully completed its first migration of Aussie brokers transitioning on to the Lendi home loan platform.
Marking a major milestone for the combined group, the Lendi platform is designed to increase brokers’ efficiency and productivity, with the goal of driving better results for customers and brokers.
The group says the transition is a cornerstone of its ambitious growth strategy, transforming how Australians experience home loans and property finance. The Lendi digital platform and shared services will power more than 1,300 brokers across Lendi, Domain Home Loans and Aussie and the company says the transition will unlock significant productivity gains for all Lendi Group brokers.
Sebastian Watkins (pictured above left), COO and co-founder of Lendi Group, said the omnichannel experience powered by the platform meant consumers could compare, apply and settle their loan online, virtually or in person, fully supported by brokers.
“Currently, home loan specialists using Lendi Group’s platform are lodging 12.5 deals per month per broker, compared to the industry average of 3.5,” Watkins said. “Lendi home loan specialists on the platform have also continued to gain market share, up 42% between June and September, displaying the power of the Lendi platform.”
Lendi Group CEO of distribution Brad Cramb (pictured above right) said with more than 28 lenders on the Lendi Group platform, brokers now had a much better ability to search, choose and settle home loans online with fast and seamless access to better rates.
“It also gives brokers access to Approval Confidence, our game-changing proprietary technology which identifies products borrowers qualify for in real-time,” Cramb said. “Approval Confidence, along with the platform’s myriad of time- and money-saving features, means customers receive unconditional approval faster than ever, with more certainty.”
Cramb said the results spoke for themselves.
“The efficiency and confidence shared services and now the platform provides Aussie brokers is a game changer for our group. Lendi Group’s rapid growth has continued despite currently operating in a contracting market with home lending declining -11% in September,” he said.
“In the face of these conditions, total Lendi Group market share grew 13% between June and September to 6.6% of the total home lending market. The platform rollout is an exciting development for all brokers within the industry.”
It has been a successful year for Lendi Group, announcing it settled $33.6 billion in FY22 and posted 35% year-on-year growth. At its inaugural group conference on the Gold Coast in October, Lendi Group unveiled its ambitious vision for brokers – a deal a day average, a target that was already being achieved by Lendi home loan specialists.
“The Lendi platform is currently Australia’s number one online home loan platform, bringing together smart technology to streamline a home loan application process with access to over 25 lenders and 2,500 different home loan options,” Cramb said.
He said there was no reason for the home loan process to be complex any more.
“Aussie brokers can now easily assist customers through our online channels that provide a far more efficient way to find and settle the home loan that rights for their customers. Lendi has been disrupting the home loan industry with innovative technology for the last decade. We are thrilled Aussie will now disrupt with us, ushering in a new era for the property finance industry.”
In August, the Lendi Loyalty Index revealed lender loyalty was costing borrowers billions.
Lendi Group CEO David Hyman said the data analysed showed on average banks were charging new customers rates that were 86 basis points lower than rates charged to existing customers, while the big four banks were charging new customers 91bps less.
“At 91bps you would be saving $70,000 over the life of a loan,” Hyman said. “This is an eye-popping number and for the most part it’s apathy that’s costing people. We encourage homeowners to speak to their broker to assess their options because by shopping around, they can save tens of thousands of dollars.”
