.jpg)
An online mortgage broker has launched a new tool intended to give borrowers “a more realistic view” of their home loan options and chances of approval across multiple lenders.
Lendi’s Approval Confidence rating, now available to borrowers, indicates the likelihood of the approval of loan options from Lendi’s integrated lender partners in real time. Without impacting their credit store, borrowers will be given a rating of either ‘standard’ or ‘high’.
This is made possible as Lendi’s platform now integrates directly with the back-end decision engines of some of Australia’s “biggest banks and lenders” to assess a borrower’s credit profile and personal information.
“This new capability is set to revolutionise the market by making on-demand home finance a reality while importantly addressing the information asymmetry that has existed between lenders, brokers and borrowers,” said David Hyman, Lendi co-founder and MD.
“We know people can feel overwhelmed and vulnerable throughout the home loan process and we are rectifying that by giving borrowers more information and a greater sense of certainty without jeopardising their credit score.
“Customers will now be able to ascertain whether they meet a lender’s requirements, subject to verification, in under an hour.”
Borrowers can now use the Lendi platform to start their application, define their needs and objectives, provide income, expenses, assets and liabilities, upload documents and use the Approval Confidence took, all in one session.
All 37 lenders on the Lendi panel have the option to integrate with the Approval Confidence capability. Currently, the first phase is live with Adelaide Bank and ANZ.
“This is an innovative development from Lendi that will provide customers with greater confidence when they’re looking for a home loan, which is one of the biggest financial decisions many people make,” said ANZ group executive for Australia retail and commercial, Mark Hand.
