Non-bank lender Pepper Money is the first non-bank to provide Australian borrowers and brokers access to Lendi Group’s Approval Confidence.
The global first technology is unique to home loan platform Lendi Group. It connects directly with the internal decision engines of multiple banks to indicate the likelihood of the approval of loan options from the group’s lender partners in real time.
The system provides customers and their brokers with an easy-to-understand rating on potentially suitable Pepper Money loan options without impacting the borrower’s credit score.
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While ratings are not a guarantee of approval, they are designed to estimate the likelihood of approval of a borrower’s loan application.
The Approval Confidence technology indicates the likelihood of a customer’s ability to achieve full approval on the loan, helping the customer select the loan option that would most likely fit their situation and achieve approval faster.
It assesses the borrower’s credit profile and personal information, allowing Pepper Money to respond to the customer through Lendi’s platform.
“Pepper Money has partnered with Lendi Group and their innovative Approval Confidence technology to empower a more diverse set of Australian borrowers with certainty when applying for a loan,” said Pepper Money general manager mortgages and commercial lending Barry Saoud (pictured top).
“For Pepper Money, the integration means more borrower segments with unique circumstances, will have a greater sense of certainty and confidence when they’re looking at their home loan options available to them through the Lendi Group network.”
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Saoud said Pepper Money knew borrowers and brokers wanted a flexible, fast, and transparent loan application process with no surprises.
“Our real-life lending approach coupled with Lendi Group’s Approval Confidence technology is another way we are giving more Australians access to options and the confidence to start their home loan journey with us,” he said.
“Lendi Group is incredibly proud of its Approval Confidence capability, which gives brokers and customers a real-time indication of whether their loan will be approved.”
Lendi Group’s CEO of distribution Brad Cramb (pictured below) said Lendi was thrilled to have Pepper Money on board as the first non-bank lender to integrate with its Approval Confidence capability.
“We know people can feel overwhelmed and vulnerable throughout the home loan process and we are helping to rectify this by giving borrowers more information and a greater sense of certainty without jeopardising their credit score,” Cramb said.
The Lendi Group’s key strategic focus currently is to support the Aussie Home Loans broker network to be ready for the rollout of Lendi’s technology platform.
As Aussie brokers are rolled onto the platform, they will also get access to Approval Confidence under the Aussie brand.
Currently there are five lenders on the Approval Confidence panel including ANZ, Bankwest, Adelaide Bank and Pepper Money, with more in the pipeline.
