The combined Lendi and Aussie Home Loans businesses notched up A$33.6 billion of mortgage settlements in the first full year of operation of the merged group, putting Lendi Group ahead of more established players like Yellow Brick Road and Mortgage Choice.
Lendi chief executive David Hyman said the company has a 6.3 per cent share of the Australian mortgage distribution market and will increase its share as it introduces its loan origination technology into Aussie brokerages.
In December 2020, Commonwealth Bank agreed to sell Aussie to Lendi. Lendi paid with scrip, leaving CBA with 45 per cent of Lendi.
The transaction was completed in May last year. Lendi Group has 1319 brokers and 233 stores. Lendi also has a joint venture with Domain, with Lendi’s lending platform embedded in Domain property search engine.
Hyman said the Aussie merger has allowed Lendi Group to offer borrowers a complete omni-channel experience, with the choice of a fully digital loan origination, mobile lending or stores.
Aussie has also sold its own branded loans and Lendi is maintaining that business.
Lendi has been rolling out its platform to Aussie brokers and Hyman said the feedback has been positive.
“We are seeing steady growth in the number of customers that go through the loan process virtually. But it is an omni-channel offer and they can do what they like.”
One of the distinctive features of Lendi’s technology is “approval confidence”, a real time indicator of whether the loan will be approved. The feature improves conversion rates.