The digital lending industry has expanded over the past few years, with online lenders like Tiimely Home(formerly known as Tic:Toc), various mortgage fintech businesses and newer players like Athena all promising faster and easier service, or cheaper interest rates.
Lendi is one of the more established lenders. They combine an online application system with the services of a mortgage broker, processing your details and matching you with loans from a panel of over 30 lenders, and pre-qualifying for a mortgage, all online. If you do need help they offer online and phone chat support too.
Lendi asks a lot of questions and doesn't show you mortgages right away. First you need to enter some basic details, such as an estimate of your deposit and the value of the property you're going to buy (or an estimate), plus the type of loan you're looking for, and features you're interest in like an offset account or redraw facilities.
Once you enter your phone number and email, Lendi will show you some mortgages that match your needs and eligibility, based on the details you entered.
This is helpful because the loans on offer should match your borrowing needs. They're not showing you rates you'll never be eligible for. But some users might feel uncomfortable putting in personal information before they've even seen a single mortgage.
And if you're looking to quickly compare a wide range of mortgages to make a comprehensive mortgage comparison you might find the options too limited.
Here's what Lendi's application looks like after you've entered all your details.
Lendi gets really interesting when you bite the bullet and enter in all your personal and financial details, as you would for a normal home loan application.
If you're willing to enter information about your income, debts, liabilities, credit cards, and expenses, plus the deposit amount you've saved Lendi can essentially pre-qualify you for a home loan.
Once you verify your identity but uploading identification and documents such as payslips and bank statements you've done a lot of the hard work already.
And if you've done all this and still feel overwhelmed you can chat to a specialist over the phone or online, giving you a human option when you might need it most.
Lendi is an Australian fintech company that launched in 2013 by David Hyman, Sebastian Watkins, Martin Lam and Mark Kalajzich. In May 2021, Lendi and Aussie Home Loans merged to form the Lendi Group, with both brands still operating.
The Finder Score crunches 7,000 home loans across 120+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you're comparing the best home loans for cashback, you can see how each home loan stacks up against other home loans with the same borrower type, rate type and repayment type. We also take into consideration the amount of cashback offered when calculating the Score so you can tell if it's really worth it.
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What do I do when somebody’s got my phone number and all of My information and using it when I did not even ask for a loan or any money at all?
Hi Susan,
If you think you’ve been the victim of identity crime, you can report it to your local police. If someone has taken out debt in your name, this is identity fraud and it’s against the law. Here’s some more information that might be helpful. Best of luck!