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The digital, non-traditional lending industry has expanded over the past few years, with online lenders like TicToc, 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 players. They combine an 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 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. In the time they've been operating Lendi says they've helped Australians settle over $6 billion in home loans.
The company is based in Sydney but has offices in Melbourne, Brisbane and Perth. While the company is privately owned and operated it does have a number of shareholders. The company has an Australian Credit License.
After entering your details a mortgage broker from Aussie will call you. They will discuss your situation and help you find a suitable loan.
The Adviser’s number 1 placed mortgage broker 8 years running (2013-2020)
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