Lendi is an online platform helping Australian homeowners find mortgages. We tried it out for ourselves to see how it works.
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.
Our quick verdict on Lendi
- Borrowers who are ready to apply for a mortgage
- Borrowers who need a mortgage in a hurry
- Digitally savvy customers
Not so great for
- Borrowers who want to see a wide range of rates
- Anyone still in the research phase or hesitant about completing a mortgage application entirely online
How does Lendi work?
1. The simple home loan search
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.
2. Filling out a more detailed application
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.
Pro and cons of Lendi's service
- Personalised results based on your details
- The online platform is easy to use
- Comprehensive and detailed application
- Lendi offers online chat and phone assistance for people who need extra help
- You can't view rates without entering details
- The platform asks a lot of questions and requires your partner's personal information too
- I had to re-enter the same details a few times (possibly a minor glitch)
Who is Lendi?
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.
Compare a wide range of mortgages from across the market, start an enquiry, or get help from a mortgage broker
After entering your details a mortgage broker from Aussie will call you. They will discuss your situation and help you find a suitable loan.
- A comparison of home loans from multiple lenders.
- Expert guidance through the entire application process.
- Free suburb and property reports.
The Adviser’s number 1 placed mortgage broker 8 years running (2013-2020)
Home Loan OffersImportant Information*
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A competitive variable rate mortgage for owner occupiers $0 application and $0 ongoing fees. This interest rate falls over time as you pay off the loan. This rate will drop to 2.54% p.a on 30 September 2020 for new and existing customers. You can get this rate if you apply today.
Take advantage of a low-fee mortgage with a special interest rate of just 2.49% p.a. and a 2.49% p.a. comparison rate.
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