Aussie brokers begin transition to Lendi Platform

Following on from the merger between major brokerage Aussie and online loan platform Lendi last year, Aussie brokers have now begun transitioning to the Lendi Platform.

The first cohort of 14 brokers have now completed a successful transition during the launch phase, and around 200 Aussie brokers and staff each month will continue to transition from February.

The technology transition, which was a centre point of focus for the basis of the Aussie-Lendi merger (with Lendi having reportedly spent “millions” building its systems), aims to unlock productivity gains for brokers across the group.

Coupled with shared services, the platform will power over 1,300 brokers across its three brands: Lendi, Domain Home Loans and Aussie. The transition is on track to be completed in 2023.

The move to the centralised platform aims to deliver “better results” for customers and brokers and “transform how Australians experience home loans and property finance”.

Speaking of the transition, Sebastian Watkins, co-founder and chief operating officer of Lendi Group said: “The omnichannel experience powered by the platform means consumers can compare, apply, and settle their loan online, virtually or in person, fully supported by our brokers.”

By utilising a common system, clients will be able to engage with whichever channel/brand they so wish.

The chief executive officer of distribution at Lendi Group, Brad Cramb, added: “With over 28 lenders on the Lendi Group platform, brokers now have a much better ability to search, choose, and settle home loans online — with fast and seamless access to better rates.”

The platform also gives brokers access to Lendi’s “Approval Confidence” technology, which identifies which products (available through partner lenders) borrowers qualify for in real-time.

“Approval confidence, along with the platform’s myriad of time and money-saving features, means customers receive unconditional approval faster than ever, with more certainty,” Mr Cramb said.

According to Mr Watkins, the system also enables brokers to lodge more deals, flagging that those using the platform are lodging 12.5 deals per month, per broker, “compared to the industry average of 3.5”, while Lendi Home Loan Specialists on the platform have seen market share grow by 42 per cent between June and September. (Overall, the Lendi Group market share grew 13 per cent between June and September, to 6.6 per cent of the total home lending market.)

The platform migration is the latest step in the end-to-end rollout of Lendi’s services to Aussie.

Since April, 75 per cent of Aussie mobile brokers have integrated with Lendi’s shared support services, where they can leverage data and platform capability.

Mr Cramb concluded that the shared services and centralised platform provide “efficiency and confidence” for Aussie brokers, suggesting it was a “game changer for [the] group”.

“There’s no reason for the home loan process to be complex anymore and Aussie brokers can now easily assist customers through our online channels that provide a far more efficient way to find and settle the home loan that’s right for their customers,” he said, adding that the move “[ushers] in a new era for the property finance industry”.

[Related: Brokerage co-founders to exit the business]