Lendi boosts borrower confidence with world-first lender integrations
Arming borrowers with a more realistic view of their home loan options and chances of approval across multiple lenders, home loan platform Lendi today launched a world-first capability, Approval Confidence™.
From today, Australian borrowers will be able to access a Lendi Approval Confidence™ rating which, in real time, indicates the likelihood of the approval of loan options from Lendi’s integrated lender partners.
The Lendi platform now integrates directly with the back-end decision engines of some of Australia’s biggest banks and lenders to assess a borrower’s credit profile and personal information. The Approval Confidence™ rating system then provides an easy to understand Lendi rating of ‘standard’ or ‘high’ on potentially suitable loans* without impacting the borrower’s credit score.
David Hyman, Lendi co-founder and managing director, comments, “This new capability is set to revolutionise the market by making on-demand home finance a reality while importantly addressing the information asymmetry that has existed between lenders, brokers and borrowers.”
At any time of day or night, borrowers on the Lendi platform are now able to start their application, define their needs and objectives, provide income, expenses, assets and liabilities, upload all documents and get Approval Confidence™ in one online session.
Hyman continues, “We know people can feel overwhelmed and vulnerable throughout the home loan process and we are rectifying that by giving borrowers more information and a greater sense of certainty without jeopardising their credit score.
“Typically, borrowers have had to submit a loan application and then wait for weeks before getting feedback from the lender. Customers will now be able to ascertain whether they meet a lender’s requirements, subject to verification, in under an hour.”
The first phase of the Lendi Approval Confidence™ integrations is live with Adelaide Bank and ANZ.
ANZ Group Executive Australia Retail and Commercial, Mark Hand said, “This is an innovative development from Lendi that will provide customers with greater confidence when they’re looking for a home loan, which is one of the biggest financial decisions many people make.”
The opportunity to integrate with Lendi’s Approval Confidence™ capability is open to all 37 lenders on the Lendi panel.