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In its first full financial year as a merged group, Lendi Group — comprising brokerages Lendi and Aussie — settled $33.6 billion, the group has revealed.
Lendi Group has announced its 1,319 brokers settled a total of $33.6 billion in settlements in the financial year ended June 2022.
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The number — revealed at Lendi Group’s inaugural group conference on the Gold Coast last week — represents a 35 per cent growth on volumes, and is the first set of full financials from the group since its inception in 2021, following Lendi’s acquisition of Aussie.
According to Lendi Group, the brokerage group now has 6.3 per cent market share, with a total loan book of $80 billion.
It closed the financial year with 233 stores, and flagged that it had an 80 per cent renewal rate for existing stores and brokers.
The group also revealed that since May 2022, 75 per cent of Aussie mobile brokers have adopted the new operating models of having “associates” (who qualify clients and assist with loan packaging) and “client solutions”.
Those who have adopted the new model have reported seeing increases in both lodgement to approval and speed to approval.
Its attrition also dropped by 25 per cent, when compared to the previous year.
Speaking at the conference last week, chief executive of distribution at Lendi Group, Brad Cramb, said that the group is now aiming to have every broker write “a deal a day”, noting that its Lendi home loan specialists have already been able to achieve that by harnessing the Lendi platform.
The tech — which harnesses digital ID, e-signatures and document upload capabilities — will start rolling out to Aussie brokers in November.
It will also provide Aussie brokers access to Lendi Group’s Approval Confidence, a real-time indication of whether a loan will be approved (currently available for nine lenders).
Looking to the future, Mr Cramb said: “All channels and brands continue to focus on innovating, growing and supporting brokers into the future, ensuring we have the assets and capabilities to set new benchmarks in customer experience, and continually grow productivity and efficiency.”
In December 2020, the Commonwealth Bank of Australia (CBA) — the previous parent company of Aussie — announced that it had signed a binding heads of agreement to merge Aussie with Lendi.
Under the agreement, Lendi shareholders hold the majority shareholding of 55 per cent in the merged business, while CBA holds a 45 per cent shareholding and continues to provide funding for the Aussie Select branded home loan product.
[Related: Lendi lays out post-merger strategy]
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