Aussie becomes Lendi Group’s primary broking brand
Lendi Group, the parent company behind the Aussie and Lendi brokerage brands, has confirmed that it has made Aussie its primary broking brand.
The move comes off the back of increased marketing investment in the Aussie brand over the past years and strong results in new customers and lodgements.
A controlled pilot began in South Australia last year before expanding to Queensland and NSW. Following the successful state-level tests, the transition has now been implemented nationwide.
Around 200 brokers who were operating under the Lendi brokerage brand have moved across to become Aussie brokers following a “carefully planned, scientific process designed to ensure all brokers and retail stores would benefit from the transition”.
Thousands of customers who were utilising these Lendi broking services have now been informed that they have moved (or will soon transition) to Aussie.
Speaking to The Adviser, Sebastian Watkins, co-founder and chief operating officer of Lendi Group, said: “When we bought Aussie, we were attracted to a couple of really interesting things in Aussie. First of all, the amazing brokers and the vast distribution network (including the retail stores), and an incredible brand with a 30-year history and heritage and incredible brand recall. It’s one of the most trusted brands and financial services.
“Those were a really core component to what attracted us to buying at Aussie in the first place. And so, from day one, it had always been part of the plan to ensure that that was our hero brand.”
Broker market share hits record high
New data from the Mortgage & Finance Association of Australia (MFAA) has revealed a record 76.0 per cent of all new home loans were written by mortgage brokers in the three months to December 2024.
This figure surpassed the previous record of 74.6 per cent set during the September 2024 quarter.
The data, compiled by Comparator by calculating the value of loans settled by the leading brokers and aggregators as a percentage of ABS Housing Finance commitments, showed mortgage broker market share rose 4.2 percentage points from the December 2023 quarter (71.8 per cent).
Meanwhile, the value of residential home loans settled by brokers during the December 2024 quarter hit $115.06 billion, the highest value reported within a single quarter and a 22 per cent increase on the December 2023 quarter ($94.06 billion).
Anja Pannek, MFAA CEO, said: “We have seen even more Australians reaching out to their mortgage brokers in uncertain economic conditions. We know this is driven by a broad range of reasons, such as understanding when and how to refinance or opportunities to seek a better rate on their existing mortgage.
“Brokers also assist clients to understand their financial position and get ‘finance ready’, prepare for lending approval, and navigate government schemes to achieve the goal of buying their first home. The breadth of assistance brokers offer is significant and valuable.”
APRA gives mutual merger the green light
The merger between Bank Australia and Qudos Bank came one step closer in March after receiving the relevant regulatory approvals from the Australian Prudential Regulation Authority (APRA).
Member voting will now commence, with the outcome of the proposal to merge confirmed at each bank’s special general meeting (SGM) in mid-April. If members vote in favour, the combined entity would come into being in July 2025. It would have 300,000 members with total assets of over $17.5 billion and around 900 employees and 15 branches across NSW, Victoria, Queensland, and the ACT.
Qudos Bank CEO Brendan Wright told The Adviser that a “best of both banks” approach would give members access to the best products and services from both lenders from day one.
“We need to continue to be able to compete with the bigger banks,” he said.
“So our members expect functional, effective apps and internet banking. And that’s what the scale enables us to continue to deliver, as well as keep their money safe and keep to the regulatory environment over the long run.”
ASIC to review car finance
The Australian Securities and Investments Commission (ASIC) has launched a review into the motor finance sector, aiming to “drive better consumer outcomes, particularly for those living in regional and remote locations, including First Nations communities”.
The financial services regulator confirmed it would examine the compliance of lenders, brokers, and other intermediaries, with a focus on the management of loan defaults, hardship practices, and dispute resolution processes.
ASIC’s review will cover the practices of seven lenders while pinpointing “opportunities for improvement across the sector”. The regulator will also identify brokers and intermediaries to be included in the review as the project progresses, with ASIC saying it intends to take “enforcement action to protect consumers where appropriate”.
The first high-level insights from ASIC’s review are set to be published during the second half of 2025, followed by a “more detailed” public report.
The regulator said: “This project seeks to strengthen processes, practices and compliance across the car finance industry and address the potential for consumer harm.
“ASIC aims to improve the experiences of consumers, who are borrowing money to buy a car, particularly people residing in regional and remote locations, including First Nations peoples.”
