Lendi Group have announced record results in the first month of operation since their merger with Aussie Home Loans last month.
The newly amalgamated mortgage group hit new heights in terms of loans settled, loan volume and unconditional approvals.
Lendi were 14% up on settlements compared to the previous month, and 29% up on the same period in 2020, making May the best month on record for the group.
Aussie were also posting new records, with May 2021 their most successful month ever. They recorded $1.9 billion in settlements, overtaking March as their best performance. Their year-on-year was up 16% on 2020 and month-on-month May settlements were up 33%.
Lendi merged officially with Aussie Home Loans at the start of May, with Lendi CEO David Hyman becoming the head of the new entity and James Symond, once the face of Aussie, departing the group.
David Hyman, CEO of Lendi Group, spoke exclusively to Australian Broker to give us the inside tip on what has been going on in the bachground in the month since the merger became official.
“The two businesses came together a little over four weeks ago, and behind the scenes, there’s a lot of work that goes into bringing them together,” he said. “Both have been able to keep firing on all cylinders, as we have seen in the results.”
“From a Lendi perspective, we saw both records and significant growth year on year across a number of key metrics in the funnel. Calling out a couple of them: the standout was unconditional approval.”
“There’s a lot of commentary out there around the banks taking some time to approve, which is well-known both in the industry and from a consumer perspective, but we’ve still seeing strong unconditional approval flow. We saw a 25% increase month-on-month and we were already at a high water mark in April.”
“One of the anecdotes there is that, while we’re seeing quite a while for the lenders to approve, we don’t get special treatment within the industry, we are seeing a higher portion of those loans go to approval through the technology on the Lendi platform.”
“The investments we made there are very much paying off. We’re seeing that at the top of the funnel as well: lodgements to banks were up 25% year on year as well, which is huge for May.”
“When we look across to the Aussie business, which is a much larger base, they have had its record settlements month ever. Over $1.9 billion, which is significant result for the business with all the change happening.”
“It’s a huge testament to the whole team which has put a lot of work in to get those numbers. We’re very much still focussed on working through the execution steps in bringing the two businesses together, but it’s great to see that the underlying businesses are continuing to perform really strongly.”