We gave up and did it ourselves! Much easier!
We started the process of our first home loan with Lendi at the beginning of July. First impressions were very good, the guy seemed knowledgeable about the products and who best to go with for the best rates. We decided to go with them and started sending through the information that was requested. We were initially told that pre-approval would be within 1-15 days after submission. We sent through all information within hours of being requested so no delay from our part and the pre-approval was submitted within 4 days. Perfect so we thought!
Was great at start as the broker came to discuss our position of refinancing but never called back or gave me fees back as to what is happening. End up contacting someone else who is getting the job done. Our situation was bit complex however an experienced broker will get things done. Thumbs down guys. Even a feed back or a call to say they can’t do it would have been good. Not not answering or replying messages is not good customer service.
Throughout the process, we had to keep providing new documents, to progress with the financial institution. It would have been far more practical to have started with a detailed checklist & not re visit same. When the application was in train, we spoke with the financial institution who had a posted interest rate .015% lower....on settlement, the funds were dispersed across 2 accounts incorrectly & we had to work through a couple of days adjustments with the lender to address same.
Great first time, bad second time.
Used lendi on two occasions using the same broker, the first time I couldn’t fault them, that was in October/November 2017. Went looking for another investment property in April/ May this year and approached same broker about the purchase, this time nothing went to plan. Paperwork had to be resubmitted. Onefinance and settlement date led to another. Three extensions requested by lendi and approved by vendor. When the fourth extension was requested I was liveid. At this point I contacted my conveyer who advised to get out on the finance clause. ...Not a phone call nor an apology from lendi. I took annual leave as this property needed some work and I needed to reschedule Leave three times, plus the expense I’m now out of pocket. Well I guess I can take my business elsewhere.
- Verified customer
Promise much - deliver little!!!
Looking through the great reviews that Lendi receives this encouraged me to give them a go, unfortunately in my case this wasn't to be. My case manager started off enthusastically enough and was doing a great job. While my loan got approved it appears the case manager didn't actually listen to what I was saying what I wanted to do and why which was extremely disappointing and a complete waste of my time!! After a robust discussion on the phone with the case manager who subsequently denied what I had said I wanted to do at the very first phone c...all, the person said that they will go and listen to the call recording and give me a call back - 1 week later I am still waiting......... this has left me with a strong impression that Lendi is only after the sale rather listening to what the customer wants
Not the best experience
We had to supply the same information more than once, information was wrong in some places and we had to do a lot of following up. Felt like a lot of assumptions were made about what we knew and things weren't necessarily explained well. Process ended up taking months to refinance only what we owed.
Initial stage was easy and was told that our loan was 99% right to be approved and if it wasn’t don’t worry we have other options.
Guess what no approval,no second options. Just a name of another lender to try. Waste of time and money getting relevant documents. Easy process because it is all done online. Not personal.
Poor Customer Service
I contacted Lendi online in regards to refinancing. First contact was great and very helpful. A meeting was organized with a broker by the name of [name removed], he was very vague and did not explain a lot of the process in terminology used by the everyday person. It then got worse, after the initial meeting I did not hear from him. Two weeks later I emailed to find out what was going on, he apologized and said he had been waiting on a valuation to get back to him when I was told by the real estate on what date they provided to him. Two weeks...later again, no contact so emailed again to find out what was happening. This time, he had been waiting on a response from the bank... Not good enough, where is the customer service? Whenever I have used a broker they keep in constant contact to let you know what is happening step by step. I don't know if it was just this broker in particular but, he was absolutely useless and I will not be recommending Lendi to anyone.
progress is slow
The process started in Feb 2018 and still going on, a few issues we have been facing:
My spouse online verification on Lendi's website for her driver's license and photo had to be done a few times up to the point of frustration dealing with it, whilst my driver's license/photo verification were completed one time without any issue using the same online portal. They said it was their website issue but it was not a good experience my spouse had to do this repeatedly.
Then they sent an email that the Lender needs to do another verification...(passport and driver license) for both of us which using the ZipID facility which a TOLL priority person would come to my place. We had to be home to do this because they needed to see us while they checked our passports and driver licenses (again) and took a picture of each person. We thought this would be the last requirement they needed us to do. Then they emailed me that the lender needs to have statutory declaration from both of us confirming that we are the same persons who sign the lender's declaration confirmation and privacy consent form / lender home application and driving licenses. The good thing of Lendi is they keep us informed every step of the way but I wonder when this is going to settle. The things that frustrate me that they did not give us information of documents necessary to provide but they asked us to supply documents, one after the other which they could have informed us in the beginning, so that we can arrange the time to do this as we are both working during weekdays. At the moment, we both have to spend time to make an appointment with the Justice of Peace for Stat Dec signature witnessing. So much pain to deal with them.
Disappointing - But got the job done.
You're forced to rush everything, but their end is quite slow. We were not kept up to date with the process or developments as they happened unless we specifically asked them. Communication and explanations were poor. They asked for $15,000 higher loan than we needed which we struggled to get approved. Really important tasks which needed doing earlier were not even mentioned until toward the end of the process, then we were forced to rush through the process at our own expense. It seemed very straight forward and easy at the start until we made a commitment to them, then it became quite a stressful experience.
Crisis narrowly avoided
I am writing an extended feedback form directly to Lendi that details the exact occurrences but in essence, the Broker i was originally assigned and the subsequent replacement Broker led me down a financial lending path under false pretences that almost saw the collapse of my loan application. It was only through the fine work of my current Broker at Lendi, [name removed], that the situation was salvaged and i was able to settle my property. I would only recommend Lendi if there was a guarantee that [name removed] would be the Broker, otherwise i would not recommend Lendi to any of my friends or family.
I used the lendi calculator then had a phone call from a broker the next day wanting to set up a loan. Despite telling the broker that the timing is not right, he assured me he could do a good deal, progressed, and had me upload a stack of documents only to never contact me again. I called him, then he assured me, telling me he had family issues and would call back. Never did call back despite messages left.
OK but seemed lack of competency
End result was satisfactory but a long & mixed journey to get there. Staff were contradictory to each other, documents left to last minute, often felt like multiple people were not knowledgeable in their role or of our case. A lot of room for improvement.
Initial contact to source a loan were dealt with in a friendly and professional manner (people are nice in an obvisouly sales driven environment). Now that the loan process is complete, we have multiple emails and calls not returned, questions unanswered, and a builder who has stopped work due to unpaid invoices on the construction side of the loan (poor communication between broker/bank). Will not be using Lendi again.
Very lengthy process.
It ended up being a very drawn out, 2 month process from start to finish. Unfortunately this left us extremely frustrated throughout. I must say though, the new interest rate Lendi secured for us was great...a whole 1% less than our previous rate and this will save us a lot of money each month. We are very grateful for that, so thank you Lendi for the savings we will now have.
- Verified customer
The Stress Not Worth it
My dealings with them started in May 2016 after I viewed their website to look at financing options for a duplex development my wife and I were considering. A couple of days later I received a call from one of their brokers who was interested in helping with , not only that project (a potential new loan) , but also refinancing my existing mortgages consisting of my own home and 2 investment properties.
I was reluctant to talk to these people but the chap seemed a decent fellow so I decided to let him go through the process of valuing my pr...operties and go to the market in search of a good deal for us. After too-ing and fro-ing between the brokers two recommendations (one being that I move to a competitor bank and secondly that I refinance with my existing bank), I decided to stay with my existing bank and was subsequently (3-4 months later) advised to go to my local branch to sign paperwork . While the broker did manage to save our interest costs the following issues were subsequently discovered which I believe were due in most part to the brokers failure to communicate effectively. - I understood the paperwork to be signed was in respect of my new loan request but it later became apparent they were for the refinance of the existing loans . Having never refinanced a loan with the same bank before this was all new to me so assumed that the bank would simply reduce the rate on the existing loans without the requirement for new loan docs. I also received a congratulatory email from the brokers firm once approved which further reinforced my belief this was the approval of the new loan. Why congratulate a customer on a loan they had already had approved some years prior??....Lack of communication - The paperwork was initially prepared for P and l loans when I specifically requested interest only. This resulted in a 3 week delay getting new paperwork prepared. While that may have been mostly due to a bank internal issue, the broker should have been across the paperwork in the first place to ensure it was in accordance with what he had requested. - On going back to the bank and signing the new set of docs I discover that the broker had not even bothered to apply for the new finance . All he had done was simply refinance my existing loans !!.
After a google search I was promptly contacted by [name removed] from Lendi who assured me that the bad experience I'd had with another broker in the months prior was unheard of and he promised I'd be able to acquire the loan i wanted through him no problems at all. We hit several problems (supposedly unforeseen, but the banks apparently have rules that got in the way of the promises made by [name removed]). After deciding to alter the parameters of the loan request i was again assured 100% that there would be no issues at all, so i bought a ho...use "subject to finance" which gave me a further 14 days to secure the loan. 14 turned into 16, which turned into 18 (at the demoralizing request for extension after extension to the vendor)... then the contract automatically went 'unconditional' yet i still had no confirmed finance 3 weeks out from settlement. We got there in the end but it was probably one of the worst and most stressful things I've ever been through. Credit to [name removed] for always keeping in contact, it was just a shame that he rarely had good news to report.
Longest loan settlement ever
I made initial contact with Lendi a couple of days before Xmas 2016, and was very impressed with the service I received being such a busy time. With promises of answers and approvals within a week I was quite chuffed with getting my refinancing sorted quite quickly.
But it wasn't to be - 3 months later my loan settled. Just about every day I had to send another document which is fine, however they could have all been asked for upfront to save all the running around. I was continually having to follow up for a status of the progress of the ...loan which became quite embarrassing after a few weeks. Staff were quite good and responsive until the loan settled - I have now emailed them twice since to ask for a breakdown of how the loan was distributed as I was promised a residual amount (which didn't happen either) and I am still yet to receive a reply. I am feeling a bit dissatisfied, especially as you get to the point that you can't pull out because of the credit checking process so you kind of get stuck until the end. I can now only hope the product I was sold lives up to the promises given to me about it.
Questions & Answers
Hi Lendi Team,
I am writing on behalf of my husband. I feel so bad for him as he keeps calling our Agent but no response. We are waiting for Unconditional Approval from last week Thursday. Two days ago my husband was on a call with Agent regarding some query but after that no communication at all. Now Christmas holiday coming closer and closer we need some kind of Clarification otherwise we would withdraw the application. If someone can contact my husband. ASAP.
Relationship manager -Lendi
Hi Dipti, thank you for taking the time to review your experience with Lendi. We take customer experience seriously and will be looking into what has happened. We will send you a private message to discuss this further. Please reach out if you have any further questions or queries and we would be happy to assist you.
I was leaning towards Lendi for a homeloan after seeing the '1877' reviews with the highest stars than any of big 4 banks, just having a feeling that these may not be genuine.
Are you aware of any fake or paid reviews ?
Relationship manager -Lendi
Hey there, thank you for your question. I want to clarify that we are not ourselves a Lender. We work alongside over 35 lenders within the market and have helped thousands of Australians on their home loans. We pride ourself on providing exceptional customer service, hence some of our glowing reviews on Product Review. We do not pay for our reviews nor are our reviews fake. If you would like to know what the hype is about and understand how we can help you, feel free to send us a private message and we would be more than happy to see how we can help.
What happen to lendi network?
Relationship manager -Lendi
I'm not sure what you're referring to here, I've sent you a private message to gain a better understanding, there are no issues with the Lendi network.
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