Started off well.
The broker seemed rushed and bias. He expected me to sign the pre-approval paperwork immediately without giving me time to read the terms and conditions. He disappeared on me after I got the pre-approval and did not respond to my emails. I've ended up doing my own research and got a better deal elsewhere.
We had an absolutely terrible experience with Lendi which made our home buying experience very painful.
Could have easily just went direct to the bank for a smoother experience in getting a loan.
We were assigned a broker who seemed OK at the very beginning, until after we had bought the property where all the issues started to arise.
She continuously made errors and spoken with certainties, when in fact she had no idea what she was talking about, and never apologises for her errors and puts the blame on others (the bank and us).
1. She was ce...rtain that the bank did not accept nominations to add my partner's name to the contract of sale, and that we must physically amend the signed contract (the agent and both parties' conveyancers all agreed that they never encountered this, and said this was not possible after contracts are signed, which is obviously true, and that nomination form is the correct method). This was never resolved as she insisted that the contract must be amended, and we just wanted to progress with the application without any further delays so that we could meet settlement date. Note that this was needed in order to get the bank to valuate the property. 2. She had to re-submit the loan application multiple times, due to incorrectly putting in the wrong loan amount and wrong product. If this was not picked up by us early each time then we would have potentially missed settlement due to lack of funds and delays on resubmitting. We requested to be updated throughout in order to make sure things were on track but found that we continuously had to be the ones to chase her up and not vice-versa. We even had to change banks from HSBC to Macquarie as following the loan amount update, HSBC would no longer accept our loan request. This lead to an unexpected higher interest rate than was promised (not to even mention an additional credit enquiry on both mine and my partner's credit score due to her error) 3. Upon correcting this, ONCE AGAIN she submits loan application with an offset account that WAS NOT REQUESTED. This caused issues and delays once again as we had to resubmit loan request to the bank and also have to contact the bank directly to sort out account issues and removal of the offset account so that we are not charged annual fee for incorrect product. Be warned, as if you go with Lendi as a broker and encounter issues, that everything needs to be done through the broker for the rest of the loan application if you're going with the same bank (unless you choose to go through the entire application again such as providing bank statements, ID etc. all over again), risking not meeting the settlement date and paying penalties.
Wouldn't even pickup the phone
If you call them, the hold tone is the most annoying tone I have ever heard.
Then, after getting through to someone, they just immediately hung up. Disgusting service and not worth your time.
POOR AFTER SALES
After a great sales service I received my loan documents for review. I questioned the terms and conditions and have been told it is the brokers responsibility I.e. Lendi to resolve not the Bank. However after contacting Lendi multiple times I have had zero help. They even said they are not the broker? So who is the broker then? Are they just sales people? It is a serious undertaking to take on a mortgage and I am not happy with lendi after sales service
Avoid, if time is of any importance to you. It took Lendi 3-4 WEEKS to submit a simple application which had everything ticked from the word go.
Skills to rope in new customers once they have you the phone are top notch but once you are caught in their net, no option but to suffer the delays.
Very hard to talk to, Home Loan specialist will never respond to messages left on their site and will not provide a direct number to contact unless you complaint.
Ideally an online broker should not require any human intervention, however dealing with Len...
Its Approved...Oh No its Not...
I am most upset. I was informed by [Name Removed] as every stage the pre-approval process that the "bank "Macquarie" had told him they will say yes to dividend income ( they dont) and that they are flexible ( they aren't) that my expenses were ok, ( they were far too high) and that the first house I was interested in he put on the application ( it sold to someone else as I hadn't even put in an offer) and that Yes that application was approved...Hiccup 1, ok, So I look for another house in the same price range assuming I can now borrow $540K. ...Make an offer, wait wait prod, wait, in the final hour before unconditional He comes back with an offer of $280K. I have been led to believe at all points this was a done deal and am now stranded, as are the owners who have packed up and half way out the door. Do not use Lendi. I have been lied to on multiple occasions and have no idea what the point of it all was. He wasted his time, my time, agents, time, building and pest time, solicitors time, and has cost me $1100 with no outcome. He should have just said you can borrow $280K that's IT.
They missed our first phone appointment and then when we eventually made an application for a home loan. Their online system didn’t work well and it took multiple attempts to upload documents. We waited 3 weeks and heard nothing back from our broker. When we called and emailed, they ignored us for 2 weeks. 6 weeks later the broker told us that he dropped the ball and forgot to submit the application. Terrible customer service. Stay away!
They have good concept to help people looking for better options. I think it works out well for refinances, but for new loans they are not the one to approach. Many undisclosed factors
1. Timelines even when known by broker not disclosed to customer... e.g ANZ taking 8 weeks to pick file.
2. Incompetent knowledge on how to handle complex files - broker was just unable to highlight risks upfront from the files provided. Where in you expect broker to read your files correctly and thoroughly.
3. Incomplete communication/document submission by br...
Information provided was consistently incorrect and misleading causing us to almost lose the house we purchased.
Unfortunately, I had no end of issues with Lendi throughout my loan application process. I had to consistently follow up to ensure items were completed. Lendi provided false and misleading information on numerous occasions, including from both the brokers manager and also the senior sales manager.
I only decided to go with a broker as I am extremely time poor due to work and family commitments.
I am extremely fortunate to work in lending and have an understanding of the loan process. If I did not have this experience, I would have lost the ...house I had purchased due to Lendi. Lendi continuously refused to escalate our loan application even though it was a purchase settlement and I submitted our application before making an offer on a house, on top of this, I also allowed an extended 21 days for finance giving a total of over 25 days to organise finance. Lendi never took any responsibility for their shortcomings and continuously blamed the lender. After extensive discussions with the head of credit for the lender, they advised that all the information I had been provided by Lendi had been incorrect. Further to this, the senior sales manager, [Name Removed] really needs to take some courses in how to speak with customers, he was extremely arrogant and had absolutely no empathy for our situation.
Would never recommend these idiots
Lender told us that, despite a couple of late payments, we would be fine with a loan as she spoke to her relationship manager at the bank that she chose to go with and he said it would go through. After multiple stuff ups and constantly having to resubmit documents that I already had submitted, the loan was knocked back and the lender's response was "I tried as hard as I could". Now I am left without a loan and nowhere to live as we have sold our property and are exchanging in a week. THANKS LENDI - NEVER AGAIN.
Too many errors and not kept informed worst experience ever, Lucky I had a good conveyancer
Applied 22/4/20 finally settled 7/8/20.
I was under the impression Brokers were to take the stress out of home purchasers, the stress created was huge.
Slow to respond and get back to us
I spent a lot of time uploading documents to Lendi, we had the worst experience with one of the senior brokers. She made appointments with us 3 times, once she was late (benefit of the doubt), second appointment she forgot and then blamed traffic (ok sure), 3rd time she said she would call after 3pm no follow up (it's been a week). Each time it was me chasing here.
Was mucked around from the start - first contact fired, took me to find that out. Next agent apologetic and ‘all over it’ however despite more than one email I never received information about the apparent pre-approved loan. Phoned to complain, answering service at least did their job. Received callback from some random who passed my concerns on. Next time I heard from anyone was to ask me to complete review as that’s how Lendi gets paid. End story- all talk, no adequate action let alone noteworthy service.
Questions & Answers
Hello, waiting for someone to answer my email about removing my details from your system as you broker was rude. I have emailed email@example.com - and there is no one on the other end to help.
Please respond to my email and follow instructions within.
Looking forward to a reply.
I have sent you a private message here on Product Review in order to rectify this issue urgently. Looking forward to hearing back from you!
I am a free-lance real estate agent and now working for Investment Property Consulting. I have a client who wants to buy an investment property. Here are his relevant information:
1. A single-earner with no dependent except his wife who’s not working;
2. He’s earning $65k a year; no personal loan with credit card with 6k limit;
3. His owner-occupier is valued at more than 65k with existing mortgage of only $194k;
4. He is willing to put deposit up to 30% coming from his equity
He wants to know how much he can borrow. I can provide you with any relevant info/documents you may require and you can talk to our client after. You may call me through my mobile phone.
May I hear from you soon.
0430 308 813
Hi Alex, thank you for reaching out. We actually have a really useful tool on our website to help with your inquiry called our burrowing power calculator https://www.lendi.com.au/calculators/. You can...complete the questions to determine the clients capacity. Alternatively, the client can reach us directly by calling us on 1300 323 181 to get in touch with someone from our team. Thank you.
Why doesn't lendi answer their phones anymore ,I have used them previously and found the service great but now can't speak to anyone?
Hi Daniel, thank you for taking the time to leave us a question.
We take customer experience seriously and try answer all inbounds, otherwise we have a call back system in place in case we miss any calls. ...We will be looking into what has happened and will send you a private message to discuss this further. Please reach out on 02 80264019 if you have any further questions or queries and we would be happy to assist you.
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