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.
Very pushy broker, lengthy pre-approval waiting time
I used lendi via the Domain website, a friend has also recommended it to me. Everything seems well at the start, simple setup, quick call back and great rates. But when things got serious, I started to feel that all my assigned broker wants to do is to lure me into the ING, that she doesn't care that my situation has changed and was pushing me to keep using ING.
ING currently has 21-day waiting time for pre-approval, it wasn't a problem for me at the start as I was just browsing through properties, then I found a property that I'm interested ...in in a shorter timeframe than I originally anticipated. I didn't like the long waiting time as it would be as lengthy as the formal approval process, so I asked for other options for a faster pre-approval, she insisted that if I end up signing conditional CoS, she's able to accelerate the process and get it done in 10 days, I still wasn't convinced, but it was provided to me in a way that ING is my only choice. She pushed so hard to a point I don't feel comfortable and I said I will need more time to consider. Note this is all before the application is submitted and you suppose to still have some freedom to choose what you really want to apply to base on your situation. At the end, I just wasn't comfortable doing this and I need my pre-approval sooner. I called it off by sending her an email requesting to stop the application and cancel the ID check from zipID. She hasn't replied to my email since, and it is hard to get to the zipID line to cancle the appt. But the guy who came to check my ID was very understandable when i said i didn't want to proceed. I end up going to CBA and got my pre-approval within 2 days, it was just uploading all my relevant documents and no waste of time like this.
Absolute waste of time!
Extremely disappointed with the service and outcome I received after being promised to be refinanced with HSBC. Lendi had me believe everything looked great and was going to take a couple of weeks to get approved. 2 months later after going through the whole process I get turned down because I’m self employed and run a business. Don’t bother wasting your time! Refinance with someone else as I found a much better company that’s already getting me approved and refinanced.
These guys are unprofessional, inefficient, incapable, cost me 4k in penalty due to their slow processing time
It was my biggest mistake trusting an online broker. Everything seems fine at first and turns super slow after I put in my deposit with my purchase.
I was contacted by [Name Removed] on 30th June 2021, he was "confident" as assured me that it would be easy to get the loan through him and the bank he chose AMP (which was just as incapable)
The very first mistake was getting my name wrong, which caused a huge amount of time proofing my name.
There was so much time wasted asking over useless information, questions and even wanted me to create a s...
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
Buying and settling - Take 2
Dean Hulsmann, our broker is wonderful to deal with. Unfortunately the process is so lengthy, but that is more of a bank issue than the broker themselves. I am very upfront and say exactly what I want, so Dean & I have built a decent relationship over the last 2 years to the point where he knows me well enough that we can communicate really easily.
I can only give 4 stars though, mostly because in my eyes, the settlement team doesn't live up to the same expectations. I know they are incredibly busy at the moment, but the customer should always...
Took over 3 months to settle. Most frustrating process I have ever been through. Never again. Next time I will go straight to the Lender and not use this Company.
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...
Thank you Andrew for prompt service in actioning the rate review. Within a few hours of accepting the revised rates, the information was actioned to reflect on all my loans
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.
Easy as can be.
Lendi helped us get off keystart loans which is a lift of a huge financial burden, due to high interests rates. They organised everything, answered any questions we had, no matter how stupid these questions might have been,Haha. I would highly recommend them.
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.
Andy Levstek NSW was great to deal with , straight talking very experienced just what I needed to steer everything in the right direction.
Overall a good experience and would recommend to friends and family.
Second time no better
They take way too long to get documents sorted. Then when there is a s notuff up takes a while to sort out. However it does get sorted out well and they are always polite and helpful. This is our third loan with them. The worst thing is you need AT LEAST 45-60 days to settle. Once they approve everything then you need to comply with the bank they choose for you. Fair enough but each loan has different requirements etc that take a while. Nothing beats having a bank manager. So they are good but their banks they deal with can drag things out.
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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