These home loans offer low costs, coupled with a host of features, giving the best overall value.
7+
Great
These home loans may have slightly higher interest rates or fewer features but overall, a competitive offering.
5+
Standard
Usually the home loans would offer above average rates. They may still include some competitive features.
0+
Basic
Higher costs and/or fewer features.
The digital lending industry has expanded over the past few years, with online lenders like Tiimely Home(formerly known as Tic:Toc), various mortgage fintech businesses and newer players like Athena all promising faster and easier service, or cheaper interest rates.
Lendi is one of the more established lenders. They combine an online application system with the services of a mortgage broker, processing your details and matching you with loans from a panel of over 30 lenders, and pre-qualifying for a mortgage, all online. If you do need help they offer online and phone chat support too.
Our quick verdict on Lendi
Good for
Borrowers who are ready to apply for a mortgage
Borrowers who need a mortgage in a hurry
Digitally savvy customers
Not so great for
Borrowers who want to see a wider range of rates and products
Anyone still in the research phase and not quite ready to apply
Non-digital natives who are hesitant about completing a mortgage application entirely online
How does Lendi work?
1. The simple home loan search
Lendi asks a lot of questions and doesn't show you mortgages right away. First you need to enter some basic details, such as an estimate of your deposit and the value of the property you're going to buy (or an estimate), plus the type of loan you're looking for, and features you're interest in like an offset account or redraw facilities.
Once you enter your phone number and email, Lendi will show you some mortgages that match your needs and eligibility, based on the details you entered.
This is helpful because the loans on offer should match your borrowing needs. They're not showing you rates you'll never be eligible for. But some users might feel uncomfortable putting in personal information before they've even seen a single mortgage.
And if you're looking to quickly compare a wide range of mortgages to make a comprehensive mortgage comparison you might find the options too limited.
Here's what Lendi's application looks like after you've entered all your details.
2. Filling out a more detailed application
Lendi gets really interesting when you bite the bullet and enter in all your personal and financial details, as you would for a normal home loan application.
If you're willing to enter information about your income, debts, liabilities, credit cards, and expenses, plus the deposit amount you've saved Lendi can essentially pre-qualify you for a home loan.
Once you verify your identity but uploading identification and documents such as payslips and bank statements you've done a lot of the hard work already.
And if you've done all this and still feel overwhelmed you can chat to a specialist over the phone or online, giving you a human option when you might need it most.
Pro and cons of Lendi's service
Pros
Personalised results based on your details
The online platform is easy to use
Comprehensive and detailed application
Lendi offers online chat and phone assistance for people who need extra help
Cons
You can't view rates without entering details
The platform asks a lot of questions and requires your partner's personal information too
I had to re-enter the same details a few times (possibly a minor glitch)
Who is Lendi?
Lendi is an Australian fintech company that launched in 2013 by David Hyman, Sebastian Watkins, Martin Lam and Mark Kalajzich. In 2020, Lendi and Aussie Home Loans merged to form the Lendi Group, with both brands still operating.
Compare a wide range of mortgages from across the market, start an enquiry, or get help from a mortgage broker
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We currently don't have a partnership for that product, but we have other similar offers to choose from (how we picked these
):
What is Finder Score?
The Finder Score crunches 7,000 home loans across 120+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you're comparing the best home loans for cashback, you can see how each home loan stacks up against other home loans with the same borrower type, rate type and repayment type. We also take into consideration the amount of cashback offered when calculating the Score so you can tell if it's really worth it.
Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification. See full bio
Richard's expertise
Richard has written 562 Finder guides across topics including:
Home loan cashback deals can help you refinance to a cheaper interest rate and get a lump sum cash payment. Compare the latest deals and check your eligibility today.
With a strong employment history and enough money in the bank, a temporary resident will be given almost the same opportunities as a citizen when it comes to home loans.
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