Mr Hyman said he expects to see record growth in the mortgage market over the next 12 months, as responsible lending laws are stripped back and interest rates remain at record lows. “We’ve got rates to customers at 1.89 per cent, which is crazy. Genuinely speaking, if you have a job and you can save a deposit you should buy a house.
“The cheap money and stimulus are big drivers that feed into property transaction flows. We think there are a lot of tailwind volumes for next year.”
Mr Hyman said the deal with CBA would be an opportunity to invest in the company’s technology to speed up the approval process, adding plans to list Lendi on the ASX had not been abandoned.
He said Lendi had strong governance policies that would prevent CBA from exerting pressure over the company to sell in-house products. “We don’t put any bank or lender above the customer’s interest,” he said.
The banking royal commission highlighted inherent conflicts of interest in the vertically integrated model – that enables advisers to sell in-house products – and the practice has been forced out of the finance industry.
