Realestate.com.au and Domain.com.au launching home loan broking services
Property search platforms realestate.com.au and domain.com.au are poised to enter the broking space.
Domain Loan Finder is set to launch in early July, teaming up with Lendi, it announced today.
Lendi managing director, David Hyman, said he was looking forward to bringing an integrated home loan experience to the property buying process.
“With more and more consumers turning to online channels as part of their home loan research, there’s a huge opportunity to enhance that journey with contextual and relevant engagement as they progress through the property buying journey.”
Domain Loan Finder will operate as a joint venture with Lendi’s parent entity, Auscred Pty Ltd, with Domain holding a 60% stake.
The amount invested in the JV remains confidential.
Lendi started in 2013 as an online and phone-based broking business backed by major institutional investors and venture capital.
Realestate.com.au recently acquired an 80% controlling stake in mortgage broking franchise Smartline.
And earlier this year Realestate.com.au and lending major NAB announced they were building a realestate.com.au-branded mortgage broking business for launch later this year as the online platform looks to cash in on the 5.9 million unique visitors a month to its website.
Tracy Fellows, CEO of owner REA Group, said the partnership was a vote of confidence in broking.
“We’re excited to be partnering with NAB to build a new mortgage broking solution. The way people want to look for and buy property is changing. We want to make it easier for Australians to access the help and experience of a mortgage broker through the digital channels they’re already using to find their new home.”
The REA Group said consumers would have access to a “broad panel of lenders, including NAB home loans and a realestate.com.au branded white label product.”
Smartline will keep its branding and continue to operate under its current management, who retain a 19.7% share in the business for at least the next three years, the MPA said.
“We’re delivering on our promise to simplify property search and financing by offering genuine choice when it comes to finding the right home loan,” REA Group’s executive director of Financial Services Andrew Russell said.
It was not clear whether Smartline brokers will get access to leads from realestate.com.au.
REA Group said “we will be working with Smartline to explore how both businesses can leverage each other’s scale and capability for the longer term.”