Lendi accuses Domain of misleading the market over JV sale
The boss of one of Australia’s biggest mortgage brokers, Lendi Group, has unleashed an extraordinary broadside at Domain after the real estate platform said it was “actively pursuing an exit” from their joint venture, Domain Home Loans.
In its full-year results announcement on Thursday, Domain chief executive Jason Pellegrino said while DHL had outperformed the market there was “much greater potential” for Domain to strike out on its own or with another partner.
“After an extensive period of discussions with our joint venture partner, Domain has made a decision to pursue a sale exit of the business,” Mr Pellegrino said. DHL was treated as a “discontinued operation” in Domain’s full-year accounts.
Lendi Group chief executive Dave Hyman.
Lendi’s CEO, Dave Hyman, said it was “fundamentally misleading” and “factually incorrect” that DHL was for sale. “Lendi Group is not aware of any active sale process for the Domain Home Loans JV, and confirms that it is not a buyer of Domain’s stake in the business,” Mr Hyman said in a statement.
“Lendi Group remains committed to upholding our extensive obligations in the Domain Home Loans shareholders agreement, and expects that Domain does the same.”
Lendi Group was “surprised to read Domain announced to the market its stake in Domain Home Loans is for sale and it is pursuing other opportunities outside of the DHL joint venture”.
Lendi had invested a lot in DHL, he added, and settlements had grown 42 per cent each year since 2021 – outperforming the market and its competitors and contributing to Domain’s results.
“Lendi Group remains 100 per cent supportive of the DHL business, its opportunity and its people,” Mr Hyman said.
Domain chief executive Jason Pellegrino.
The DHL business
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