Lendi Group, the mortgage broker backed by Commonwealth Bank of Australia, has eliminated 36 corporate positions as the firm adjusts its workforce to match slowing credit growth.
The cuts reflect a broader contraction in the Australian mortgage market, with the company citing changing market conditions as the primary driver for the restructuring.
The downsizing comes just six months into the tenure of Lendi's new leadership, underscoring the rapid pace of adjustment required in the current lending environment.
The move follows recent strategic actions by parent company Commonwealth Bank, which recently reduced mortgage interest rates in an effort to stimulate home loan volumes amid a cooling market.
Lendi's restructuring highlights the tangible impact of Labor's federal budget on the housing finance sector.
As credit growth decelerates, lenders and brokers are being forced to right-size their operations.