Brokers behind $3.7bn of Liberty loans

by Miklos Bolza20 Oct 2017
Non-bank lender Liberty Financial has reported an increase in new loan originations, an expanded broker network and growth in the commercial and auto space.

The latest Liberty financial results show that brokers were responsible for bringing in $3.7bn of new loans for the lender including a 64% increase in commercial loans and a 39% increase in auto loans.

Liberty now has $7.5bn of total assets, a 40% increase on the 2016 financial year. The lender has also brought in before tax profits of $76.3m.

John Mohnacheff, group sales manager of Liberty, said these results confirmed the lender was able to continue its investment in products and services to help more brokers support their clients’ needs.

“We are focused on giving more choice to brokers and customers and, at the same time, ensuring the experience of dealing with Liberty is personalised, fast and professional.”

Furthermore, Liberty also acquired National Mortgage Brokers along with its 400 brokers in August 2017, a move which demonstrated the lender’s commitment to the broker channel, Mohnacheff said.

This complements the existing 120 advisers in the lender’s Liberty Network Services platform.

Liberty’s general insurance company, LFI, also strengthened its broker support with the appointment of a new sales team and operations manager.

A first rate customer experience is driven through investment in technology, science and marketing, he said, with insights drawn from customers and brokers.

“We launched Liberty IQ, a loan tracking app for brokers, and we are upgrading our customer portal to allow for a wider range of easier self-service functions.”

Liberty now takes up 3% of market share within the third party residential lending space.

“We have invested in marketing and advertising to reach our customers and make the job of our brokers easier, with the result that we have hit a benchmark 20% prompted awareness. We’re getting cut through and it’s making a real difference for our broking partners,” Mohnacheff said.

Related stories:

Insurer expands broker support team
Non-bank celebrates 20 years of broker support

COMMENTS

  • by Andrew 20/10/2017 8:48:02 AM

    This is what happens when the regulation playing field is uneven!

  • by Mike 21/10/2017 12:03:48 AM

    Plenty of big 4 rejects getting vacuumed up by Liberty. Their loss, until Lib decide steeply hiking rates

  • by Hugo 23/10/2017 12:35:53 AM

    Not sure what you mean Andrew? Can you elaborate?