Non-bank lender Liberty
has become one of the country’s biggest home loan lenders, as consumers increasingly turn their backs on the major banks.
According to new market share data from Australia’s largest aggregator, AFG, a surge in Liberty
’s deal flow has lifted the non-bank to rank amongst the country’s Top 10 lending groups.
’s national sales manager, John Mohnacheff, said the widespread tightening of bank lending criteria has propelled Liberty
’s position in the market.
“With APRA increasing bank lending regulation in late 2015, Liberty
was well positioned to capture a large share of new loans and has seen positive and responsible growth as a result,” Mohnacheff said.
“We’ve seen deal flow increase right across the business. For some of our product lines, it grew close to fivefold during the last year.”
The increase of new customers has been met with a significant recruitment drive for Liberty
, as it strives to keep pace with growth.
“We’ve strengthened our team with additional underwriters, sales managers and customer service representatives to ensure we are able to deliver the great service our business partners expect from Liberty
,” Mohnacheff said.
The drive in new business, said Mohnacheff, can also be attributed to the non-banks major consumer awareness campaign, announced n November last year.
“The rollout of our consumer awareness campaign has triggered a great response from both customers and brokers,” he said.
“We understand how essential it is that we deliver great experiences to customers to help support the continued success of our business partners.”
came in at 9th
on AFG’s competition index measuring lender market share, recording a market share of 1.9% of all loans submitted through AFG in May.
, who came in at 8th
position with a market share of 2.7%. ME was number 10 on the top 10 list, recording market share of 1.2% in May.
was AFG’s biggest home loan lender, capturing almost one quarter (24.5%) of AFG’s flows during the month.