AMA Non-Bank of the Year – Winner
Accolades
Media
Milestones
1997
2002
2012
2016
2020
2021
Liberty Financial is founded in Melbourne
1997
Liberty expands its mortgage business into New Zealand
2002
Fully owned subsidiary Liberty Network Services is launched as boutique aggregator
2012
Liberty achieves only investment-grade rating (BBB-) of any non-bank
2016
Liberty lists on the ASX (ASX:LFG)
2020
Liberty’s Reconciliation Action Plan (RAP) is endorsed by Reconciliation Australia
2021
At the leading edge with Liberty
It goes without saying that every winner of an Australian Mortgage Award is at the top of their game, but one category that is closely watched each year is Non-Bank of the Year – scooped in 2023 by industry stalwart Liberty.
Since its founding over a quarter century ago, Liberty has been defined by its free-thinking ethos.
“We’ve been innovating since day one to provide borrowers with access to lending that others are unable to copy – we believe individuals should enjoy the financial freedom to pursue their own preferences in their lives,” says chief executive James Boyle.
Liberty has grown from an upstart maverick to a powerful institution today, which along with its non-bank peers is leading real change in the finance industry by lifting the veil behind each loan application and tailoring solutions to the individual. In a world of conveyer belt type lending, Liberty continually breaks the mould.
Rapid change in the economy over the last three years has proved a fillip to Liberty as ever more borrowers slip through the cracks of the rigid lending criteria that dominate at mainstream banks. A commitment to thinking differently has given Liberty a head-start when it comes to adjusting to current conditions.
“We believe consistency about the simple things is what makes the biggest difference. This means recognising when economic conditions may cause increased financial pressure for customers,” says Boyle.
One example is interest rates. While a number of institutions chose to lift rates even when the Reserve Bank of Australia was on pause, Liberty did not.
“Unlike many other non-bank lenders, Liberty chose not to pass on any out-of-cycle rate rises to customers across our diverse range of variable rate products.”
The move underscores that thinking differently is not just a slogan, given the implications for the bottom line of any institution holding back on moving up a rung in a rising-rate tide.
Spotlight
As a leading Australian non-bank lender, Liberty offers innovative solutions at competitive prices to support customers with greater choice. Over the past 26 years, this free-thinking approach to loan solutions has seen more than 850,000 customers get financial across a wide range of home, car, personal and business loans, as well as SMSF lending and insurance products. Liberty remains the only non-bank lender with an investment-grade credit rating offering custom and prime solutions to help more people get financial.
Company Profile
500+
Number of employees
850,000
Number of customers helped
54%
Percentage of female employees
$43bn
Amount of funding advanced to customers
107.2
B Corp Impact Score
Bio
Spotlight
Milestones
Media
Accolades
Company Profile
Years in current position
7
FAVOURITE QUOTE
James Boyle
Chief executive at Liberty
The non-bank’s ability to constantly think outside the box and retain a challenger mindset is part of its DNA – even when it finds itself at the front of its field
Read on
“Unlike many other non-bank lenders, Liberty chose not to pass on any out-of-cycle rate rises to customers across our diverse range of variable rate products”
James Boyle, Liberty
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Milestones
2011
2012
2015
2016
2019
2021
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2011
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2012
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2015
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2016
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2019
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2021
At the leading edge with Liberty
Spotlight
Years in current position
7
Karen Adams
President and CEO at Fundserv
Before becoming CEO of Fundserv, Karen Adams held a variety of leadership roles around the world – and she learned that listening and understanding are key to both providing service and developing talent
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This is not to say that Liberty ignores the signals that the economy exhibits – far from it.
“There are still challenges ahead in the external environment; however, the outlook across the board is positive, and there are still plenty of opportunities to help customers,” says Boyle.
But there have been a confusing number of mixed indicators recently on the direction of the economy, and keeping a keen ear close to the ground has become more important than ever.
As the RBA has eased off on tightening the monetary spigots, some confidence has started to return to residential markets.
“We expect the residential market will improve as inflation stabilises,” says Boyle.
Capital city residential prices rose in the September quarter, and as the market moves into the more active summer months, auctions are the busiest they have been since Easter 2022. Commercial property has also proved more resilient than many thought it would be in sectors like industrial and logistics, with limited availability of warehouses on the Eastern Seaboard driving broad-based rental growth of up to 40% year-on-year in places.
But many see the jury as still out on economic conditions for businesses, especially in some sectors as evidence of a two-speed economy with winners and losers emerges.
The CreditorWatch Business Risk Index shows the average value of invoices for Australian businesses has dropped 30% over the past 12 months, and B2B trade payment defaults, a key predictor of future business failures, are continuing to trend upwards. Many market watchers have a tendency to compare conditions to 2019, but it seems more and more obvious that such comparisons may offer little insight in post-pandemic Australia.
“As we all find our new normal, we believe Liberty’s unique offering will be even more sought out,” says Boyle. “With our flexibility and customised solutions, Liberty is able to help find the right fit for more customers while supporting more brokers.”
Not being defined by past paradigms or conventional thinking is key to how Liberty can stay in its leading position as a non-bank. Savvy customers and brokers are keenly aware of this edge that Liberty has over its competitors.
“We’ve already seen first home buyers turn to custom solutions to help them reach their property goals faster, and we expect this to continue. Other customers will be looking for alternative solutions to manage existing debt and keep moving towards their financial goals,” says Boyle.
The end result is higher numbers of customers across a wider range of lending types being helped faster and more effectively than if they had approached another lender.
MPA Brokers on Non-Banks – Non-Bank of the Year winner, gold
MPA Brokers on Non-Banks – gold medal, alt-doc
“By taking a free-thinking approach and looking at the whole picture, we’re able to assist more customers, including those that traditional lenders may have overlooked or are unable to serve.”
Of course, Liberty got to where it is today by empowering brokers to both understand and leverage such market changes to their customers’ advantage, and that was instrumental in its winning the AMA award this year.
“We continued supporting our business partners to strengthen their own businesses. Through our Grow More sessions, we [continually] educate and support brokers to diversify into commercial, motor, business, SMSF and personal lending as well as insurance,” says Boyle.
Liberty is a strong advocate for brokers to diversify their lending toolkits in order to better cope with transition periods such as the one markets are experiencing now.
“This is the perfect time to reach out ... Liberty is committed to helping brokers create strong, diversified businesses by providing comprehensive education and hands-on BDM support,” says Boyle.
“There is a wealth of finance business that lies beyond writing mortgages, and tapping into this should be a strong focus for those brokers serious about reaching their full potential. Diversification enables brokers to remain sustainable and continue their growth, regardless of the economic conditions at play.”
“Unlike many other non-bank lenders, Liberty chose not to pass on any out-of-cycle rate rises to customers across
our diverse range of variable rate products”
“By taking a free-thinking approach and looking at the whole picture, we’re able to assist more customers, including those that traditional lenders may have overlooked or are unable to serve”
“Unlike many other non-bank lenders, Liberty chose not to pass on any out-of-cycle rate rises to customers across
our diverse range of variable rate products”
“By taking a free-thinking approach and looking at the whole picture, we’re able to assist more customers, including those that traditional lenders may have overlooked or are unable to serve”
“By taking a free-thinking approach and looking at the whole picture, we’re able to assist more customers, including those that traditional lenders may have overlooked or are unable to serve”
Melbourne
based in
1999
2003
2007
2015
2020
2021
Joins NAB as executive broker distribution
2021
Becomes head of private wealth north at Westpac
2020
Appointed head of asset finance at CBA
2015
Named captain of the Waratahs
2007
Named vice-captain of Australia's Rugby World Cup team
2003
Waugh debuts as a professional rugby player with the Waratahs; makes Test debut with the Wallabies
1999
Milestones
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Copyright © 2023 KM Business Information Australia Pty Ltd
Published 27 Nov 2023
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“I have no special talents. I am only passionately curious”
– Albert Einstein
Creating room to breathe, but keeping it real
James Boyle, Liberty
Helping brokers adjust
The non-bank already has its eye on the horizon in terms of how it can continue to help brokers best position themselves for further change. One example is technological developments and how these are poised to revolutionise lending.
“The advancements we’re seeing in AI have the potential to make a big impact in our industry … we’re already experimenting with the tools currently available to us and learning how we can use them to improve.”
It’s a far cry from the year that Liberty was founded in 1997, when many brokers were just opening their first email accounts and Y2K was still only a concern among a small group of computer technicians.
Retaining a challenger mindset over decades can be difficult for companies that have risen to the top of their game as the mantle of incumbency weighs more heavily over time – but having a free-thinking approach as part of its DNA has allowed Liberty to remain on the leading edge even when it is setting the standard for the industry.
“A big part of our commitment to the broker channel is looking at how we can help meet evolving customer needs,” says Boyle.
“We take great pride in supporting brokers to find solutions that can be life-changing for customers, and it’s rewarding to know we can have a positive impact on their future.”
Looking ahead
MPA Brokers on Non-Banks – gold medal, credit policy
MPA Brokers on
Non-Banks – gold medal, property investors
MPA Brokers on
Non-Banks – gold medal, online platform and services
MPA Brokers on
Non-Banks – gold medal, interest rates
MPA Brokers on
Non-Banks – gold medal, first home buyers
MPA Brokers on Non-Banks – silver medal, communications, training and development
MPA Brokers on
Non-Banks – silver medal, commission structure
MPA Brokers on
Non-Banks – silver medal, BDM support
MPA Brokers on
Non-Banks – gold
medal, turnaround times
MPA Brokers on
Non-Banks – bronze medal, brand recognition
MPA Brokers on
Non-Banks – silver medal, product diversification opportunities
James Boyle, Liberty
James Boyle, Liberty
MPA Brokers on Non-Banks – gold medal, alt-doc
MPA Brokers on
Non-Banks – Non-Bank of the Year winner, gold
AMA Non-Bank of the Year – Winner
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Reverse Mortgages
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