MPA Brokers on Non-Banks 2020 – Non-Bank of the Year
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 a boutique aggregator
2012
Liberty becomes the only non-bank to achieve an investment-grade rating (BBB-)
2016
Liberty lists on the ASX (ASX:LFG)
2020
Liberty’s Reconciliation Action Plan (RAP) is endorsed by Reconciliation Australia
2021
Unshackling finance for brokers
Australian Broker asked industry veteran John Mohnacheff, group sales manager at non-bank lender Liberty, to share some of his wisdom around the changes in specialty finance over his career, his impact on the company, the importance of engaging with people, the exciting potential inherent in the broker role, and how Liberty will continue to push the envelope in the future.
When I first joined Liberty, almost all lending was controlled by the banks. Back then, if banks didn’t do a home loan, no one else would. Liberty was a pioneer in the specialty space – doing what had never been done in Australia before. It was an unproven product in a market with no knowledge of what a specialty home loan was.
Spotlight
As a leading Australian non-bank lender, Liberty offers innovative solutions at competitive prices to support customers with greater choice. Over the past 25 years, this free-thinking approach to loan solutions has seen more than 700,000 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
700,000
Number of customers helped
53.7%
Percentage of female employees
$40bn
Funding advanced to customers
107.2
B Corp Impact Score
Bio
Spotlight
Milestones
Media
Accolades
Company Profile
Years of experience
40+
CAREER HIGHLIGHT
“All the amazing people I have had the opportunity to meet and work alongside in the industry”
John
Mohnacheff
Group sales manager at Liberty
Liberty’s John Mohnacheff delivers an unfiltered take on can-do risk appetite, impetus for innovation, bringing an open mind to lending conversations, and the ever-widening spectrum of customers at the non-bank
Read on
John Mohnacheff, 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
Unshackling finance for brokers
Spotlight
Years of experience
40+
Tenure at current position
3 years
CAREER HIGHLIGHT
“All the amazing people I have had the opportunity to meet and work alongside in the industry”
Karen Adams
Group sales manager at Liberty
Liberty’s John Mohnacheff delivers an unfiltered take on can-do risk appetite, impetus for innovation, bringing an open mind to lending conversations, and the ever-widening spectrum of customers at the non-bank
Read on
Share
Share
Read on
Much has changed since those early days. If you knew of Liberty then, you might think you know us now. Once known as “the place to go when the banks say no”, we have come a long way and today offer a broad range of solutions to help borrowers of all kinds with home, car, business, commercial, personal and SMSF loans as well as insurance products.
Liberty’s growth and adaptability continue to amaze me. Through various market challenges, we’ve worked hard to innovate for our industry while ensuring brokers and customers are aware of the genuine alternative solutions available to them. We’ve grown from a home loan lender to now offering a broad range of asset class solutions across Australia and New Zealand.
We’ve been going for over 25 years now, and we continue to grow because we’re focused on being there for the broker. Since day one, our broad offering has been built with the broker in mind. This includes our residential asset finance, business capital and commercial lending business, as well as MoneyPlace personal loans, Moula business loans, LFI general insurance and ALI life insurance. Plus our flexibility and can-do risk appetite support brokers to find solutions for a diverse range of customers.
MPA Brokers on Non-Banks 2020 – Turnaround Times
MPA Brokers on Non-Banks 2021 – Commercial
MPA Brokers on Non-Banks 2021 – SMSF
John Mohnacheff, Liberty
Product innovation is one of the most significant changes I’ve seen. The industry has come a long way when it comes to flexibility and access. And we have brokers to thank as a big driver of change. The more brokers that support non-banks, the stronger the impetus is for product, service and technology innovation. Through innovation, more segments of the market can access the funding they need – such as small business owners and the self-employed.
At Liberty, we have always embraced change and used it as a springboard for innovation. Our purpose is to help more people get financial, and innovation supports this mission. That’s why we continue to expand our already-broad suite of products. Recently, we launched caravan loan products offering customers even greater choice.
To thrive in a constantly changing market, lenders need technology that delivers automation, transparency and efficiency. Customers today expect fast, efficient turnaround times. Access to funds could potentially make or break a major deal or jeopardise opportunities.
At Liberty, we encourage brokers to lodge applications electronically because it speeds things up. Once we receive the application, the broker is notified and can track the deal in real time using our loan-tracking web app Liberty IQ. We work closely with our business partners to ensure they have all the information needed to push through applications without encountering delays. And with digital identity verification across all asset classes, our brokers can focus on finding suitable solutions for their customers.
“What we do is a contact sport. The more people we see, the more people get delivered the message and the more customers we can help”
“The future is bright for mortgage brokers – the opportunities are rosier than ever before. Because the one thing that traditional lenders don’t provide to borrowers is genuine choice. That’s where the broker comes in”
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
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Published 24 Jul 2023
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Authors
What are your strongest memories from when you first joined Liberty?
What have been highlights for you over this time to the present?
What are some of the most significant changes you’ve seen in the industry?
How has technology impacted different parts of the process?
What personal strengths have you been able to leverage? How did they improve Liberty’s value proposition?
I’m very lucky to get to deal with a lot of people in my role. I enjoy speaking with people from all walks of life and bringing an open mind to conversations.
Fortunately, what we do is a contact sport. The more people we see, the more people get delivered the message and the more customers we can help. Meeting people is one thing, and it’s part of the challenge – but it’s not the end. I always remind people how important it is to move beyond networking and create relationships. For us, it’s about continually interacting with people and engaging with them so they want to know more about Liberty and to ultimately help their customers with Liberty’s solutions and a special emphasis on relationships beyond a transaction.
I would like to see brokers drop the word ‘mortgage’ and become loan advisers with diversified offerings. In today’s competitive landscape, if you only offer mortgages, you could be passing up a lot of opportunities. A loan is a loan, and while they may vary in complexity to set up, customers don’t know how complicated it is.
As a broker, you have an opportunity to be there for the life cycle of the borrower. A customer’s first interaction with credit is often a personal loan. Why shouldn’t a broker be there to help them? And then help that same customer when they are ready to buy a car or a home, or maybe need funding to start a business. I want to see more brokers be trusted loan advisers all the way through the borrower’s journey.
What needs to change or would you like to see in the future?
The future is bright for mortgage brokers – the opportunities are rosier than ever before. Because the one thing that traditional lenders don’t provide to borrowers is genuine choice. That’s where the broker comes in. And as they continue to diversify, their relationships with BDMs will become even more important. I often see the best outcomes for clients when there is a close relationship between a broker and their BDM. At Liberty, our BDMs are always willing to assist with a scenario and talk through what we need to go ahead. We have specialised BDMs, underwriters, and support personnel available to offer hands-on assistance to brokers.
What do you think will be the major dynamics driving the industry for the next few years?
If my time in the industry has taught me anything, it’s that there will always be surprises and challenges. Regardless of what comes our way, Liberty will listen and continue its track record of industry innovation. We will continue to deliver a range of solutions that will help a wide spectrum of customers with lending options.
When economic challenges arise in our industry, Liberty has an unmatched stability to make ourselves even more available to brokers to help them navigate the situations they face. We take pride in being a business that’s willing to listen and look beneath the surface, while discovering innovative ways to improve financial inclusion for more borrowers. By adopting a free-thinking approach and providing out-of-the-box solutions, we can help find the right fit for more customers and support more brokers. You can always rely on Liberty.
What will be the major challenges? How will you meet them?
Australian Mortgage Awards 2022 – Excellence Awardee, Non-Bank of the Year
HRD Employer of Choice 2021
MPA Brokers on Non-Banks 2021 – Non-Bank of the Year
MPA Brokers on Non-Banks 2021 – Turnaround Times
HRD 5-Star Employer of Choice 2022
MPA Brokers on Non-Banks 2022 – Online Platform & Services
MPA Brokers on Non-Banks 2022 – Turnaround Times
Australian Banking & Finance Awards 2022 – Best Non-Bank Mortgage Lender
MFAA Excellence Awards – Specialty Lender Award – State Winner
MFAA Excellence Awards – Diversity and Inclusion Award – National Winner
MPA Brokers on Non-Banks 2022 – Brand Recognition
MPA Brokers on Non-Banks 2022 – Interest Rates
MPA Brokers on Non-Banks 2022 – Specialist Lending
MPA Brokers on Non-Banks 2022 – SMSF
John Mohnacheff, Liberty