MPA 2020 Non-Bank of the Year (Gold) – Brokers on Non-Banks
Accolades
Media
Milestones
1997
2002
2012
2016
2019
2020
Liberty founded in Melbourne
1997
Liberty expands mortgage business into New Zealand
2002
Fully owned subsidiary Liberty Network Services launched as boutique aggregator
2012
Liberty achieves investment-grade rating (BBB-) from Standard & Poor’s
2016
Liberty is the first non-bank lender to sign up to the Financial Inclusion Action Plan
2019
Liberty lists on the Australian Stock Exchange in the same year as receiving B Corp certification
2020
Liberty: 25 years young
The year 1997 was one that promised revolution. The first mass-produced hybrid car, the Toyota Prius, signalled a sea change for the environment; the first victory by a computer over a reigning world chess champion broke boundaries for technology; and the first appointment of a woman as US Secretary of State heralded a new era of female representation.
The foundation of Liberty in Melbourne that year also promised a revolution in the Australian finance industry – one that, 25 years later, is still clearly accelerating.
“From day one, Liberty has always operated with agility, innovation and flexibility,” says group sales manager John Mohnacheff.
The ride hasn’t always been a smooth one, but Liberty has stood the test of time.
The role of brokers
Central players who have kept the revolutionary fires burning over that time are the brokers at the heart of Liberty’s business proposition. Mohnacheff says the broker channel has been a key part of the formula from the beginning.
“Liberty has always championed the third party distribution model, and similarly, these relationships have been paramount to Liberty’s continued growth and success.”
It’s a mutually beneficial relationship. By offering an extensive range of lending support tailored to customers’ needs, and getting to know the ins and outs of a customer’s current situation and future goals, brokers can work with lenders like Liberty to find the perfect fit.
“That’s where the magic happens,” says Mohnacheff.
“More borrowers [now] recognise the benefits of working with a broker than ever before, and there is a greater awareness of the many different services that brokers can offer.”
Today, nearly 70% of residential lending in Australia comes through the broker channel, but that wasn’t always the case. There have been many different economies in the last quarter century, and the shape and character of lending has steadily evolved over that time.
“I’m proud of the way we have been able to adapt to change to continue supporting brokers and helping customers when they needed financial support the most,” says Mohnacheff.
Liberty was founded with a mission to provide free-thinking lending solutions where other lenders can’t. The existence of alternative lenders and their financial backstop role is particularly important when the economy takes a turn for the worse or uncertainty clouds the horizon as it has in 2022.
“This is a difficult time for many Australians, but having the right financial support to explore the options available can make a strong impact in both the long and short term,” says Mohnacheff.
It is during periods like this that traditional lenders typically pull into their shells and wave away applications that don’t meet rigid criteria, he says. Customers look to their brokers more for answers at such times.
“We’re dedicated to helping brokers produce those answers,” says Mohnacheff.
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 600,000 customers get finance 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 finance.
Company Profile
700,000
Number of Liberty customers helped
$40bn
Amt of funding advanced to customers
54%/46%
Employee male/female split in FY21
61%/39%
Team leader male/female split in FY21
62%
Proportion of women promoted to managers in FY21
Bio
Spotlight
Milestones
Media
Accolades
Company Profile
Years of experience
30+
Inspired by
“The dedication and commitment of our BDM team”
Proud of
“The relationships and reputation that Liberty has forged”
John
Mohnacheff
Group sales manager at Liberty
John Mohnacheff reflects on Liberty’s achievements and the role the lender has carved out – and looks into his crystal ball for the industry
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
Liberty: 25 years young
Spotlight
Years of experience
30+
INSPIRED BY
“The dedication and commitment of our BDM team”
John Mohnacheff
President and CEO at Fundserv
John Mohnacheff reflects on Liberty’s achievements and the role the lender has carved out – and looks into his crystal ball for the industry
Read on
Share
Share
Read on
Then and now
There have been many milestones over the years. Corporate standouts for Mohnacheff include the fact that Liberty is the only Australian non-bank with an investment-grade rating (BBB-); the country’s only non-bank with B Corp certification; and first non-bank to join the Financial Inclusion Action Plan program.
But the changes haven’t all been about hard-nosed business goals.
Liberty is a torchbearer for diversity and takes its efforts to promote women further than many companies in the male-dominated finance industry. In the last financial year, 62% of manager promotions at
Liberty went to women, despite the employee gender split being
54% male/46% female.
“I have witnessed the company evolve to become a champion of diversification and a true leader in non-bank lending,” says Mohnacheff.
Technology is also light-years ahead of where it was in 1997, with brokers now largely completing applications online and saying goodbye to
time-consuming paper chasing.
MPA 2020 Turnaround Times award – Brokers on
Non-Banks
MPA 2021 Non-Bank of the Year (Silver) – Brokers on Non-Banks
MPA 2021 Commercial award – Brokers on Non-Banks
John Mohnacheff,
Liberty
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“Our ability to pivot quickly in response to market needs is what sets us apart and has helped us navigate challenges”
“This is a difficult time for many Australians, but having the right financial support to explore the options available can make
a strong impact in both the long and short term”
“The relationships and reputation that Liberty has forged”
PROUD OF
Milestones
IN PARTNERSHIP WITH
Then and now
There have been many milestones over the years. Corporate standouts for Mohnacheff include the fact that Liberty is the only Australian non-bank with an investment-grade rating (BBB-); the country’s only non-bank with B Corp certification; and first non-bank to join the Financial Inclusion Action Plan program.
But the changes haven’t all been about hard-nosed business goals.
Liberty is a torchbearer for diversity and takes its efforts to promote women further than many companies in the male-dominated finance industry. In the last financial year, 62% of manager promotions at Liberty went to women, despite the employee gender split being 54% male/46% female.
“I have witnessed the company evolve to become a champion of diversification and a true leader in non-bank lending,” says Mohnacheff.
Technology is also light-years ahead of where it was in 1997, with brokers now largely completing applications online and saying goodbye to time-consuming paper chasing.
“We’ve expanded our digital identity verification across all asset classes, so our brokers can focus on finding the right solutions.”
Lodging applications electronically speeds things up and bypasses legibility concerns – crucial elements in the present economy.
“Customers today expect fast, efficient turnaround times, and access to funds could potentially make or break a major deal and potentially jeopardise opportunities,” says Mohnacheff.
Looking ahead
Mohnacheff expects Liberty to maintain its current upward trajectory over the next 25 years, with continued growth, innovation and market leadership, underpinned by the ability to rise to any challenges.
“The future for Liberty is very bright,” he says.
This goes for the 450 Liberty employees across Australia and New Zealand and the many brokers who use the non-bank.
He sees an era ahead in which brokers will become more diversified in terms of the types of loans they offer and the customers they cater to as their role becomes more central to the broader economy, beyond mainstay home loans.
“By shifting away from the traditional mortgage broker role and building your brand as a trusted lending expert… there is no limit to what you can achieve,” Mohnacheff says.
Breaking barriers, whether in technology, gender representation or financial services, always illustrates that the old paradigms were artificial shackles and that there is an unexplored frontier out there.
Liberty has been a free-thinking pioneer from the start, and, at 25 years young, is ready push the boundaries ever outward.
MPA 2021 SMSF award – Brokers on Non-Banks
MPA 2021 Turnaround Times award – Brokers on Non-Banks
HRD Employer of Choice 2021
HRD 5-Star Employer of Choice 2022
MFAA National Excellence Awards 2022 winner – Diversity and Inclusion
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
Once known as just ‘the place to go when the banks say no’, Liberty has come a long way from those early days and now offers solutions to help borrowers of all kinds with home, car, business, commercial, personal and SMSF loans, as well as insurance products.
“We’ve grown from a home loan lender to now offer a broad range of asset class solutions, from Australia-only to operations in New Zealand, enduring a global financial crisis and a pandemic, while also successfully listing on the Australian Stock Exchange,” says Mohnacheff.
“Our ability to pivot quickly in response to market needs is what sets us apart and has helped us navigate challenges and continue to provide credit, service and expand our product offering when other institutions faltered.”