By Jane Searle
Liberty Financial set to take on the big four
Non-bank lender Liberty Financial will broaden its suite of prime mortgages to take on the big four as it seeks to rebrand itself as a broad-based financial services provider.
Liberty has a $2 billion mortgage portfolio, about 70 per cent of which is lending to borrowers who fall outside the credit criteria of banks.
As part of its reviewed strategy, Liberty will also establish a direct distribution channel. Managing director of Liberty Network Services Brendan O’Donnell said the non-bank aimed to hire 150 brokers as “Liberty advisers” over the next two to three years to sell its mortgages, motor loans, commercial and debtor finance.
“Over the past 14 years we’ve worked through third-party channels so now we want to take control of the distribution process and Liberty advisers will have the option of working through their own store, office or from home,” he said. “We’ll still have independent brokers but want the bulk of volumes to come from our own channels.”
Liberty will also run a marketing campaign to lift brand awareness among retail consumers. “We want to be a nuisance to the banks and our prime products won’t be the cheapest but they will be in the top 10 on pricing and features,” Mr O’Donnell said.
He said Liberty was also planning to expand into insurance, such as home and contents, motor and income protection products complementary to its mortgages.
