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Despite being inundated with loan applications following last year’s regulatory changes, Liberty is back on track to deliver bigger and better service than ever before.
Liberty head of residential lending Paul Concannon told The Adviser that APRA’s actions in the second half of 2015 severely impacted his company’s deal flow and response times.
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“Any significant increase in volume brings with it inevitable service pressure,” Mr Concannon said.
“We were inundated with loan applications, many from brokers who hadn’t dealt with Liberty before. We saw so many new applications come in it [that it] eventually led to a slowing in response times.
“For many brokers, this was a move away from the normal high standards they’ve come to expect from Liberty. Delivering a great service has always been our top priority and this continues today. We are pleased to report that our service levels have now increased in line with our capacity.”
To further its service levels, Mr Concannon said Liberty has decided to strengthen its team with additional underwriters, sales managers and customer service representatives.
“This way, brokers will be able to talk directly to the decision makers rather than having to navigate a maze of different communication points,” he said.
“Taking this approach allows the broker and our operations team to drive the deal towards a successful result.”
Mr Concannon said Liberty has also significantly invested directly in its broker partners.
“Liberty has recently invested heavily in a consumer awareness campaign to assist brokers in growing their revenue streams,” he said.
“We’ve had such a great response to the campaign, from both customers and brokers, and more borrowers are taking notice of what we’re doing.
“We understand how essential it is that we deliver a great experience to new customers, because this supports the continued success of our broker partners.”
Furthermore, Mr Concannon said the specialist lender has seen growth right across the business, with product lines growing close to “tenfold over the last six months”.
“We took the majority share of non-bank loans and became the preferred lender for many brokers and their clients,” he said.
“That momentum has continued, and with a larger team and superior products, we expect even further growth.
“It’s an exciting time for us at Liberty.”
