Liberty Financial has followed other non-bank lenders in removing DEFs and changing its broker commission structure.

Moving ahead of a legislated 1 July ban on all exit fees, Liberty Financial has confirmed it has removed DEFs, changed its upfront and trailing commission structure, and introduced stepped clawbacks.

"We have recently introduced changes to our commission structure for all of our business partners," Liberty national sales manager of personal business John Mohnacheff told Australian BrokerNews, following the group's notification to its broking network. "These include increases to our upfront and trailing commissions as well as increased payment flexibility," he said.

Liberty is now paying upfront commissions for new loans up to 1%, and has also reintroduced a "turbo" feature on trail payments, which gives brokers the option of claiming trail payments upfront, rather than over time.

Liberty has, however, introduced clawbacks for brokers. It will now claw back 100% of upfront in the first 6 months, 75% between 7-12 months, 50% in the 13-18 month period, and 25% if a loan is paid out between 19-24 months.

"We’ve done this whilst reducing fees and some interest rates, so we’re offering more attractive products to our customers and better outcomes for our brokers," Mohnacheff said.

For consumers, Liberty is offering a reduced prime loan interest rate of 6.99%, as well as no application fees until 30 June.