In one aspect, a lift assembly for a work vehicle may include a loader arm and a control arm extending between first and second ends. The first end may be coupled to a chassis of the vehicle at a first pivot point and the second end may be coupled to a rear end of the loader arm at a second pivot point. Additionally, the lift assembly may include a lift cylinder coupled between the loader arm and the chassis and a control cylinder extending between upper and lower ends, with the upper end being coupled the control arm and the lower end being coupled to the chassis at a third pivot point.