With a competitive fixed rate and no ongoing fees, the Freedom Lend Fixed Rate Home Loan is designed to help you pay off your new home as soon as possible
The Freedom Lend Fixed Rate Home Loan offers a competitive fixed rate and the security of set repayment amounts. With the ability to lock in a rate for one, two, three, four or five years, this loan has a maximum LVR of 95% and does not charge any ongoing monthly or annual fees. It also offers a flexible repayment schedule and allows limited additional repayments each year.
If you would prefer a home loan with a variable rate, Freedom Lend offers a range of variable loan options with different LVRs.
| Product Name | Freedom Lend Fixed Loan |
|---|---|
| Interest Rate Type | Fixed |
| Comp Rate^ (p.a.) | |
| Minimum Loan Amount | $50,000 |
| Maximum Loan Amount | $1,250,000 |
| Maximum Loan Term | 30 years |
| Maximum LVR | 80% |
| Maximum Insured LVR | 95% |
| Mortgage Offset Account | No |
| Mortgage 100% Offset | No |
| Loan Redraw Facility | No |
| Split Loan Facility | Yes |
| Fixed Interest Option | Yes |
| Suitable for Investment | Yes |
| Extra Repayment | Yes |
| Available as equity loan/line of credit | No |
| Repayment Type | Principal & Interest and Interest Only Options |
| Application Fee | $385 |
|---|---|
| Lender's Legal Fee | $0 |
| Valuation Fee | $303 |
| Ongoing Fees | $0 p.a. |
| Settlement Fee | $0 |
| Discharge Fee | $535 |
Pros
- No application fee.
- There is $0 per month account fee.
- Extra repayments are available.
Cons
- Discharge fee of $535.
- $0 legal fee.
- $0 settlement fee.
Things to consider about the Freedom Lend Fixed Rate Home Loan
Freedom Lend is an Australian company that is wholly based online. This means it does not have the same overheads as a lender with physical branches and can, therefore, pass on competitive rates and fees to its customers.
The Freedom Lend Fixed Rate Home Loan is a full doc loan and is available for the purchase of both residential and investment properties. Principal and interest and interest-only repayment options are available while you have the flexibility of making up to $10,000 of additional repayments per year.
Features of the Freedom Lend Fixed Rate Home Loan
- Maximum loan amount. The Freedom Lend Fixed Rate Home Loan allows you to borrow amounts ranging from $50,000 to $1,250,000.
- Maximum LVR. As mentioned above, you can borrow up to 95% of the value of the property you purchase. However, borrowing in excess of 80% LVR will require you to take out LMI.
- Repayment schedules. You can select from weekly, fortnightly or monthly repayments to suit your own personal finances.
- Repayment flexibility. The Freedom Lend Fixed Rate Home Loan offers both principal and interest and interest-only repayments. If you can afford to do so, you’re also able to make up to $10,000 of additional loan repayments each year.
- Redraw facility. You can take advantage of unlimited free redraws if you ever need access to the extra funds you have paid towards your loan.
- Loan split. The Freedom Lend Fixed Rate Home Loan can be split up to four times.
Fees for the Freedom Lend Fixed Rate Home Loan
Fees you can avoid
- Monthly/ annual fee: $0. There are no monthly or annual service fees as part of this loan.
- Redraw fee: $0. There’s no fee for accessing any additional payments you’ve made on this loan through the redraw facility.
- Settlement fee: $0. You won’t pay a fee when your loan settles with this loan.
Fees you can’t avoid
- Application fee: $385. You will need to pay this fee once your Freedom Lend Fixed Rate Home Loan has been approved.
- Legal fee: $0. This charge is designed to cover the lender’s third party legal costs associated with your loan.
- Valuation fee: $303. Before your loan is fully approved, Freedom Lend will engage the services of a third party to appraise the value of your property.
- Exit fee: $535. This fee will need to be paid whenever you exit your loan.
- Fixed rate lock fee: $395. This fee covers the administrative costs associated with locking in a competitive fixed rate.
How to apply for the Freedom Lend Fixed Rate Home Loan
If you’ve researched all your borrowing options and decided that this loan is ideal for your needs, click ‘Apply Now’.
This will redirect you to a secure online application form on the Freedom Lend website. In order to be eligible for a Freedom Lend Fixed Rate Home Loan you will need to be an Australian permanent resident and at least 18 years of age.
You’ll also need to provide a wide range of personal, financial and property details in order to gain loan approval from Freedom Lend.
You will need to supply:
- Your name, contact details and date of birth
- Details about your employment situation and evidence of your income, for example, payslips or income tax assessment notices
- Proof of your savings history, such as a bank account statement for the previous three months
- Details about assets you own, such as shares and savings
- Details of your credit history and any liabilities, for example, any other outstanding loans
- Information about the property you are buying, including the contract of sale and transfer of land documents
Once your application has been submitted, Freedom Lend will assess it as soon as possible and be in touch to run through your borrowing requirements.
You show exit fees from home loans however everything I’ve seen online says exit fees were abolished in 2011. How can banks still legally charge exit fees?
Hi,
Thank you for reaching out to finder.com.au a financial comparison website and general information service.
You are correct exorbitant exit fees have become illegal however banks are able to charge customers a fee for the discharge of their mortgage when it is terminated whether that be from refinancing or complete payout. We have these fees labelled as exit fees however these are mortgage discharge fees that cover the cost of discharging your mortgage and property documents from the bank and changing your property into your name. They are most usually only around $400-$600.
Regards
Jodie