Freedom Lend Variable Home Loan

Enjoy a high loan-to-value ratio and no ongoing fees with Freedom Lend’s Variable Home Loan.

If you’re looking for a home loan that will allow you to borrow up to 95% of the value of the property you wish to purchase, the Freedom Lend Variable Home Loan is designed with you in mind.

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Review by

Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206) and a Tier 1 Generic Knowledge certification (RG 146).

Expert review

Freedom Lend is an Australian-owned lender that is based online. The Freedom Lend Variable Home Loan is a full doc loan and is available for those buying a residential property, an investment property or looking to refinance an existing loan.

The main feature of the loan is, as the name suggests, to allow you to borrow up to 95% LVR. However, borrowers looking to access a loan at more than 80% LVR will need to remember that they will also have to pay for lender’s mortgage insurance (LMI).

About this loan

What are the features and benefits of the Freedom Lend Variable Home Loan?

  • Maximum loan amount. The Freedom Lend Variable Home Loan allows you to borrow between $50,000 and $5,000,000.
  • Maximum LVR. As mentioned, the maximum LVR with this loan is 95% but you will need to take out LMI if you borrow more than 80% LVR.
  • Offset account. A 100% offset account is attached to the Freedom Lend Variable Home Loan to help you reduce your interest repayments.
  • Repayment flexibility. This loan offers the choice of a weekly, fortnightly or monthly repayment schedule to suit your budget and pay cycle. It also allows you to make additional repayments at any time, while interest-only repayments are available as well.
  • Redraw facility. The Freedom Lend Variable Home Loan allows you to access the additional repayments you make via unlimited free redraws.
  • Loan split. Another feature of this loan is that it can be split up to four times to suit your borrowing needs.

What fees and charges come with this loan?

This mortgage has almost no fees if you're borrowing above $350,000. Some of the following fees may apply depending on your loan size.

  • Application fee: $0. This fee will cover the costs associated with preparing your loan documents and setting up your mortgage facility.
  • Legal fee: $0. This fee covers the third party legal costs that Freedom Lend incurs as a result of approving your loan.
  • Valuation fee: $0. This fee covers the cost the lender incurs when they get your property independently valued.
  • Exit fee: $0. This fee must be paid when you exit your loan.

How to apply

You'll need to be a permanent Australian resident and 18 years or over to be eligible, and once you've completed the online application, Freedom Lend will contact you as soon as possible to let you know if your application has been accepted.

You'll also need to supply the following information during the loan application process:

  • Your name, address, email address and phone number
  • Your date of birth
  • Proof of ID, perhaps including our driver's licence and/or passport
  • Details of your current employment and evidence of your income
  • Proof of your savings history
  • Details of the assets you own
  • Information about any liabilities in your name
  • A copy of the contract of sale

The Freedom Lend Variable Home Loan is a competitive loan for those who don't have a large deposit saved, add it to your comparison today.

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