Save on your home loan rates without sacrificing features
Freedom Lend is a non-bank lending institution that is based 100% online. Australian-owned and founded in Melbourne, Freedom Lend is able to pass on the savings of being an online business to their customers in the form of lower rates. They offer a range of competitive home loans to meet the varying needs of different types of Australian borrowers.
Who is Freedom Lend and what do they offer?
As mentioned above, Freedom Lend offers their loans exclusively online, which means noticeable savings for the consumer. Whether you’re buying your first or next home, refinancing an existing loan, building a new home or looking to expand your investment property portfolio, Freedom Lend has a home loan to suit you.
They offer three types of loan products to borrowers - fixed, variable and construction home loans - but with a range of different LVRs available. Each of these loans feature no ongoing monthly or annual fees and offer the flexibility of a wide rage of repayment options. Other available features include offset accounts, extra repayment flexibility and loan split options.
Compare Freedom Lend Home Loans
Rates last updated December 10th, 2016.
- Freedom Lend Fixed Loan - 3 Years Fixed Rate LVR ≤ 90% (Investor P&I)
Comparative rate decreases by 0.48% | Interest rate increases by 0.10%
December 6th, 2016
Home loans offered by Freedom Lend
Fixed Home Loan
Freedom Lend’s Fixed Home Loans allow you to lock in a competitive interest rate for a period of one, two, three, four or five years. Available for those who are purchasing a new home or refinancing an existing loan, these loans feature no ongoing or monthly fees. However, other fees such as an application fee and rate lock fee do apply. Other loan features include the option to make up to $10,000 additional repayments every 12 months, with fortnightly or monthly repayment schedules, a maximum LVR of 95% and the ability to split your loan up to four times.
Variable Home Loan
Freedom Lend’s Variable Home Loans are designed for borrowers who want to purchase a new home or refinance an existing loan. With no ongoing monthly or annual fees, these variable loans help you pay off your debt as quickly as possible. However, other fees, including an application fee and a valuation fee, do apply. A 100% offset account with unlimited free transactions is included to help minimise the amount of interest you pay, while repayments can be made on a weekly, fortnightly or monthly basis. Other features include the flexibility to split your loan up to four times and a maximum LVR of 95%.
Borrowers should note that this loan is also offered in two other forms: an 80% LVR loan and a 90% LVR loan. Each of these loans offers a different interest rate based on the maximum LVR.
Construction Home Loan
This loan type is available for those planning on building their own home or growing their investment portfolio. Similarly, this loan offers no ongoing monthly or annual fees, but an application fee and a construction fee do apply. A 100% offset account is included to help reduce the amount of interest you will have to pay on the funds you borrow, while the maximum LVR is 90%. However, this loan is also available with a maximum LVR of 80%, allowing borrowers to take advantage of a better interest rate than the 90% LVR loan. Other features include a loan split option and fortnightly or monthly repayment schedules.
Pros and cons of Freedom Lend home loans
- No ongoing fees. None of Freedom Lend’s home loan products charge ongoing annual or monthly fees.
- High LVRs. Both the Fixed Home Loan and Variable Home Loan allow you to borrow up to 95% of the value of the property you are buying.
- Flexible repayments. You can tailor a repayment schedule to suit your budget, while the Fixed Home Loan also allows you to make up to $10,000 of additional repayments per year.
- No branches. Freedom Lend is an online lender that doesn’t run any physical branches. While face-to-face meetings can be arranged with customers based in Melbourne, other borrowers will need to liaise with Freedom Lend online.
How to apply for a Freedom Lend home loan
If you’d like to apply for one of Freedom Lend’s home loan products, click the ‘Apply Now’ link on this page and you will be redirected to an online loan application form. You can fill this form out yourself or opt to receive a call from a Freedom Lend loan specialist who can then fill out your details for you.
You’ll need to provide a range of details including the purpose of your loan, your date of birth and your contact information. You’ll need to be a permanent Australian resident and at least 18 years of age in order to qualify for a loan. Once your application has been submitted, Freedom Lend will assess it as soon as possible and let you know if you’ve been successful.
Documents needed to apply for a Freedom Lend Home Loan
When applying for a Freedom Lend loan you will need to provide:
- Your name and date of birth
- Your address
- Your contact details
- Proof of ID, including your driver’s licence and passport
In order for Freedom Lend to assess your capacity to repay the funds you borrow, you will have to supply the following financial information:
- Proof of your employment and evidence of your income
- Evidence of your savings history
- Asset details
- Information of any liabilities you have
Finally, you’ll need to provide details of the property you are buying or the loan you are looking to refinance. You may need to supply:
- The contract of sale
- Current loan statements
- Evidence of funds to complete the sale