Borrow up to of the purchase price and take advantage of a wide range of flexible features with the Liberty Free Home Loan.
With no ongoing fees, the Liberty Free Home Loan is designed to help you pay off the money you borrow as quickly as possible. This loan is laden with features, including a 100% offset facility, extra repayment flexibility and unlimited redraws, giving you the freedom to tailor the loan to suit your needs.
A competitive variable interest rate and the ability to borrow up to of the purchase price of your property complete this competitive home loan package.
|Product Name||Liberty Financial Free Variable Rate Home Loan|
|Interest Rate Type||Variable|
|Comp Rate^ (p.a.)|
|Minimum Loan Amount||$50,000|
|Maximum Loan Amount||$1,500,000|
|Minimum Loan Term||10 years|
|Maximum Loan Term||30 years|
|Mortgage Offset Account||No|
|Mortgage 100% Offset||No|
|Loan Redraw Facility||Yes|
|Split Loan Facility||Yes|
|Fixed Interest Option||No|
|Suitable for Investment||Yes|
|Available as equity loan/line of credit||No|
|Repayment Type||Principal & Interest and Interest Only Options|
|Ongoing Fees||$0 p.a.|
- Make extra payments at any time.
- $0 fee for redrawing extra repayments made into the loan.
- There is $0 application fee to pay.
- A $395 discharge fee applies when you pay off your home loan.
Things to consider about the Liberty Financial Free Home Loan
The Liberty Free Home Loan is available for owner-occupiers and those looking to buy an investment property. The high loan-to-value (LVR) ratio of means you don’t need to have a huge deposit saved in order to qualify for a loan, but you will need to budget for lender’s mortgage insurance (LMI) if you borrow more than LVR.
If you offer one property as security on the Liberty Financial Free Home Loan, the maximum loan amount is $1,500,000. However, you can offer more than one property as security and access a maximum loan amount of $2.5 million.
Features of the Liberty Financial Free Home Loan
- Loan amount. The Liberty Financial Free Home Loan has a minimum loan amount of $50,000 and a maximum of $1,500,000. However, taking out the loan with more than one security allows you to increase the maximum loan amount to $2.5 million.
- Maximum LVR. As the Liberty Free Home Loan is a low-deposit loan, you can borrow up to of the purchase price of the property. Of course, borrowing more than of the purchase price will mean you will need to manage the extra cost of LMI.
- Loan terms. This loan is available for terms ranging from 10 years to 30 years.
- Repayments. Principal and interest repayments on your loan can be made on a weekly, fortnightly or monthly basis. Interest-only repayments are also available for a period of up to five years. Additional repayments are also allowed with this loan to help you pay off your loan sooner.
- Repayment holiday. If you lose your job or experience financial hardship, the repayment holiday feature allows you to take a break from your home loan repayments for a specified timeframe.
- 100% offset account. A 100% mortgage offset account is included so that you can minimise the amount of interest you pay on your loan.
- Unlimited redraws. You can access the additional funds you pay towards your loan at any time through a free redraw facility.
- 90-day pre-approval. Indicative approvals from Liberty are valid for 90 days and allow you to research home loans (and properties) with confidence.
- Non-genuine savings. Liberty’s flexible lending approach means that non-genuine savings are accepted during the application process, making it even easier for you to qualify for a loan.
- Documentation type. This loan is available for both low-doc and full-doc borrowers.
Fees you can avoid
- Application fee: $0. Liberty does not charge any application fee or initial setup fee on this loan.
- Annual fee: $0. There is no annual service fee payable on the Liberty Financial Free Home Loan.
- Redraw fee: $0. You can use the redraw facility without incurring any fees.
Fees you can’t avoid
- Discharge fee: $395. This fee is charged at the closing of all home loan accounts with Liberty Financial.
How to apply for the Liberty Financial Free Home Loan
If you think the Liberty Free Home Loan might be right for you, click the ‘Go to site’ link to be redirected to the Liberty website. There, you can read complete an online form to apply for indicative pre-approval amount.
You’ll need to provide the following information:
- Contact details. Provide your full name, email address and phone number
- Loan details. This includes the purpose of the loan, the amount you want to borrow, the purchase price of the property, the type of property and its location
- Borrower information. Provide information about the income and expenses of all borrowers on the loan
- Dependant details. Specify the number of dependants you have
- Employment and credit history. Provide details about your employment and your credit history
The Liberty Free Home Loan offers a wide range of benefits to borrowers looking for a feature-packed home loan. Before deciding whether it has all the right features for you, however, make sure you see how it stacks up against a variety of other mortgages from Australian lenders.
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Liberty Financial Free Home Loan Review Interest Rate History vs RBA Cash Rate Graph
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