Liberty Financial Nova Home Loan Review

Rates and Fees verified correct on December 9th, 2016

If you’re a self-employed borrower looking for a low-doc home loan, the Liberty Nova Home Loan is worth considering.

If you can’t provide the proof of income required to qualify for a regular home loan, such as recent payslips, you might need to apply for a low-doc home loan like the Liberty Nova Home Loan. Liberty specialises in offering loans to borrowers who may not satisfy normal lending criteria, and the Nova Home Loan is designed to suit the needs of self-employed borrowers.

With a competitive variable rate, this loan allows you to borrow up to 80% of the property’s purchase price. The Liberty Nova Home Loan is also packed with a wide range of features to make it easy to pay off your loan as quickly as possible, including a 100% offset account, extra repayment flexibility and unlimited free redraws.

Company and Trust Borrowers

Liberty Financial Nova Home Loan is available for borrowers under a company or trust structure and/or with four or more properties in assets and liabilities whether investment or owner occupier. These borrowers will incur an additional loading of 0.50% on top of the below interest rates.

These borrowers will also need to pay an application fee of $995, which will be waived until 30 September. Contact Liberty Finance for more information on these loan types.

Interest Rate Max Insured LVR Max LVR
LVR <60% IO
4.69% p.a.
Comparison Rate
5.23% p.a.
60% 60%
LVR <60% P&I
4.39% p.a.
Comparison Rate
4.93% p.a.
60% 60%
LVR <70% IO
4.79% p.a.
Comparison Rate
5.33% p.a.
70% 70%
LVR <70% P&I
4.49% p.a.
Comparison Rate
5.03% p.a.
70% 70%
LVR <80% IO
5.04% p.a.
Comparison Rate
5.33% p.a.
80% 80%
LVR <80% P&I
4.84% p.a.
Comparison Rate
5.13% p.a.
80% 80%
Product NameLiberty Financial Nova Home Loan
Interest Rate TypeVariable
Comp Rate^ (p.a.)
Minimum Loan Amount$50,000
Maximum Loan Amount$1,000,000
Minimum Loan Term10 years
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR80%
Mortgage 100% OffsetYes
Loan Redraw FacilityYes
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableYes
Suitable for InvestmentYes
Extra RepaymentYes
Repayment TypePrincipal & Interest and Interest Only Options

Application Fee$0
Lender's Legal Fee$0
Valuation Fee$0
Ongoing Fees$295 p.a.
Settlement Fee$0
Discharge Fee$395

Pros

  • Ability to make extra repayments.
  • $0 redraw fee.
  • Application fee of $0.
  • 100% offset account attached.

Cons

  • Annual service fee of $295.
  • $395 discharge fee for the closure of the home loan accounts.

Things to consider about the Liberty Nova Home Loan

The Liberty Nova Home Loan is a low doc loan that is offered to owner-occupiers and investment borrowers. Standard repayments are in principal and interest form, but you can also lock in interest-only repayments for a period of up to five years.

While there’s no application fee, an annual service fee of $295 does apply. The Liberty Nova Home Loan also allows you to borrow up to 80% LVR (loan to valuation ratio), higher than some other low-doc loans, meaning you only have to save a smaller deposit in order to qualify for a loan.

Features of the Liberty Nova Home Loan

  • Loan amount. The Liberty Nova Home Loan allows you to borrow from $50,000 to $1,000,000. However, if you have more than one security on the loan, the maximum amount you can borrow increases to $2 million.
  • Loan terms. You can take out this loan for a period between 10 years and 30 years.
  • Maximum LVR. The Liberty Nova Home Loan allows you to borrow up to 80% of the purchase price of the property. This means you’ll need to save at least a 20% deposit to qualify for the loan.
  • 100% offset account. The loan features a 100% offset account which you can use to minimise the interest you need to pay on your mortgage, allowing you to pay the loan off sooner.
  • Repayment options. Repayments on the Liberty Nova Home Loan are principal and interest, but you also have the option of interest-only repayments for up to five years. You can also choose a repayment schedule that suits your budget – weekly, fortnightly or monthly – and make additional loan repayments whenever you can afford to do so.
  • Unlimited redraws. You can take advantage of unlimited free redraws if you ever need to access the additional repayments you make towards your loan.
  • Split loans. You can split your Liberty Nova Home Loan an unlimited number of times.
  • Repayment holiday. If you’re struggling to make your mortgage repayments due to financial hardship, this feature allows you to take a holiday from your home loan repayments and get your finances in order.
  • 90-day pre-approval. You can apply for indicative pre-approval online that is valid for up to 90 days, allowing you to put in an offer on a property with complete confidence.

Fees

Fees you can avoid

  • Application fee: $0. You won’t have to worry about an upfront application fee with this loan.
  • Redraw fee: $0. You can take advantage of unlimited redraws without incurring any fees.

Fees you can’t avoid

  • Annual service fee: $295. This annual fee covers the administrative costs associated with your loan.
  • Discharge fee: $395. This fee covers the closing of your mortgage once you have paid it off or refinance.

How to apply for the Liberty Nova Home Loan

If you’ve carefully considered your borrowing needs and you think the Liberty Nova Home Loan sounds right for you, click the ‘Go to site’ link to be redirected to the Liberty website. You can then find out more about the details and features of this loan, contact Liberty directly, or apply for indicative pre-approval online.

You’ll need to provide the following information when applying for pre-approval:

  • Your contact details. Enter your full name, email address and phone number
  • Loan information. Liberty will need to know the purpose of your proposed loan, the amount you want to borrow, and a range of details about the property you want to purchase
  • Borrower information. Liberty will need details about the income and expenses of all borrowers on the loan in order to determine your repayment capacity
  • Dependant details. Specify the number of dependants you have
  • Employment details. Provide details about your current employment and employment history.
  • Credit history details. Provide information about your credit file.

The Liberty Nova Home Loan is worth enquiring about if you’re in the market for a competitive low doc home loan. Compare it with other low doc loans available on the market to find a mortgage that suits you.

Liberty Financial Nova Home Loan Review Interest Rate History vs RBA Cash Rate Graph

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This page was last modified on 29 August 2016 at 16:37.

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Liberty Financial Nova Home Loan

  • Interest Rate

    N/A

  • Comparison Rate

    N/A

  • App Fee / Annual Service Fee

    $0 / $295

  • Max LVR

    80%

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