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Liberty Financial Sharp Home Loan Review
With a competitive variable rate and no ongoing fees, the Liberty Sharp Home Loan is an effective borrowing solution for owner-occupiers and investors alike.
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Review by
Richard Whitten
richard.whitten@finder.comRichard 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
The Liberty Financial Sharp Home Loan can be used to buy your own home or an investment property. With no ongoing fees, the loan offers the best variable rate available from Liberty.
A maximum LVR of 85% gives you greater borrowing power than many other mortgages, but you’ll need to factor the cost of lender’s mortgage insurance (LMI) into your calculations if you’re borrowing more than 80% LVR.
About this loan
What are the features and benefits of the Liberty Financial Sharp Home Loan?
- Loan amount. The Liberty Financial Sharp Home Loan is available for loan amounts between $100,000 and $500,000.
- Maximum LVR. This loan allows you to borrow up to 85% of the purchase price of the property. However, if you borrow more than 80% LVR the cost of LMI premiums will be rolled over into your home loan.
- Repayment schedule. The Liberty Financial Sharp Home Loan allows you to make repayments on a weekly, fortnightly or monthly basis to suit your budget. Repayments are made on a principal and interest basis.
- Additional repayments. You can make additional repayments to your loan at any time without penalty, which allows you to pay off your debt at a pace that suits you.
- Redraw facility. If you need access to extra repayments that you've made towards your loan, the Liberty Sharp Home Loan comes with a redraw facility. However, a $50 redraw fee applies.
- Non-genuine savings. When assessing your home loan application, Liberty accepts non-genuine savings, which makes it easier for you to qualify for a loan.
- Repayment holiday. If you experience financial hardship, Liberty allows you to take a break from mortgage repayments for a set period until you get your finances under control.
- 90-day pre-approval. Liberty offers pre-approvals for the Liberty Financial Sharp Home Loan that are valid for up to 90 days. This gives you increased bargaining power when house hunting.
What fees and charges come with this loan?
- Ongoing fee: $0. There are no ongoing account-keeping fees with the Liberty Financial Sharp Home Loan.
- Valuation fee: $0. The lender will not charge you a fee to cover the cost of having the value of the property appraised.
- Settlement fee: $0. There is no fee charged for administrative costs surround the settlement of your property purchase.
- Application fee: $995. This fee is charged to cover the administrative cost of establishing your loan.
- Redraw fee: $50. This fee applies whenever you redraw from the money you have paid towards your loan.
- Discharge fee: $395. A discharge fee is incurred when you pay out your Liberty Sharp Home Loan.
How to apply
If the Liberty Sharp Home Loan sounds like it's right for you, click the 'Go to site' link on this page. You'll be redirected to the Liberty website where you can find out more about the features and benefits of the loan and begin the application process.
While you can phone Liberty direct if you wish, you can also fill out your details online to apply for an indicative pre-approval amount.
You'll need to provide:
- Contact details. Provide your full name, email address and phone number.
- Loan information. Provide details about your proposed loan, including the amount you want to borrow, the value of the property you want to purchase, the purpose of the loan and the location of the property.
- Borrower details. Provide the income and expenses of all borrowers.
- Dependants. Specify the number of dependants you have.
- Employment information. Provide details about your employment and your credit history.
The Liberty Financial Sharp Home Loan offers a number of attractive features to suit the needs of investors and also those looking to buy their own home. However, before you decide on any one home loan, make sure to compare it with a range of other mortgages to find the loan that best matches your requirements.
4 Comments
August 10, 2022
Hi,
I am looking to refinance my smsf loan that is currently with Macquarie bank @ 7.15% variable 30 years $198,000.00. Is this something you could help us with?
We do have an existing account with Liberty
Account 3470000.
Kind regards
August 19, 2022
Hi Alisha,
Liberty Financial does offer refinancing. You may visit their page to find a local adviser or you could ring them at 13 11 33 for further guidance.
Kind regards,
Richard
June 27, 2017
What would the minimum deposit required for approx a $350 loan? Thank you
June 28, 2017
Hi Dannie!
They have low-deposit loans which is only 5% of the total value. You can inquire about this unto them directly.
Please take note about lender’s mortgage insurance fee should you choose to take this.
Hope this helps.
Cheers,
Jonathan