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.
Liberty Financial offers flexible home loans to suit the needs of borrowers who might not meet the lending criteria of some of the major lenders. The Liberty Sharp Home Loan is designed to offer a competitive home loan for both owner-occupiers and investors, combining a low variable rate with no ongoing fees.
With a maximum loan-to-value (LVR) ratio of 85%, the Liberty Sharp Home Loan allows you to qualify for a mortgage if you only have a small deposit saved. It also allows unlimited additional repayments and offers a redraw facility if you need access to funds.
| Product Name | Liberty Financial Sharp Home Loan |
|---|---|
| Interest Rate Type | Variable |
| Comp Rate^ (p.a.) | |
| Minimum Loan Amount | $100,000 |
| Maximum Loan Amount | $500,000 |
| Maximum LVR | 80% |
| Maximum Insured LVR | 85% |
| Mortgage Offset Account | No |
| Mortgage 100% Offset | No |
| Loan Redraw Facility | Yes |
| Split Loan Facility | No |
| Fixed Interest Option | No |
| Loan Portable | No |
| Suitable for Investment | Yes |
| Extra Repayment | Yes |
| Available as equity loan/line of credit | No |
| Repayment Type | Principal & Interest |
| Application Fee | $995 |
|---|---|
| Lender's Legal Fee | $0 |
| Valuation Fee | $0 |
| Ongoing Fees | $0 p.a. |
| Settlement Fee | $0 |
| Discharge Fee | $395 |
Pros
- $0 ongoing fees.
- Fee free extra repayments.
- Suitable for both owner occupiers and investors.
Cons
- $50 fee to redraw extra repayments made into the loan.
- $995 application fee.
- $395 discharge fee for closing the home loan accounts.
Who is Liberty Financial?
Liberty Financial is a non-bank lender funded by some of the world's largest financial institutions, such as Deutsche Bank, Credit Suisse and National Australia Bank. Liberty has been helping Australian borrowers since 1997, now serving more than 140,000 customers and managing assets of $12 billion.
Things to consider about the Liberty Financial Sharp Home Loan
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.
Features 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 for the Liberty Financial Sharp Home Loan
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.
What would the minimum deposit required for approx a $350 loan? Thank you
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