Liberty
Refinancing a Liberty Mortgage
Liberty Financial is a specialist lender that has helped thousands of Australians, who do not meet standard bank criteria, to obtain a home loan. Their common sense approach to lending means that persons with an impaired credit history are given a fair go.
They are the first non-conforming bank to establish in Australia and are still trading to this current date.
Liberty offers an extensive range of loans to suit all kinds of borrowers, and offers competitive home loans to borrowers with a good credit history as well as those who need specialised financial assistance or who have credit blemishes.
Their range also includes car loans for consumers and for businesses, commercial property loans, cash flow finance, and floor stock finance for car dealerships.
However most Liberty mortgages are not designed to be used for the long term. For the majority of borrowers the ultimate goal is to refinance their non-conforming loan with a mainstream lender with a lower rate or to refinance to Liberty’s clear credit loan product.
What are the exit fees / costs?
Liberty Financial charges the following fees on their loans:
- Rebatable Termination Fee (RTF) - $0 for Star / Nova loans. Private loans attract a fee of up to 4% of the original loan amount which is due if the loan is not paid out at maturity or is paid out early. Note that NCCP regulated loans (excludes private loans) set-up after the 1/7/2011 do not have a RTF.
- Discharge Fee - $395 (plus legal fees) is payable when discharge is requested, whether it occurs or not.
- Break Fee - Applicable to fixed rate loans only. Please call Liberty Financial for a quote.
You should be aware that the above figures are only general and are subject to change in accordance with the lender’s policy. For more information please enquire online and one of our specialist mortgage brokers can guide you in the right direction.
Are Liberty’s current interest rates competitive?
Just like with most non-conforming lenders, it is important for you to review your interest rate regularly and to see if you qualify for a better deal. If your credit history has improved and you have a proven history of making repayments on time, then you may qualify with a major bank or with Liberty’s lower rate “AAA” mortgage.
About Liberty Financial
Liberty Financial is a highly regarded and well established financial services group, backed by global banks such as Deutsche Bank, Credit Suisse and National Australia Bank.
Liberty was founded in Australia in 1997 and introduced specialty lending to our country. Their lending policies recognise good people who are not being serviced or being serviced poorly by traditional lenders.
Apply to refinance your Liberty mortgage
Please call us on 1300 889 743 or enquire online and you may be able to refinance your Liberty home loan to another lender that can offer a lower interest rate on your mortgage!
