Freedom Lend Home Loan Review for Australian Expats
Freedom Lend is a digital lender in Australia that was founded in 2016. The company offers a range of home loans, including variable and fixed rate loans, as well as construction loans and loans for self-managed super funds (SMSFs). Freedom Lend does not have a branch network and operates entirely online, which allows them to pass on savings to their customers in the form of lower interest rates.
Can this be the lender for your overseas expat home loan in Australia?
- Borrow up to 80% of the property purchase price
- Fully online application process
- Friendly and helpful customer service
Freedom Lend Home Loan Options
Freedom Lend offers the following home loan products.
Variable Rate Home Loan
Fixed Rate Home Loan
Split Rate Home Loan
A variable rate home loan is a type of home loan where the interest rate can change over time. The interest rate is usually linked to the Reserve Bank of Australia's (RBA) cash rate, which means that it will go up or down when the RBA cash rate goes up or down. Variable rate home loans typically have lower interest rates than fixed rate home loans, but your monthly repayments can go up or down depending on the interest rate.
A fixed rate home loan is a type of home loan where the interest rate is fixed for a set period of time, usually 1, 2, 3, 4, or 5 years. This means that your monthly repayments will be the same for the fixed rate period, regardless of whether the RBA cash rate goes up or down. Fixed rate home loans typically have higher interest rates than variable rate home loans, but your monthly repayments will be more predictable.
A split home loan is a type of home loan where you can have a combination of variable and fixed rate loans. This can be a good option if you want to lock in a fixed rate for a portion of your loan, but also want the flexibility of a variable rate for the rest of your loan.
Freedom Lend Review
Here are the pros and cons of choosing Freedom Lend to buy property in Australia.
| Pros | Cons |
|---|---|
Competitive interest rates | Relatively new lender |
Easy online application process | May not be able to offer the same loan terms as a bank |
Friendly and helpful customer service | Not available in all states and territories |
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
Freedom Lend Home Loan Features
Freedom Lend can help you get the following home loan features.
| Feature | Details |
|---|---|
Loan Portability | Port your home loan to another lender if you move house. This can be helpful if you find a better deal with another lender. |
Early Repayment Guarantee | You will not be charged any early repayment fees if you repay your loan early. |
Free Redraws | Redraw money from your home loan at any time, without any fees. This can be helpful if you need to access cash for unexpected expenses. |
Unlimited Extra Repayments | Make unlimited extra repayments on your home loan. This can help you pay off your loan faster and save money on interest. |
Facts About Freedom Lend
Freedom Lend was founded in Melbourne in 2016. They launched their first home loan product in 2017 and expanded their product range to include construction loans and loans for SMSFs in 2018.
It is a relatively new lender, but they have quickly become a major player in the Australian home loan market. They were awarded the Moze People’s Choice Award for Best Digital Lender in 2019.
The lender takes pride in its transparent fee structure. You can expect clarity when it comes to fees associated with your home loans, helping make informed financial decisions.
How Do I Apply for an Expat Mortgage with Freedom Lend?
Here are the steps on how to apply for an Australian expat home loan with Freedom Lend while living overseas.
- Contact a Mortgage Broker: The first step is to contact a mortgage broker because they will be able to answer any questions you have about the application process and the eligibility criteria.
- Gather Your Documents: You will need to gather a number of documents to support your application, such as your passport, visa, proof of income, and proof of assets.
- Complete the Application Form: You will need to complete an application form, which can be done online or over the phone.
- Provide a Credit Report: Freedom Lend will need to obtain a credit report on you. This can be done through a credit reporting agency.
- Provide a Valuation: Freedom Lend will need to obtain a valuation on the property you are buying. This is to ensure that the property is worth the amount you are borrowing.
- Make a Deposit: You will need to make a deposit on the property. The amount of the deposit will depend on the lender’s requirements.
- Wait for Approval: Freedom Lend will assess your application and let you know if you are approved. If you are approved, they will issue you a loan contract.
- Sign the Loan Contract: Once you have signed the loan contract, you will be able to start repaying your loan.
It is important to note that the application process for an Australian expat home loan with Freedom Lend may vary depending on your circumstances. It is always best to contact Freedom Lend directly to get the most up-to-date information.
Who is Eligible?
Eligibility criteria for foreign investors living overseas include:
- Having a valid passport and visa.
- Having a good credit history.
- Being able to afford the repayments on the loan.
- Investing in a property that is suitable for investment purposes.
It is important to note that Freedom Lend’s eligibility criteria may change from time to time.
Here are some additional things to keep in mind if you are an Australian expat or Aussie permanent resident living overseas who is considering a home loan with Freedom Lend:
- You may be required to pay additional fees, such as an overseas borrower fee.
- You may have to provide more documentation than a borrower who is living in Australia.
- Your loan application may be assessed more carefully than a borrower who is living in Australia.
If you are a foreign investor living overseas, you should also be aware of the following:
- You may be subject to different lending criteria than an Australian borrower.
- You may have to pay higher interest rates than an Australian borrower.
- You may have to provide more documentation than an Australian borrower.
What Documents Do I Require?
Freedom Lend in Australia requires the following documents for a home loan from overseas.
Personal Identification Documents
This includes a copy of your passport, driver's license, and birth certificate.
Proof of Income
This includes your most recent payslips, tax returns, or other documentation that shows your income.
Proof of Savings
This includes bank statements showing your recent savings activity.
Proof of Assets
This includes documentation of any other assets you own, such as investments or property.
Proof of Liabilities
This includes documentation of any outstanding debts you have, such as credit card bills or student loans.
Property Details
This includes the address of the property you are buying, the purchase price, and the contract of sale.
Loan Application Form
You will need to complete a loan application form and provide your contact information.
In addition to these general documents, Freedom Lend may also require additional documents depending on your individual circumstances. For example, if you are self-employed, you may need to provide additional documentation of your income. Or, if you are buying a property in a foreign currency, you may need to provide documentation of the exchange rate.
Other Related Products from Freedom Lend
Construction Loan
A construction loan is a type of loan that is used to finance the construction of a new home. These loans typically have a higher interest rate than other types of home loans, but they can be a good option if you are building a custom home.
Freedom Lend offers construction loans up to 90% LVR and up to $2,500,000 for Australian citizens and PRs residing in Australia. Please note that the LVR may be lower if you’re applying from overseas.
Investment Loan
An investment loan is a type of loan that is used to finance the purchase of an investment property. These loans typically have a higher interest rate than other types of home loans, but they can be a good option if you are looking to generate passive income from your investment property.
Freedom Lend offers investment loans up to 80% LVR and up to $2,500,000.
Line of Credit Loan
A line of credit is a revolving loan that you can use as needed. This can be a good option if you need access to cash for unexpected expenses. Freedom Lend offers line of credit loans up to $1,000,000.
Need a Mortgage With Freedom Lend?
Freedom Lend opens doors for Australian expats seeking to invest in property back home. With competitive rates, flexible repayment options, and a commitment to customer satisfaction, this lender stands out as a viable choice for expats looking to make their property dreams a reality. However, you may find some trouble applying from overseas. That’s where Odin Mortgage comes in!
We specialise in Australian expat home loans and other mortgages for overseas borrowers. Our team can help you find the ideal home loan and lender for your particular situation. Reach out to us to discuss your needs and circumstances in detail with one of us and received tailored advice and suggestions so you can get on the fast-track to property ownership in Australia!
Other Australian Lender Reviews
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
FAQs About Freedom Lend
Can non-residents apply for the Freedom Lend Home Loan?
Yes, non-residents can apply for the Freedom Lend Home Loan, provided they meet certain eligibility criteria. The loan is specifically designed for Australian expats living overseas who wish to invest in property in Australia.
Non-residents must hold Australian citizenship or permanent residency, demonstrate a stable income and employment history, and show the ability to service the loan. The application process for non-residents is similar to that of residents, with the necessary documentation and financial information being key components.
How long does the approval process usually take?
The approval process for the Freedom Lend Home Loan is known for its efficiency and speed. In most cases, applicants can expect to receive an initial response within a few business days of submitting their application. However, the exact time frame can vary based on factors such as the completeness of the application, the accuracy of provided information, and any additional documents that might be requested.
Can I make additional repayments?
Yes, you can make additional repayments on your Freedom Lend Home Loan. Making extra repayments can be a smart financial strategy as it helps you reduce the outstanding loan balance faster, thereby potentially saving on interest costs over the life of the loan.
What happens if I miss a repayment?
If you miss a repayment on your Freedom Lend Home Loan, it’s essential to take prompt action to address the situation. Late or missed payments can lead to financial penalties, affect your credit score, and potentially result in default.
Depending on your circumstances, you may be able to negotiate a temporary repayment arrangement or seek guidance on how to get back on track. Taking help from your broker to communicate openly with Freedom Lend’s customer support can help mitigate the negative consequences of missed payments and ensure a smoother loan experience.
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