Liberty Financial Home Loan Review For Australian Expats
As a leading non-bank lender in Australia, Liberty Financial specialises in providing home loans to borrowers who may not qualify with mainstream banks. With flexible lending criteria and personalised service, they aim to make home financing accessible for overseas Aussies.
Our Liberty Financial home loan review covers their main products, features, rates, fees, borrower eligibility and more to help you make an informed decision.
- Borrow up to 95% of the property value
- Generally offers loan amounts up to $2 million for expat borrowers
- Access smaller loans as first home buyers
Liberty Financial Home Loan Options
Liberty offers tailored home loan solutions fit for different circumstances. Their primary home loan products include.
Low Rate Home Loan
Flexible Home Loan
Fresh Start Home Loan
The Low Rate Home Loan from Liberty offers borrowers a discounted variable interest rate below their standard owner-occupied and investment home loan rates. To be eligible, you need good credit and the ability to provide standard income documentation.
The low rate discount on the variable rate can save tens of thousands in interest over the loan term. This option is great for borrowers who want competitive variable pricing without paying an annual fee.
Liberty's Flexible Home Loan allows borrowers to make unlimited extra repayments without penalties. There is also unlimited access to redraw those extra payments later if needed for expenses. This flexibility provides peace of mind and allows you to manage your mortgage more easily.
For example, if you receive a windfall, tax refund or bonus, you can make extra repayments on your mortgage to save on interest costs. And if unexpected expenses come up, you can easily redraw some of those funds.
The Fresh Start Home Loan is designed for borrowers who have experienced past credit issues like defaults, but have demonstrated they are back on track with re-established good credit.
For example, someone who went through financial hardship 5 years ago but has since kept up with all payments on time. While they may not qualify for standard home loans, Liberty's Fresh Start product rewards their improved situation with more accessible finance. It provides a clear path forward for eligible borrowers to purchase property.
Liberty Financial Home Loan Review
If you’re considering a home loan from Liberty Financial as an Australian expat, weigh up these key pros and cons.
| Pros | Cons |
|---|---|
Liberty can assess loans based on offshore expat incomes, providing more flexibility. | As a non-bank lender, Liberty has fewer physical locations than major banks. |
Liberty aims to provide faster home loan approval turnarounds for expats. | Liberty may cap maximum loan amounts, especially for riskier borrowers. |
Dedicated overseas staff provide specialised support for expat borrowers. | Break costs can be expensive if refinancing loans during fixed rate periods. |
Can set exchange rates upfront providing certainty for repayments. | Minimum credit scores apply, currently around 600. |
Liberty offers competitive variable and fixed rate loans. | LMI premiums required for loans with less than 20% deposit. |
Liberty provides high LVR loans with deposits as low as 5% for qualifying borrowers. |
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
Liberty Financial Home Loan Features
Key features that come with Liberty home loans for overseas borrowers.
| Feature | Details |
|---|---|
Redraw Financial | Access extra repayments when required |
Top Up | Increase loan amount using available equity |
Portability | Transfer loan to a new property |
Offset Account | Link savings to offset interest and principal |
Foreign Currency | Borrow in foreign currency to avoid exchange risk |
Export Support | Provides services like foreign income acceptance, FX contracts, global support teams, streamlined approvals, and international transfers. |
Facts About Liberty Financial
Established in 1997, Liberty has over 20 years experience serving Australian borrowers.
In 2013, Liberty Financial introduced their Global Australian Service to specifically assist Australians living and working overseas to access Australian mortgages.
Liberty allows expats to submit foreign income and documentation in foreign currencies for home loan assessments and approvals.
They offer foreign exchange rate locks so expats can set the currency conversion rates on their Australian mortgage repayments upfront.
How Do I Apply?
To apply for a Liberty Financial home loan:
- Confirm your eligibility for pre-approval.
- Gather required documents for income and ID verification.
- Complete the Liberty loan application form online/paper.
- Submit all documents to Liberty for assessment.
- Get a formal loan offer if approved.
- Finalise loan terms and mortgage documents.
- Make repayments as per the set schedule.
Who is Eligible?
Liberty Financial sets the following eligibility criteria:
- Australian citizens or permanent residents.
- Steady income and good credit history.
- For expats, foreign income acceptance with proof.
- For non-residents, up to 80% LVR based on foreign income.
- First home buyers, investors, and self-employed applicants accepted.
What Documents Do I Require?
As an Australian expat borrower, here are some of the key documents you may need to provide Liberty Financial when applying for a home loan.
Proof of Identity
Such as your passport, driver's licence or other Australian government-issued ID.
Proof of Income
Documents like employment contract, recent pay slips, tax returns and bank statements showing regular salary payments.
Proof of Savings
Bank statements demonstrating you have the funds for your deposit and closing costs.
Credit Report
Your current Australian credit report verifying your credit history and scores.
Assets and Statements
Documentation like investment account statements, property valuations and business financials if applicable.
Providing the required documents for proof of identity, income, savings, credit and assets will help Liberty efficiently assess and process your home loan application as an Australian expat. Be sure to connect with an expat mortgage broker who can advise the specific documents needed for your situation.
Get in touch if you need guidance on securing a home loan as an overseas borrower. Our lending experts can help compare options and apply for optimal finance.
Related Products from Liberty Financial
Expat Home Loans
Liberty Financial offers specialised expat home loan solutions tailored specifically for the needs of Australians living and working overseas. Their expat mortgage options account for unique circumstances like foreign income sources, international money transfers, and foreign currency repayments.
Liberty has dedicated overseas teams familiar with documentation requirements for expats to streamline approvals. Their streamlined processes and global support provide a smoother home buying journey for offshore Aussies.
Construction Loans
Liberty’s construction loans are available to assist Australian expats looking to build a new property in Australia remotely. Their construction lending provides the financing in stages based on completed builder milestones. Expats can manage the entire building process from their overseas location while Liberty facilitates monitoring progress and releasing funds.
With Liberty’s construction loans, Aussies living abroad can realise their dream of building a new custom home back home.
Investment Property Loans
For Australian expats wanting to grow their wealth through real estate back home, Liberty Financial offers investment property loans. Their investor home loans come with features like interest-only payments, unlimited extra repayments, and complimentary valuations to maximise flexibility.
Liberty’s investment lending is well-suited for expats looking to purchase a rental property in Australia to generate ongoing passive income while living abroad. It allows remote property investing without being on the ground.
Low Deposit Home Loans
Liberty has low deposit home loan options that allow first-time home buyers, including Australian expats, to enter the market with as little as a 5% deposit. This makes property ownership more accessible for expats who may not have a full 20% deposit saved up yet. While lenders mortgage insurance applies, low deposit loans can help expat first-time buyers get their foot in the door sooner.
SMSF Loans
For Aussies with self-managed super funds (SMSF) back home, Liberty provides SMSF loans to unlock those retirement savings for property purchases. Their SMSF lending experts help expats use the super funds as security against an investment loan. This allows combining retirement savings and investment goals while living abroad.
With guidance, SMSF loans give expats more financial flexibility between super and wealth creation.
Need an Australian Expat Home Loan with Liberty?
If you need help securing an Australian mortgage as an expat or overseas borrower, we can assist. Our dedicated expat mortgage brokers understand Liberty Financial’s loans and can guide you through the process.
Our services are free for borrowers and we’re here to simplify your overseas mortgage journey. For tailored guidance and support with a Liberty Financial home loan, contact our team today!
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 Liberty Financial Home Loans
Does Liberty accept foreign income for Aussie expats?
Yes, Liberty understands the needs of expats and can assess home loan applications using your overseas income in foreign currencies.
What expat-specific services does Liberty offer?
Liberty provides services like international money transfers, foreign exchange rate locks, global support teams, and streamlined processes to better serve Aussie expats.
What credit score is required for Liberty home loans?
Liberty minimum credit scores start around 600 but they assess each applicant individually, so there is flexibility for expats rebuilding credit.
Does Liberty offer pre-approvals for expats?
Yes, Liberty has overseas teams to assist with pre-approvals using expat documents. This provides certainty early in the home buying process.
What deposit is required for an expat home loan?
A minimum 20% deposit is required but Liberty offers high LVR loans up to 95% for qualifying expat borrowers. Speak to a broker about your options.
How long do Liberty home loan approvals take?
Approvals can take as little as 1 week, as Liberty aims to provide faster turnarounds for expats than mainstream lenders.
Can I switch my existing mortgage to Liberty as an expat?
Yes, you can refinance or switch your current Australian mortgage to Liberty Financial as an offshore customer if they offer better rates or features.
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