Welcome back to the second Monthly Lender Review… this month I will be sharing the ins and outs of Liberty.
I was first introduced to Liberty a few years ago when I had a client that just didn’t seam to fit with the major banks and lenders policies. At the time they did high LVR loans (so when you have a 5% deposit) and whilst they have put the breaks on that at the moment they still have some amazing things going for them…
The Pro’s
Liberty will look outside the box
Sometimes these days it can feel like a lender is looking for a reason to decline a loan however liberty will always try to come back with a solution. For example if you’re over 50 and looking for a longer loan term to keep the repayments down, as long as you have a solid plan for your retirement Liberty will be happy to help.
Most incomes are accepted
Liberty will accept some incomes that other lenders wont for example Single parent payment. I recently had a client who had been paying the mortgage since her husband had left years ago and the only lender that would allow her to put the mortgage in her own name with the income she had was Liberty.
Small credit defaults
Liberty will still lend to clients who have had small credit defaults in the past or a less than perfect credit history, Liberty will still consider your application on a case by case basis.
The Con’s
The interest rate
Liberty will price the interest rate depending on the risk, so, you’re not looking to get the best interest rate in the market. The way I explain it to my clients it, we are going with a lender who understands you, and the spot you are in right now… in the future, we will have worked together enough to move you to another lender who can consider a lower interest rate.
Can I be honest, that’s really it for the con’s, whilst Liberty don’t offer the hottest rate in the market they are open to all sorts of weird and wonderful circumstances and it’s their flexibility and support in the tough times that my clients like.
As always, if you want to chat to me about buying your finances you can book a time here.
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