The Liberty Sharp Loan is a variable rate home loan with a modest list of features.
If you’re looking for a variable loan that lets you borrow up to 95 percent of the property value and has no ongoing monthly fees then the Liberty Sharp Loan is worth considering.
Your variable interest rate will depend on your deposit size and generally speaking loan values of 70 percent or less have access to the lowest interest rates. Investors will be expected to pay higher rates across the board.
When it comes to flexibility, the Liberty Financial Sharp Home Loan allows you tailor your repayments to weekly, fortnightly or monthly instalments to best suit your budget. This loan does not have an interest only option which means that you’ll need to pay both the principal and interest.
This variable loan does not have a 100 percent offset account but if you’re looking for ways to reduce the length of your loan you can make additional repayments at any time without penalty. Any additional payments made into the loan can be accessed anytime through the redraw facility.
If you find yourself with unexpected expenses at any time during the loan, you can apply for a repayment holiday which can give you a temporary reprieve from your mortgage repayments.
Who is the Liberty Financial Liberty Sharp Loan good for?
The Liberty Sharp Loan is good for owner occupiers who have a decent amount of equity – or a large deposit – already in their pocket.
The maximum loan amount is $500,000 so this is likely to rule out people looking in higher price brackets.
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If you’ve got more than a 30 percent deposit saved, this variable loan has an extremely competitive interest rate.
In saying that, this loan is missing some features which could cost you in the long run, specifically the lack of 100 percent offset account. There is also a hefty upfront fee which has the potential to outweigh some of the savings made from the lower rate, so before you apply, do the sums.
It’s also worth mentioning that Liberty Financial don’t have any branches but they do have a network of mobile advisers.
Liberty Financial Liberty Sharp Loan Options
The Liberty Financial Sharp Home Loan caters to both owner-occupiers and investors with deposits of all sizes. Click below to find a variable loan that suits you.
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